Corticeira : Strong cash flow generation compensates weaker profitability
>Weak results on poor demand and cork cost pressure - Weak results, largely in line with our implied estimates (Q3 2024 EBITDA margin of 14.7% and 9M 2024 of 17.6% vs 18% 2024e) were affected by poor volumes and cork cost pressure, which offset the benefits from an increase industrial efficiency, lower non-cork raw material costs and an improved product mix. Sales in Q3 2024 recorded a slight sequential improvement (+0.7% y-o-y) but are still affected by low market vi...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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