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Factsheet

Distribution
Companies
Industrial Plants
Raw Material
Industrial Plants
Joint
Ventures

Corticeira Amorim

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 740 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.

Sales by Business Unit (2020)

Sales by Geographical Area (2020)

Sales| EBITDA | Margin EBITDA / Sales

Key Figures

Income Statement Unit 2020 2019 2018 2017
Sales M€ 740,1 781,1 763,1 701,6
Gross Margin M€ 386,5 387,4 386,5 373,5
Gross Margin / Prodution % 51,8 49,3 49,2 52,9
External Supplies M€ 123,2 124,8 124,1 116,5
Staff Costs M€ 138,1 139,9 134,2 125,6
Other Operating Costs (includes depreciation) M€ 29,1 33,1 25,5 27,4
EBITDA M€ 122,5 124,7 134,2 133,6
EBITDA / Sales % 16,6 16,0 17,6 19,0
EBIT M€ 86,0 89,5 102,7 104,0
Net Income M€ 64,3 74,9 77,4 73,0
Consolidated Statment of Financial Position Unit 2020 2019 2018 2017
Net Goodwill M€ 13,7 13,7 14,0 9,8
Net Fixed Assets M€ 290,4 284,6 259,6 227,9
Net Working Capital * M€ 406,6 427,4 414,5 361,0
Other ** M€ 44,4 39,5 21,4 19,9
Invested Capital M€ 755,1 765,3 709,4 618,7
        
Net Debt M€ 110,7 161,1 139,0 92,8
        
Share Capital M€ 133,0 133,0 133,0 133,0
Reserves and Retained Earnings M€ 416.7 376,5 333,4 297,5
Non Controlling Interests M€ 26,9 30,1 31,9 29,5
Agreement to Acquire Non-controlling Interests M€ 10,0 15,0 20,4 19,0
Taxes and Deferred Taxes M€ 32,2 26,1 -12,6 -17,0
Provisions M€ 4,5 5,5 43,4 41,3
Grants *** M€ 21,0 18,1 21,3 22,6
Equity and Other Sources M€ 644,4 604,2 570,7 525,9
Notes

* 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 2020 2019 2018 2017
Number of shares shares 133.000.000 133.000.000 133.000.000 133.000.000
Earnings per share 0,484 0,564 0,582 0,549
Book value per share 4,336 4,057 3,746 3,459
Share price (period-end) 11,60 11,30 9,000 10,300
Market Capitalisation (period-end) M€ 1.542,8 1.502,9 1.197,0 1.369,9
Dívida & Rácios Unit 2020 2019 2018 2017
Net Debt M€ 110,7 161,1 139,0 92,8
Net Debt/EBITDA X 0,90 1,29 1,04 0,69
EBITDA/Net Interest X 105,7 88,2 108,0 135,9
Gearing % 19,2 29,9 27,9 20,2
Net Working Capital (NWC) M€ 406,6 427,4 414,5 361,1
NWC / Market Capitalization % 26,4 28,4 34,6 26,4
NWC / Sales x 360 X 197,8 197,0 195,5 179,5
Free Cash Flow (FCF) M€ 90,0 37,5 11,2 34,0
Capex M€ 44,8 58,8 57,9 43,7
Return on Invested Capital (ROIC) % 9,9 10,8 11,8 15,0
Average cost of debt % 1,0 1,14 1,09 1,67
Notes

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

Analyst Coverage

Entity Analyst Price-Target Recommendation Date
A|S Independent Research
António Seladas, CFA
aseladas@asindependentresearch.com
9,95 Sell 2021-07-30
Santander
Conde Fraisoli Alejandro
alejandro.condefraisoli@gruposantander.com
11,95 Buy 2021-07-27
CaixaBank BPI
Bruno Bessa
bruno.bessa@caixabank.com
14,30 Buy 2021-07-19
Caixa BI
Carlos Jesus
carlos.jesus@caixabi.pt
11,70 Accumulate 2021-07-13
ODDO BHF
Luis de Toledo Heras
luis.de-toledo-heras@oddo-bhf.com
12,30 Outperform 2021-06-30
Renta 4 Banco
Beatriz Pérez Solana
bperez@renta4.es
11,70 Overweight 2021-05-07
JB Capital Markets
João Pinto
jpinto@jbcm.com
12,50 Buy 2021-05-04
Bestinver Securities
Enrique Yáguez, CFA
eyaguez@bestinver.es.
11,20 - 12,80 Buy 2021-05-04
Berenberg
Fraser Donlon
fraser.donlon@berenberg.com
13,00 Buy 2020-10-09
Intermoney Valores SV
Begoña Alcalde Polo
jros@grupocimd.com
10,00 Hold 2019-10-23
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