Added to YB: 2026-08-26
Pitch date: 2026-08-24
COR.LS [bullish]
Corticeira Amorim, S.G.P.S., S.A.
Author Info
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Company Info
Corticeira Amorim, S.G.P.S., S.A. engages in the acquisition and transformation of cork into various cork and cork-related products in Portugal, Switzerland, Norway, the rest of the European Union, the rest of Europe, the United States, the rest of the American countries, Australasia, and Africa.
Market Cap
EUR 924.8M
Pitch Price
N/A
Price Target
N/A
Dividend
5.01%
EV/EBITDA
8.12
P/E
21.18
EV/Sales
1.30
Sector
Containers and Packaging
Category
value
The Wine-Cork Company Also Building NASA's Heat Shields - Corticeira Amorim
COR.LS (overview): Priced like a shrinking commodity exporter despite a transformed balance sheet: FY25 sales -8.3% to €861M (3rd straight decline), but net debt cut >70% since 2023 to €63.6M (0.47x EBITDA), €175.9M FCF, dividend +9.4%. Wine-stopper monopoly (5.2B units, cork oak supply near-uncopyable) subsidizes fast-growing non-wine unit (aerospace/sealing/sports; ACS margin 12.7% vs 8.7%). Trades ~21x trailing, ~15x NTM / ~7x fwd EV/EBITDA as market prices the flooring-restructuring recovery. Bull case: re-rating as balance sheet strength gets recognized. Risks: structural wine demand decline (no proof 2025 was the bottom), screwcap competition, USD drag (93% sales ex-Portugal), and an 83.8% payout ratio now above 100% on TTM earnings — clean balance sheet buys time but not forever.
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