Corticeira Amorim, S.G.P.S., S.A. (COR.LS) | Investment Case

1. Company Snapshot

1.a. Company Description

Corticeira Amorim, S.G.P.S., S.A. manufactures and sells cork and cork related products worldwide.The company operates through Raw Materials, Cork Stoppers, Floor and Wall Coverings, Composite Cork, and Insulation Cork segments.It offers cork raw materials; cork stoppers for sparkling wine, spirit, beer, and cider industries; and cork wall and floor coverings.

The company also provides cork composite solutions to use in various applications, such as aerospace, mobility, energy, sealing, construction, sports surfaces, flooring, home, office and leisure goods, footwear, panels, and composites.In addition, it offers insulation cork materials to use in sustainable insulation/construction, and interior and exterior designing.The company was founded in 1870 and is headquartered in Mozelos, Portugal.

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1.b. Last Insights on COR

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1.c. Company Highlights

Last Price	6.59
Change Percentage	0.46%
Open	6.57
Previous Close	6.56
Market Cap ( Millions)	876
Volume	132138
Year High	8.55
Year Low	6.38
M A 50	6.93
M A 200	7.56

FCF Yield	8.82%
Dividend Yield	6.22%
ROE	9.06%
Debt / Equity	0.00%
Net Debt / EBIDTA	0.00%
Price To Book	1.02
Price Earnings Ratio	12.45
Price To FCF	11.34
Price To sales	0.96
EV / EBITDA	5.79

2. Transcript Summary

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3. NewsRoom

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.49%)

6. Segments

Amorim Cork

Expected Growth: 4.5%

Amorim Cork's 4.5% growth is driven by increasing demand for sustainable and premium wine stoppers, expansion into new markets, and strategic partnerships. The company's commitment to innovation, quality, and customer service also contributes to its growth. Additionally, the growing trend of wine consumption and the need for eco-friendly packaging solutions further support Amorim Cork's growth momentum.

Amorim Cork Composites

Expected Growth: 4.2%

Amorim Cork Composites' 4.2% growth is driven by increasing demand for sustainable and eco-friendly products, expansion into new markets, and strategic partnerships. The company's innovative cork-based solutions for the automotive, construction, and sports industries also contribute to its growth. Additionally, investments in R&D and operational efficiency improvements support the company's upward trajectory.

Amorim Cork Flooring

Expected Growth: 4.8%

Amorim Cork Flooring's 4.8% growth is driven by increasing demand for sustainable and eco-friendly flooring solutions, coupled with the company's strong brand reputation and expanding distribution network. Additionally, the growing trend of home renovation and remodeling, particularly in the luxury segment, is also contributing to the segment's growth.

Amorim Cork Insulation

Expected Growth: 4.0%

Amorim Cork Insulation's 4.0% growth is driven by increasing demand for sustainable building materials, energy efficiency regulations, and rising construction activities in Europe. Additionally, Corticeira Amorim's strong brand reputation, product innovation, and expanding distribution channels contribute to the segment's growth.

Amorim Florestal

Expected Growth: 4.7%

Amorim Florestal's 4.7% growth is driven by increasing demand for sustainable forestry products, expansion into new markets, and strategic investments in reforestation and wood processing. Additionally, the company's focus on cork production, a highly sought-after material, contributes to its growth. Furthermore, Corticeira Amorim's commitment to environmental responsibility and certification programs enhances its reputation and attracts environmentally conscious customers.

Amorim and Others

Expected Growth: 4.3%

Corticeira Amorim's 4.3% growth is driven by increasing demand for sustainable and eco-friendly products, expansion into new markets, and strategic investments in R&D. The company's leadership in cork production and innovative applications in construction, automotive, and aerospace industries also contribute to its growth.

7. Detailed Products

Cork Stoppers

Natural cork stoppers for wine, champagne, and other beverages

Cork Flooring

Sustainable and durable cork flooring solutions for residential and commercial spaces

Insulation Materials

Thermal and acoustic insulation materials for buildings and construction

Gaskets and Seals

Customized gaskets and seals for industrial applications

Cork Composite Materials

Innovative materials combining cork with other materials for various applications

Cork Fabric

Sustainable and versatile fabric for fashion, upholstery, and other textile applications

8. Corticeira Amorim, S.G.P.S., S.A.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Corticeira Amorim, S.G.P.S., S.A. operates in the cork industry, which has a moderate threat of substitutes. While there are alternative materials available, cork remains a preferred choice in many applications due to its unique properties.

Bargaining Power Of Customers

The bargaining power of customers is relatively low in the cork industry. Corticeira Amorim, S.G.P.S., S.A. has a diverse customer base, and no single customer has significant bargaining power.

Bargaining Power Of Suppliers

The bargaining power of suppliers is moderate in the cork industry. While there are some large suppliers, Corticeira Amorim, S.G.P.S., S.A. has a strong position in the market, which helps to mitigate supplier power.

Threat Of New Entrants

The threat of new entrants is relatively low in the cork industry. The industry has high barriers to entry, including significant capital requirements and specialized knowledge.

Intensity Of Rivalry

The intensity of rivalry is high in the cork industry. Corticeira Amorim, S.G.P.S., S.A. operates in a competitive market with several established players, leading to intense competition.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	30.67%
Debt Cost	3.95%
Equity Weight	69.33%
Equity Cost	6.79%
WACC	5.92%
Leverage	44.25%

11. Quality Control: Corticeira Amorim, S.G.P.S., S.A. passed 4 out of 9 key points

Strong Liquidity

Low Debt

Strong Interest Coverage

Healthy Cash Flow

Operating Inefficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Miquel y Costas

A-Score: 7.0/10

Value: 6.8

Growth: 4.9

Quality: 7.1

Yield: 6.9

Momentum: 7.5

Volatility: 8.7

1-Year Total Return ->

Altri

A-Score: 6.0/10

Value: 5.6

Growth: 4.4

Quality: 5.4

Yield: 8.8

Momentum: 4.0

Volatility: 8.0

1-Year Total Return ->

Corticeira Amorim

A-Score: 5.7/10

Value: 6.4

Growth: 4.0

Quality: 6.1

Yield: 6.9

Momentum: 1.0

Volatility: 9.7

1-Year Total Return ->

CPH

A-Score: 5.5/10

Value: 4.6

Growth: 3.4

Quality: 5.7

Yield: 6.2

Momentum: 5.5

Volatility: 7.3

1-Year Total Return ->

James Latham

A-Score: 4.9/10

Value: 6.7

Growth: 4.8

Quality: 5.1

Yield: 4.4

Momentum: 1.0

Volatility: 7.7

1-Year Total Return ->

Norske Skog

A-Score: 2.5/10

Value: 9.6

Growth: 1.3

Quality: 2.7

Yield: 0.0

Momentum: 0.0

Volatility: 1.3

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

-11.94%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

5.92%

Corticeira Amorim, S.G.P.S., S.A. - PTCOR0AE0006

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on COR

Have nothing to say about that one ...

1.c. Company Highlights

Less Volatile

Average Quality

Average Growth

Revenues Miss

Stable Momentum

Average Yield

Earnings Miss

Better Quality

Fairly Valued

Earnings Beats

Revenues Beats

Weak Momentum

2. Transcript Summary

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.49%)

6. Segments

Amorim Cork

Expected Growth: 4.5%

Amorim Cork Composites

Expected Growth: 4.2%

Amorim Cork Flooring

Expected Growth: 4.8%

Amorim Cork Insulation

Expected Growth: 4.0%

Amorim Florestal

Expected Growth: 4.7%

Amorim and Others

Expected Growth: 4.3%

7. Detailed Products

Cork Stoppers

Cork Flooring

Insulation Materials

Gaskets and Seals

Cork Composite Materials

Cork Fabric

8. Corticeira Amorim, S.G.P.S., S.A.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: Corticeira Amorim, S.G.P.S., S.A. passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

0.07$

Current Price

0.07$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA