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Amorim - Korkprodukte


ISIN: PTCOR0AE0006 | WKN: 875180
0,0000
12.07.12
SIX Swiss (EUR)
0,00 %
0,0000 EUR

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Antwort auf Beitrag Nr.: 53.420.829 von leone2 am 06.10.16 12:59:10Interessant als Langfristanlage.
Antwort auf Beitrag Nr.: 56.322.545 von R-BgO am 30.11.17 12:13:04https://seekingalpha.com/article/4176859-sifting-southern-eu…

...That said, let me introduce you to something that correlates simultaneously with tourism (the poster child of Portugal's economic renaissance), wine production, and exports: cork. Portugal is the world's main producer of cork. This material is best known for its application to seal wine bottles. It is also used as an insulation material for homes. Cork has very interesting properties: It's a great insulation material, copes well with high temperatures, and only starts to degrade after 200ºC. On the supply side, the oak tree takes up to 25 years to be ready to supply quality cork, meaning that supply cannot be raised too fast in the long term (as we'll see, this might change in the future).

Corticeira Amorim (COR.LS) is the biggest player in this space. It owns most of the oak forest in Portugal and is the leading producer of both corks for bottling and construction applications.


The cork industry in Portugal

Now, let me offer some context about the cork industry. Anyone with an interest in wines must have already heard this question: What's better, cork or screw caps? The answer has varied throughout time, and periodically some questions have arisen about the threat of synthetic screw caps.

Corticeira has put a lot of R&D effort to develop ways to control the quality of the cork and prevent contamination of wines. This has diminished the percentage of corked wines and rehabilitated the image of cork that has had some ups and downs.

Additionally, the company decided to focus on premium wines where the cork is synonymous with high quality. Corticeira is also trying to broaden cork applications to create new markets and diversify the company's dependence on the wine market. On the same note, several types of wine corks are made from a whole piece of cork cut directly from the cork piece. This means that there is a lot of waste. Since the supply of cork is very limited, the waste is still valuable and it is used to make cork agglomerates. Corticeira is trying to broaden the applications of the agglomerates. Currently, they are used in the construction and automotive industries, but NASA and the European Space Agency are also using it to protect heat shields.

As I said, cork is very rigid in terms of supply. However, new techniques to grow the oak tree are being developed. These techniques, which are similar to what has been used on olive trees, should allow to shorten the time of the first commercial cut from 25 to eight years. If confirmed, this should be a huge improvement and might allow the company to grow its business model from a specialty wine cork to a specialty materials producer.

Corticeira state of affairs

The company has an interesting financial performance. The profit has been consistent, and the revenues have been growing slowly but steadily. For the years to come, higher output of cork might be achieved, as we've stated, from new treatments on the cork oak tree. This should increase its productivity and reducing the time to market of the first cut. Additionally, new applications will drive new sales and increase margins.

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The company has a solid balance sheet. The current ratio is above 2, and the level of debt is below 25% of the assets. Given the fact that Portugal has a frail economy and sooner or later it will face another crisis, Corticeira's balance sheet should serve as an assurance for prospective investors.

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The financials confirm the view that Corticeira is a solid company, one of the best in Portugal.


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