Corticeira : Cash flow recovery ahead on capex cycle and cork cost normalisation
>Operating results in line despite lower volumes on stronger margins - FY 2023 operating results came out in line with our estimates (+1.7% vs ODDO and -4% vs consensus in EBITDA) despite weaker sales, pressured by subdued volumes and negative FX effects (-1.3% impact). These were offset by higher EBITDA margins (18.0% vs 17.2% expected) on improved sales mix and significant savings in terms of operating costs (lower electricity and transport prices, higher grinding y...Corticeira Amorim, S.G.P.S. is a holding company. Through its subsidiaries, Co. is engaged in the production, sale and distribution of cork products, including natural and agglomerated cork stoppers for the wine industry; cork stoppers and other components for the sparkling wines, spirits and champagne industry; cork plank and other products resulting from the processing of cork and used in other segments of the cork industry; floor and wall coverings; composition and granulated corks with several technical and industrial applications; cork with rubber; and expanded pure agglomerated and regranulated corks for technical, acoustic and vibration insulation.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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