DB:AS4

Stock Analysis Report

Corticeira Amorim S.G.P.S

Executive Summary

Corticeira Amorim, S.G.P.S., S.A. manufactures and sells cork and cork related products worldwide.

Snowflake

Fundamentals

Excellent balance sheet second-rate dividend payer.

Share Price & News

How has Corticeira Amorim S.G.P.S's share price performed over time and what events caused price changes?


Latest Share Price and Events


Market Performance


7 Day Return

0.7%

DB:AS4

2.0%

DE Packaging

2.6%

DE Market


1 Year Return

-16.4%

DB:AS4

-11.0%

DE Packaging

-9.6%

DE Market

AS4 underperformed the Packaging industry which returned -11.8% over the past year.

AS4 underperformed the Market in Germany which returned -10.8% over the past year.


Share holder returns

AS4IndustryMarket
7 Day0.7%2.0%2.6%
30 Day-8.0%-1.9%-3.0%
90 Day-14.9%2.3%-1.4%
1 Year-14.1%-16.4%-8.4%-11.0%-6.8%-9.6%
3 Yearn/a20.0%7.8%11.0%1.5%
5 Yearn/a81.5%50.9%25.6%8.2%

Price Volatility Vs. Market

How volatile is Corticeira Amorim S.G.P.S's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is Corticeira Amorim S.G.P.S undervalued based on future cash flows and its price relative to the stock market?

15.69x

Price to Earnings (PE) ratio


Intrinsic Value Based on Future Cash Flows

Corticeira Amorim S.G.P.S's share price is above the future cash flow value, it's not available at a moderate discount (< 20%).

Corticeira Amorim S.G.P.S's share price is above the future cash flow value, it's not available at a substantial discount (< 40%).


Price Based on Earnings

Corticeira Amorim S.G.P.S is good value based on earnings compared to the Europe Packaging industry average.

Corticeira Amorim S.G.P.S is good value based on earnings compared to the Germany market.


Price Based on Expected Growth

Corticeira Amorim S.G.P.S is poor value based on expected growth next year.


Price Based on Value of Assets

Corticeira Amorim S.G.P.S is overvalued based on assets compared to the Europe Packaging industry average.


Next Steps

Future Growth

How is Corticeira Amorim S.G.P.S expected to perform in the next 1 to 3 years based on estimates from 4 analysts?

13.0%

Forecasted annual earnings growth


Earnings and Revenue Growth Estimates


Future Annual Growth Analysis

Corticeira Amorim S.G.P.S's revenue is expected to grow by 4.6% yearly, however this is not considered high growth (20% yearly).

Corticeira Amorim S.G.P.S's earnings are expected to grow by 13% yearly, however this is not considered high growth (20% yearly).

Corticeira Amorim S.G.P.S's revenue growth is positive but not above the Germany market average.

Corticeira Amorim S.G.P.S's earnings growth is positive but not above the Germany market average.

Corticeira Amorim S.G.P.S's earnings growth is expected to exceed the low risk savings rate of 0.2%.


Earnings per Share Growth Estimates


Future Return on Equity

Corticeira Amorim S.G.P.S is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).


Next Steps

Past Performance

How has Corticeira Amorim S.G.P.S performed over the past 5 years?

15.8%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Corticeira Amorim S.G.P.S's year on year earnings growth rate has been positive over the past 5 years.

Corticeira Amorim S.G.P.S's 1-year earnings growth is less than its 5-year average (0.1% vs 15.8%)

Corticeira Amorim S.G.P.S's earnings growth has not exceeded the Europe Packaging industry average in the past year (0.1% vs 1.9%).


Return on Equity

Corticeira Amorim S.G.P.S has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).


Return on Assets

Corticeira Amorim S.G.P.S used its assets more efficiently than the Europe Packaging industry average last year based on Return on Assets.


Return on Capital Employed

Corticeira Amorim S.G.P.S's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).


Next Steps

Financial Health

How is Corticeira Amorim S.G.P.S's financial position?


Financial Position Analysis

Corticeira Amorim S.G.P.S's short term (1 year) commitments are greater than its holdings of cash and other short term assets.

Corticeira Amorim S.G.P.S's cash and other short term assets cover its long term commitments.


Debt to Equity History and Analysis

Corticeira Amorim S.G.P.S's level of debt (28.7%) compared to net worth is satisfactory (less than 40%).

The level of debt compared to net worth has been reduced over the past 5 years (38% vs 28.7% today).

Debt is well covered by operating cash flow (31.6%, greater than 20% of total debt).

Interest payments on debt are well covered by earnings (EBIT is 37.5x coverage).


Balance Sheet

High level of physical assets or inventory.

Debt is covered by short term assets, assets are 3x debt.


Next Steps

Dividend

What is Corticeira Amorim S.G.P.S's current dividend yield, its reliability and sustainability?

3.26%

Expected Dividend Yield


Dividend Yield and Payments Analysis

Corticeira Amorim S.G.P.S's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.55%).

Corticeira Amorim S.G.P.S's dividend is below the markets top 25% of dividend payers in Germany (4.22%).

Corticeira Amorim S.G.P.S has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).

Dividend payments have increased, but Corticeira Amorim S.G.P.S only paid a dividend in the past 8 years.


Current Payout to Shareholders

Dividends paid are well covered by earnings (3.1x coverage).


Future Payout to Shareholders

Dividends after 3 years are expected to be well covered by earnings (2.6x coverage).


Next Steps

Management

What is the CEO of Corticeira Amorim S.G.P.S's salary, the management and board of directors tenure and is there insider trading?

7.1yrs

Average board tenure


CEO

Antonio de Amorim (51yo)

18.4yrs

Tenure

€349,839

Compensation

Mr. Antonio Rios De Amorim has been Executive Chairman and Chief Executive Officer of Corticeira Amorim SGPS SA since March 31, 2001 and serves as its Director since March 29, 1990. Mr. De Amorim serves as ...


CEO Compensation Analysis

Antonio's remuneration is lower than average for companies of similar size in Germany.

Antonio's compensation has increased by more than 20% in the past year whilst earnings fell less than 20%.


Board Age and Tenure

7.1yrs

Average Tenure

50.5yo

Average Age

The tenure for the Corticeira Amorim S.G.P.S board of directors is about average.


Insider Trading

No 3 month open market individual insider trading information.


Ownership Breakdown


Management Team

  • Antonio de Amorim (51yo)

    Chairman & CEO

    • Tenure: 18.4yrs
    • Compensation: €349.84k
  • Joaquim de Amorim (82yo)

    Adviser to the Board of Directors

    • Tenure: 7.1yrs
  • Pedro Magalhães

    Secretary

    • Tenure: 0.0yrs
  • Pedro Nuno Duarte

    Alternate Secretary

    • Tenure: 0.0yrs
  • Nuno Felipe Vilela de Oliveira (48yo)

    Vice-Chairman

    • Tenure: 0.0yrs
    • Compensation: €224.84k
  • Fernando de Araújo dos Santos Almeida (57yo)

    Executive Director

    • Tenure: 10.1yrs
    • Compensation: €201.12k

Board Members

  • Antonio de Amorim (51yo)

    Chairman & CEO

    • Tenure: 18.4yrs
    • Compensation: €349.84k
  • Nuno Felipe Vilela de Oliveira (48yo)

    Vice-Chairman

    • Tenure: 0.0yrs
    • Compensation: €224.84k
  • Luisa Alexandra Amorim (45yo)

    Non-Executive Director

    • Tenure: 16.4yrs
    • Compensation: €63.00k
  • Fernando de Araújo dos Santos Almeida (57yo)

    Executive Director

    • Tenure: 10.1yrs
    • Compensation: €201.12k
  • Cristina de Amorim Baptista (50yo)

    Non-Executive Director

    • Tenure: 7.1yrs
    • Compensation: €144.27k
  • Juan Vinas (78yo)

    Non-Executive Director

    • Tenure: 7.1yrs
  • Manuel Fernandes

    Chairman of Supervisory Board

    • Tenure: 0.0yrs
  • Ana de Sousa e Silva

    Member of Supervisory Board

    • Tenure: 0.0yrs
  • Eugenio Luis Lopes Ferreira

    Member of Supervisory Board

    • Tenure: 5.4yrs
  • Marta Parreira Coelho Ribeiro

    Substitute Member of Supervisory Board

    • Tenure: 0.2yrs

Company Information

Corticeira Amorim, S.G.P.S., S.A.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Corticeira Amorim, S.G.P.S., S.A.
  • Ticker: AS4
  • Exchange: DB
  • Founded: 1870
  • Industry: Metal and Glass Containers
  • Sector: Materials
  • Market Cap: €1.200b
  • Shares outstanding: 133.00m
  • Website: https://www.corticeiraamorim.com

Number of Employees


Location

  • Corticeira Amorim, S.G.P.S., S.A.
  • Edifício Amorim I
  • Rua de Meladas, Nº 380
  • Mozelos
  • 4536-902
  • Portugal

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
CORENXTLS (Euronext Lisbon)YesOrdinary SharesPTEURJan 1992
0O7JLSE (London Stock Exchange)YesOrdinary SharesGBEURJan 1992
CORUBATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBEURJan 1992
AS4DB (Deutsche Boerse AG)YesOrdinary SharesDEEURJan 1992

Biography

Corticeira Amorim, S.G.P.S., S.A. manufactures and sells cork and cork related products worldwide. The company operates in five business units: Raw Materials, Cork Stoppers, Floor and Wall Coverings, Compo ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/08/21 21:31
End of Day Share Price2019/08/21 00:00
Earnings2019/06/30
Annual Earnings2018/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.