Investors

Factsheet

Agroforestry Units
Raw Materials Preparation Units
Industrial Plants
Distribution
Companies
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 1,021 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 (2022)

Sales by Geographical Area (2022)

Sales| EBITDA | Margin EBITDA / Sales (2022)

Key Figures

Income Statement Unit 2022 2021 2020 2019 2018
Sales M€ 1021,4 837,8 740,1 781,1 763,1
Gross Margin M€ 523,8 415,8 386,5 387,4 386,5
Gross Margin / Sales % 51,3 49,6 52,2 49,6 50,6
External Supplies M€ 186,5 142,6 123,2 124,8 124,1
Staff Costs M€ 182,9 146,1 138,1 139,9 134,2
Other Operating Costs (includes depreciation) M€ 39,0 33,5 29,1 33,1 25,5
EBITDA M€ 164,0 134,4 122,5 124,7 134,0
EBITDA / Sales % 16,1 16,0 16,6 16,0 17,6
EBIT M€ 115,3 93,7 86,0 89,5 102,7
Net Income M€ 98,4 74,8 64,3 74,9 77,4
Consolidated Statment of Financial Position Unit 2022 2021 2020 2019 2018
Net Goodwill M€ 18,9 9,8 13,7 13,7 14,0
Net Fixed Assets / Intangible Assets / Rights of Use M€ 420,1 307,4 304,1 295,5 267,2
Net Working Capital * M€ 441,8 358,3 407,7 427,4 414,5
Other ** M€ 46,2 61,3 31,0 28,6 13,7
Invested Capital M€ 926,9 736,8 756,5 765,3 709,4
        
Net Debt M€ 129,0 48,07 110,7 161,1 139,0
        
Share Capital M€ 133,0 133,0 133,0 133,0 133,0
Reserves and Retained Earnings M€ 532,6 462,9 416,7 376,5 333,4
Non Controlling Interests M€ 79,3 27,3 26,9 30,1 31,9
Agreement to Acquire Non-controlling Interests M€ 0,0 5,0 10,0 15,0 20,4
Taxes and Deferred Taxes M€ 25,1 33,3 32,2 26,1 -12,6
Provisions M€ 6,6 5,5 4,5 5,5 43,4
Grants *** M€ 21,3 21,7 21,0 18,1 21,3
Equity and Other Sources M€ 767,9 688,8 644,4 604,2 570,7
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 2022 2021 2020 2019 2018
Number of shares shares 133.000.000 133.000.000 133.000.000 133.000.000 133.000.000
Earnings per share 0,740 0,562 0,484 0,564 0,582
Book value per share 5,601 4,686 4,336 4,057 3,746
Share price (period-end) 8,720 11,28 11,60 11,30 9,000
Market Capitalisation (period-end) M€ 1.159,8 1.500,2 1.542,8 1.502,9 1.197,0
Dívida & Rácios Unit 2022 2021 2020 2019 2018
Net Debt M€ 129,0 48,07 110,7 161,1 139,0
Net Debt/EBITDA X 0,79 0,36 0,90 1,29 1,04
EBITDA/Net Interest X 148,6 167,7 105,7 88,2 108,0
Gearing % 17,3 7,7 19,2 29,9 27,9
Net Working Capital (NWC) M€ 441,8 358,3 407,7 427,4 414,5
NWC / Market Capitalization % 38,1 26,4 26,4 28,4 34,6
NWC / Sales x 360 X 109,3 154,0 197,8 197,0 195,5
Free Cash Flow (FCF) M€ 139,6 119,2 90,0 37,5 11,2
Capex M€ 76,7 44,0 44,8 58,8 57,9
Return on Invested Capital (ROIC) % 11,8 10,2 9,8 10,8 11,8
Average cost of debt % 1,2 0,9 1,0 1,14 1,09
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
JB Capital Markets
Enrique Parrondo Navarro
eparrondo@jbcapital.com
12,50 Buy 2024-02-26
Santander
Conde Fraisoli Alejandro
alejandro.condefraisoli@gruposantander.com
11,80 Outperform 2024-02-15
Caixa BI
Carlos Jesus
carlos.jesus@caixabi.pt
12,20 Buy 2024-02-06
ODDO BHF
Luis de Toledo Heras
luis.de-toledo-heras@oddo-bhf.com
11,50 Outperform 2024-01-26
CaixaBank BPI
Bruno Bessa
bruno.bessa@caixabank.com
11,60 Buy 2024-01-22
A|S Independent Research
António Seladas, CFA
aseladas@asindependentresearch.com
9,50 Neutral 2023-12-28
Renta 4
Pablo Fernández de Mosteyrín
pablofernandez@renta4.es
11,50 Sobreponderar 2023-12-13
Berenberg
Fraser Donlon
fraser.donlon@berenberg.com
12,00 Buy 2023-11-22
Bestinver Securities
Enrique Yáguez, CFA
eyaguez@bestinver.es.
10,50 - 11,80 Hold 2023-04-28
Please note, your browser is out of date.
For a good browsing experience we recommend using the latest version of Chrome, Firefox, Safari, Opera or Internet Explorer.