Declared Dividend • May 07
Dividend of €0.35 announced Shareholders will receive a dividend of €0.35. Ex-date: 22nd May 2026 Payment date: 26th May 2026 Dividend yield will be 5.0%, which is higher than the industry average of 2.9%. Sustainability & Growth Dividend is covered by both earnings (84% earnings payout ratio) and cash flows (28% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 65% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Major Estimate Revision • May 07
Consensus EPS estimates fall by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from €862.8m to €849.8m. EPS estimate also fell from €0.545 per share to €0.48 per share. Net income forecast to grow 15% next year vs 34% growth forecast for Packaging industry in Portugal. Consensus price target broadly unchanged at €8.70. Share price rose 9.5% to €7.03 over the past week. Annonce • May 06
Corticeira Amorim, S.G.P.S., S.A. announces Annual dividend, payable on May 26, 2026 Corticeira Amorim, S.G.P.S., S.A. announced Annual dividend of EUR 0.3500 per share payable on May 26, 2026, ex-date on May 22, 2026 and record date on May 25, 2026. Reported Earnings • Feb 21
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: €0.42 (down from €0.52 in FY 2024). Revenue: €861.0m (down 8.3% from FY 2024). Net income: €55.6m (down 20% from FY 2024). Profit margin: 6.5% (down from 7.4% in FY 2024). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 2.2%. Earnings per share (EPS) also missed analyst estimates by 3.3%. Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, compared to a 2.4% growth forecast for the Packaging industry in Europe. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 05
Third quarter 2025 earnings released: EPS: €0.066 (vs €0.085 in 3Q 2024) Third quarter 2025 results: EPS: €0.066 (down from €0.085 in 3Q 2024). Revenue: €203.4m (down 9.8% from 3Q 2024). Net income: €8.86m (down 22% from 3Q 2024). Profit margin: 4.4% (down from 5.0% in 3Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 2.4% p.a. on average during the next 3 years, compared to a 2.5% growth forecast for the Packaging industry in Europe. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 01
Second quarter 2025 earnings released: EPS: €0.15 (vs €0.15 in 2Q 2024) Second quarter 2025 results: EPS: €0.15 (in line with 2Q 2024). Revenue: €243.7m (down 8.4% from 2Q 2024). Net income: €20.4m (flat on 2Q 2024). Profit margin: 8.4% (up from 7.7% in 2Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 2.4% p.a. on average during the next 3 years, compared to a 2.5% growth forecast for the Packaging industry in Europe. Over the last 3 years on average, earnings per share has fallen by 11% per year whereas the company’s share price has fallen by 10% per year. Major Estimate Revision • Jul 25
Consensus EPS estimates fall by 10% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from €935.6m to €911.9m. EPS estimate also fell from €0.619 per share to €0.555 per share. Net income forecast to grow 5.8% next year vs 12% growth forecast for Packaging industry in Portugal. Consensus price target down from €10.48 to €10.18. Share price was steady at €7.65 over the past week. Reported Earnings • May 10
Full year 2024 earnings released: EPS: €0.52 (vs €0.67 in FY 2023) Full year 2024 results: EPS: €0.52 (down from €0.67 in FY 2023). Revenue: €939.1m (down 4.7% from FY 2023). Net income: €69.7m (down 22% from FY 2023). Profit margin: 7.4% (down from 9.0% in FY 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 2.7% p.a. on average during the next 3 years, compared to a 3.1% growth forecast for the Packaging industry in Europe. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has fallen by 8% per year. Declared Dividend • May 09
Final dividend increased to €0.32 Dividend of €0.32 is 60% higher than last year. Ex-date: 26th May 2025 Payment date: 28th May 2025 Dividend yield will be 5.2%, which is higher than the industry average of 2.9%. Sustainability & Growth Dividend is covered by earnings (61% earnings payout ratio) but not covered by cash flows (131% cash payout ratio). The dividend has increased by an average of 13% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 40% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Annonce • May 08
Corticeira Amorim, S.G.P.S., S.A. announces Annual dividend, payable on May 28, 2025 Corticeira Amorim, S.G.P.S., S.A. announced Annual dividend of EUR 0.3200 per share payable on May 28, 2025, ex-date on May 26, 2025 and record date on May 27, 2025. Reported Earnings • Feb 23
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: €0.52 (down from €0.67 in FY 2023). Revenue: €939.1m (down 4.7% from FY 2023). Net income: €69.7m (down 22% from FY 2023). Profit margin: 7.4% (down from 9.0% in FY 2023). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 2.7%. Earnings per share (EPS) also missed analyst estimates by 4.6%. Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, compared to a 3.7% growth forecast for the Packaging industry in Europe. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has fallen by 6% per year. Declared Dividend • Dec 04
Dividend of €0.09 announced Shareholders will receive a dividend of €0.09. Ex-date: 16th December 2024 Payment date: 18th December 2024 Dividend yield will be 3.5%, which is higher than the industry average of 2.9%. Sustainability & Growth Dividend is covered by earnings (38% earnings payout ratio) but not adequately covered by cash flows (93% cash payout ratio). The dividend has increased by an average of 9.2% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 47% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Dec 02
Third quarter 2024 earnings released: EPS: €0.085 (vs €0.12 in 3Q 2023) Third quarter 2024 results: EPS: €0.085 (down from €0.12 in 3Q 2023). Revenue: €225.5m (flat on 3Q 2023). Net income: €11.3m (down 28% from 3Q 2023). Profit margin: 5.0% (down from 7.0% in 3Q 2023). Revenue is forecast to grow 2.9% p.a. on average during the next 3 years, compared to a 3.4% growth forecast for the Packaging industry in Europe. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Major Estimate Revision • Nov 11
Consensus EPS estimates fall by 15% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from €980.5m to €961.2m. EPS estimate also fell from €0.586 per share to €0.50 per share. Net income forecast to grow 1.5% next year vs 9.1% growth forecast for Packaging industry in Portugal. Consensus price target down from €11.55 to €11.16. Share price fell 3.4% to €8.20 over the past week. Reported Earnings • Oct 02
Second quarter 2024 earnings released: EPS: €0.15 (vs €0.21 in 2Q 2023) Second quarter 2024 results: EPS: €0.15 (down from €0.21 in 2Q 2023). Revenue: €266.0m (down 4.8% from 2Q 2023). Net income: €20.5m (down 26% from 2Q 2023). Profit margin: 7.7% (down from 9.9% in 2Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Packaging industry in Europe. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 01
Second quarter 2024 earnings released: EPS: €0.15 (vs €0.21 in 2Q 2023) Second quarter 2024 results: EPS: €0.15 (down from €0.21 in 2Q 2023). Revenue: €266.0m (down 4.8% from 2Q 2023). Net income: €20.4m (down 26% from 2Q 2023). Profit margin: 7.7% (down from 9.9% in 2Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 4.5% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Packaging industry in Europe. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Upcoming Dividend • May 13
Upcoming dividend of €0.20 per share Eligible shareholders must have bought the stock before 20 May 2024. Payment date: 22 May 2024. Trailing yield: 2.1%. Lower than top quartile of Portuguese dividend payers (5.4%). Lower than average of industry peers (3.4%). Declared Dividend • Apr 24
Final dividend of €0.20 announced Shareholders will receive a dividend of €0.20. Ex-date: 20th May 2024 Payment date: 22nd May 2024 Dividend yield will be 3.0%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by earnings (30% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 7.2% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 28% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Annonce • Mar 29
Corticeira Amorim, S.G.P.S., S.A., Annual General Meeting, Apr 22, 2024 Corticeira Amorim, S.G.P.S., S.A., Annual General Meeting, Apr 22, 2024. Annonce • Nov 12
Corticeira Amorim, S.G.P.S., S.A., Annual General Meeting, Dec 04, 2023 Corticeira Amorim, S.G.P.S., S.A., Annual General Meeting, Dec 04, 2023. Reported Earnings • Nov 07
Third quarter 2023 earnings released: EPS: €0.12 (vs €0.13 in 3Q 2022) Third quarter 2023 results: EPS: €0.12 (down from €0.13 in 3Q 2022). Revenue: €223.9m (down 8.5% from 3Q 2022). Net income: €15.6m (down 5.7% from 3Q 2022). Profit margin: 7.0% (up from 6.8% in 3Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 5.5% p.a. on average during the next 3 years, compared to a 2.1% growth forecast for the Packaging industry in Europe. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 06
Second quarter 2023 earnings released: EPS: €0.21 (vs €0.21 in 2Q 2022) Second quarter 2023 results: EPS: €0.21 (up from €0.21 in 2Q 2022). Revenue: €279.4m (flat on 2Q 2022). Net income: €27.6m (flat on 2Q 2022). Profit margin: 9.9% (in line with 2Q 2022). Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 2.3% growth forecast for the Packaging industry in Europe. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Buying Opportunity • Aug 02
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 2.0%. The fair value is estimated to be €12.54, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 13%. For the next 3 years, revenue is forecast to grow by 3.8% per annum. Earnings is also forecast to grow by 2.7% per annum over the same time period. Reported Earnings • Jun 01
First quarter 2023 earnings released: EPS: €0.18 (vs €0.15 in 1Q 2022) First quarter 2023 results: EPS: €0.18 (up from €0.15 in 1Q 2022). Revenue: €259.9m (down 1.4% from 1Q 2022). Net income: €23.8m (up 18% from 1Q 2022). Profit margin: 9.1% (up from 7.6% in 1Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, compared to a 3.6% growth forecast for the Packaging industry in Europe. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 25
Full year 2022 earnings: EPS exceeds analyst expectations Full year 2022 results: EPS: €0.74 (up from €0.56 in FY 2021). Revenue: €1.02b (up 22% from FY 2021). Net income: €98.4m (up 32% from FY 2021). Profit margin: 9.6% (in line with FY 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 27%. Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Packaging industry in Europe. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Upcoming Dividend • Dec 12
Upcoming dividend of €0.09 per share Eligible shareholders must have bought the stock before 19 December 2022. Payment date: 21 December 2022. Payout ratio is a comfortable 33% but the company is not cash flow positive. Trailing yield: 4.5%. Lower than top quartile of Portuguese dividend payers (6.9%). Higher than average of industry peers (3.0%). Price Target Changed • Nov 24
Price target decreased to €12.36 Down from €13.44, the current price target is an average from 7 analysts. New target price is 40% above last closing price of €8.85. Stock is down 22% over the past year. The company is forecast to post earnings per share of €0.58 for next year compared to €0.56 last year. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 6 non-independent directors. Independent Director Maria Cristina Vilao was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 03
Second quarter 2022 earnings released: EPS: €0.21 (vs €0.18 in 2Q 2021) Second quarter 2022 results: EPS: €0.21 (up from €0.18 in 2Q 2021). Revenue: €282.0m (up 21% from 2Q 2021). Net income: €27.5m (up 17% from 2Q 2021). Profit margin: 9.7% (in line with 2Q 2021). Revenue is forecast to grow 4.7% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Packaging industry in Europe. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has fallen by 1% per year. Reported Earnings • Aug 05
Second quarter 2022 earnings released: EPS: €0.21 (vs €0.18 in 2Q 2021) Second quarter 2022 results: EPS: €0.21 (up from €0.18 in 2Q 2021). Revenue: €282.0m (up 21% from 2Q 2021). Net income: €27.5m (up 17% from 2Q 2021). Profit margin: 9.7% (in line with 2Q 2021). Over the next year, revenue is forecast to grow 4.8%, compared to a 16% growth forecast for the industry in Portugal. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has increased by 5% per year. Reported Earnings • Jun 02
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: EPS: €0.15 (up from €0.12 in 1Q 2021). Revenue: €263.5m (up 32% from 1Q 2021). Net income: €20.1m (up 26% from 1Q 2021). Profit margin: 7.6% (down from 8.0% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 4.0%. Earnings per share (EPS) also surpassed analyst estimates by 5.0%. Over the next year, revenue is forecast to grow 7.1%, compared to a 18% growth forecast for the industry in Portugal. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has increased by 2% per year. Reported Earnings • May 02
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: €0.56 (up from €0.48 in FY 2020). Revenue: €837.8m (up 13% from FY 2020). Net income: €74.8m (up 16% from FY 2020). Profit margin: 8.9% (up from 8.7% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.3%. Earnings per share (EPS) also surpassed analyst estimates by 5.0%. Over the next year, revenue is forecast to grow 13%, compared to a 16% growth forecast for the industry in Portugal. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 2% per year. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 6 non-independent directors. Independent Lead Director Jose Alves was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 26
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: €0.56 (up from €0.48 in FY 2020). Revenue: €837.8m (up 13% from FY 2020). Net income: €74.8m (up 16% from FY 2020). Profit margin: 8.9% (up from 8.7% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.3%. Earnings per share (EPS) also surpassed analyst estimates by 5.0%. Over the next year, revenue is forecast to grow 11%, compared to a 12% growth forecast for the industry in Portugal. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 2% per year. Upcoming Dividend • Dec 13
Upcoming dividend of €0.085 per share Eligible shareholders must have bought the stock before 20 December 2021. Payment date: 22 December 2021. Payout ratio is a comfortable 33% and this is well supported by cash flows. Trailing yield: 1.7%. Lower than top quartile of Portuguese dividend payers (5.9%). Lower than average of industry peers (3.4%). Reported Earnings • Dec 02
Third quarter 2021 earnings: EPS in line with analyst expectations despite revenue beat Third quarter 2021 results: EPS: €0.14 (up from €0.11 in 3Q 2020). Revenue: €203.8m (up 13% from 3Q 2020). Net income: €18.6m (up 31% from 3Q 2020). Profit margin: 9.1% (up from 7.9% in 3Q 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.7%. Earnings per share (EPS) were mostly in line with analyst estimates. Earnings per share (EPS) were mostly in line with analyst estimates. Over the next year, revenue is forecast to grow 3.5%, compared to a 12% growth forecast for the industry in Portugal. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Reported Earnings • Oct 04
Second quarter 2021 earnings released: EPS €0.18 (vs €0.11 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: €233.7m (up 24% from 2Q 2020). Net income: €23.5m (up 63% from 2Q 2020). Profit margin: 10.0% (up from 7.7% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Annonce • Aug 27
Corticeira Amorim Sociedad Gestora Participacoes Sociais Ordinary Shares to Be Deleted from Other OTC Corticeira Amorim Sociedad Gestora Participacoes Sociais SA Ordinary Shares (Portugal) will be deleted from Other OTC effective from August 27, 2021, due to Inactive Security. Reported Earnings • Aug 06
Second quarter 2021 earnings released: EPS €0.18 (vs €0.11 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: €233.7m (up 24% from 2Q 2020). Net income: €23.5m (up 63% from 2Q 2020). Profit margin: 10.0% (up from 7.7% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Reported Earnings • May 11
First quarter 2021 earnings released: EPS €0.12 (vs €0.15 in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: €199.6m (down 2.0% from 1Q 2020). Net income: €16.0m (down 20% from 1Q 2020). Profit margin: 8.0% (down from 9.8% in 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 3% per year. Upcoming Dividend • May 06
Upcoming dividend of €0.18 per share Eligible shareholders must have bought the stock before 13 May 2021. Payment date: 17 May 2021. Trailing yield: 1.8%. Lower than top quartile of Portuguese dividend payers (6.0%). Lower than average of industry peers (2.6%). Annonce • Jan 20
Amorim Launches Naturity and Xpür Amorim announced the launch of Naturity and Xpür, technologies designed to remove detectable TCA from natural corks and to create a new segment of micro-agglomerated stoppers, respectively. Extensive bottling trials with various wineries have yielded exemplary results in measuring the treatment's impact on cork performance, with additional third-party validation trials to be conducted as soon as possible with the Geisenheim Institute in Germany and the Campden & Chorleywood labs in the UK. Another development announced is Amorim's Xpür technology, developed to expand the non-detectable TCA performance for micro-agglomerated stoppers. Xpür improves upon the conventional supercritical CO2 application developed several decades ago, reengineering and upgrading the concept with 21st-century technology. Amorim's new, innovative take on the system uses only 25% of the energy and just 10% of the CO2 previously required. Furthermore, Xpür achieves results of TCA reduction levels to 0.3 ng/L in treated micro-agglomerated stoppers, while leaving the physical-mechanical properties of cork intact. As a result, Amorim's range of micro-agglomerated corks features the highest possible percentage of cork and do not require additional chemical solutions to maintain cork's natural properties, namely the all-important compressibility and expansion rates. Xpür will be employed in the treatment of technical stoppers Neutrocork Premium and QORK – the latter employing an innovative binding agent made using 100% polyols from vegetable origin, and which is expected to reduce the amount of single-use plastic stoppers in the world by several million units. Is New 90 Day High Low • Dec 30
New 90-day high: €11.14 The company is up 7.0% from its price of €10.46 on 01 October 2020. The Portuguese market is up 26% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Packaging industry, which is up 12% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €13.99 per share.