Tracing its roots back to the 19th century, Amorim has become the world’s largest cork and cork-derived company in the world, generating more than Euro 780 million in sales to more than 100 countries through a network of dozens of fully owned subsidiaries.
With a multi-million Euro R&D investment per year, Amorim has applied its specialist knowledge to this centuries-old traditional culture, developing a vast portfolio of 100% sustainable products that are used by blue-chip clients in industries as diverse and demanding as wines & spirits, aerospace, automotive, construction, sports, interior and fashion design.
Amorim’s responsible approach to raw materials and sustainable production illustrates the remarkable interdependence between industry and a vital ecosystem - one of the world’s most balanced examples of social, economic and environmental development.
View Corporate VideoIncome Statement | Unit | 2019 | 2018 | 2017 | 2016 |
---|---|---|---|---|---|
Sales | M€ | 781,1 | 763,1 | 701,6 | 641,4 |
Gross Margin | M€ | 387,4 | 386,5 | 373,5 | 334,7 |
Gross Margin / Prodution | % | 49,1 | 49,2 | 52,9 | 53,2% |
External Supplies | M€ | 124,8 | 124,1 | 116,5 | 103,0 |
Staff Costs | M€ | 139,9 | 134,2 | 125,6 | 113,3 |
Other Operating Costs (includes depreciation) | M€ | 297,8 | 25,4 | 27,4 | 22,4 |
EBITDA | M€ | 124,7 | 134,0 | 133,6 | 122,3 |
EBITDA / Sales | % | 16,0 | 17,6 | 19,0 | 19,1% |
EBIT | M€ | 89,8 | 102,7 | 104,0 | 96,0 |
Net Income | M€ | 74,9 | 77,4 | 73,0 | 102,7 |
Consolidated Statment of Financial Position | Unit | 2019 | 2018 | 2017 | 2016 |
---|---|---|---|---|---|
Net Goodwill | M€ | 13,7 | 14,0 | 9,8 | 0,0 |
Net Fixed Assets | M€ | 284,6 | 259,6 | 227,9 | 199,4 |
Net Working Capital * | M€ | 427,4 | 414,5 | 361,0 | 286,6 |
Other ** | M€ | 39,5 | 21,4 | 19,9 | 20,9 |
Invested Capital | M€ | 765,3 | 709,4 | 618,7 | 507,0 |
Net Debt | M€ | 161,1 | 139,0 | 92,8 | 35,9 |
Share Capital | M€ | 133,0 | 133,0 | 133,0 | 133,0 |
Reserves and Retained Earnings | M€ | 376,5 | 333,4 | 297,5 | 278,1 |
Non Controlling Interests | M€ | 30,1 | 31,9 | 29,5 | 15,9 |
Agreement to Acquire Non-controlling Interests | M€ | 15,0 | 20,4 | 19,0 | 0,0 |
Taxes and Deferred Taxes | M€ | 26,1 | -12,6 | -17,0 | -1,6 |
Provisions | M€ | 5,5 | 43,4 | 41,3 | 30,7 |
Grants *** | M€ | 18,1 | 21,3 | 22,6 | 15,1 |
Equity and Other Sources | M€ | 604,2 | 570,7 | 525,9 | 471,1 |
* Inventories + Accounts receivables - Accounts payables + Other operating assets/(liabilities)
** Investment property + Investments in associates + Intangible assets + Other non-operating assets/(liabilities)
*** Non interest bearing grants (reimbursable and non-reimbursable)
Data per share | Unit | 2019 | 2018 | 2017 | 2016 |
---|---|---|---|---|---|
Number of shares | shares | 133.000.000 | 133.000.000 | 133.000.000 | 133.000.000 |
Earnings per share | € | 0,564 | 0,582 | 0,549 | 0,772 |
Book value per share | € | 4,057 | 3,746 | 3,459 | 3,210 |
Share price (period-end) | € | 11,30 | 9,000 | 10,300 | 8,500 |
Market Capitalisation (period-end) | M€ | 1.502,9 | 1.197,0 | 1.369,9 | 1.130,5 |
Debt & Ratios | Unit | 2019 | 2018 | 2017 | 2016 |
---|---|---|---|---|---|
Net Debt | M€ | 161,1 | 139,0 | 92,8 | 35,9 |
Net Debt/EBITDA | X | 1,29 | 1,04 | 0,69 | 0,29 |
EBITDA/Net Interest | X | 88,2 | 108,0 | 135,9 | 108,6 |
Gearing | % | 29,9 | 27,9 | 20,2 | 8,4% |
Net Working Capital (NWC) | M€ | 427,4 | 414,5 | 361,1 | 286,6 |
NWC / Market Capitalization | % | 28,4 | 34,6 | 26,4 | 25,4% |
NWC / Sales x 360 | X | 197,0 | 195,5 | 179,5 | 160,9 |
Free Cash Flow (FCF) | M€ | 37,5 | 11,2 | 34,0 | 86,9 |
Capex | M€ | 58,8 | 57,9 | 43,7 | 33,6 |
Return on Invested Capital (ROIC) | % | 10,8 | 11,8 | 15,0 | 16,9% |
Average cost of debt | % | 1,14 | 1,09 | 1,67 | 1,8% |
Net Debt/EBITDA considering the EBITDA of the last four quarters
NWC = Inventories + Trade receivables + Other operating assets - Trade payables - Other operating liabilities
FCF = EBITDA - Non-current cash expenditures - Net financing expenses - Income tax - Capex - NWC variation
Entity | Analyst | Price Target | Recommendation | Date |
---|---|---|---|---|
Santander |
Conde Fraisoli Alejandro
alejandro.condefraisoli@gruposantander.com |
12,50 | Buy | 28-12-2020 |
Renta 4 Banco |
Beatriz Pérez Solana
bperez@renta4.es |
11,74 | Overweight | 02-12-2020 |
Berenberg |
Fraser Donlon
fraser.donlon@berenberg.com |
13,00 | Buy | 09-10-2020 |
A|S Independent Research |
António Seladas, CFA
aseladas@asindependentresearch.com |
9,85 | Neutral | 26-08-2020 |
CaixaBank BPI |
Bruno Bessa
bruno.bessa@caixabank.com |
13,00 | Buy | 05-08-2020 |
Caixa BI |
Carlos Jesus
carlos.jesus@caixabi.pt |
11,30 | Accumulate | 14-07-2020 |
Bestinver Securities |
Enrique Yáguez, CFA
eyaguez@bestinver.es. |
10,70 - 12,10 | Buy | 18-06-2020 |
JB Capital Markets |
João Pinto
jpinto@jbcm.com |
11,30 | Buy | 12-05-2020 |
Intermoney Valores SV |
Begoña Alcalde Polo
balcalde@grupocimd.com |
10,00 | Hold | 23-10-2019 |
Nau Securities |
John Ferreira
johnferreira@nau-securities.com |
13,50 | Buy | 04-03-2019 |