Corticeira : H1 2024 results in line with estimates, resilient profitability despite weak volumes and cork cost pressure
>Results fully in line with estimates, resilient profitability in a tough market - Results fully in line with our estimates (H1 2024 EBITDA of € 94m, +0.7% vs ODDOe, -9% y-o-y) reflecting weak sales (-7.1% y-o-y) both at the Cork Stoppers segment (-7.6%, including Forestry: c.80% of group’s sales and 78% of EBITDA in H1 2024) and the remaining units (grouped under Amorim Cork Solutions segment: -5.2% y-o-y), resulting in operating deleverage, and persistent cost infla...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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