Corticeira : Cork cost inflation to postpone margin normalisation, but still an Outperform
>Outperform rating maintained on valuation grounds - We have lowered our target price on Corticeira to € 10.5 after its disappointing 9M 2022 results and given the pressure that higher cork costs (up to 40% of estimated historical costs) will exert over future margins, delaying the expected normalisation of EBITDA margins towards historical record levels (19%). We now expect an EBITDA margin of 16.3% in 2022 (vs 17.5% previously expected), stabilising towards 19% by 2...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.
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