Corticeira Amorim, S.G.P.S., S.A. (COR.LS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+107.5%

€13.90

vs €6.70 price

Levered DCF

€14.56

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.91

Grey zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	15.74×	15.48×	13.64×	11.78×	20.14×	24.17×	20.18×	15.52×
P/B	1.17×	1.44×	1.71×	1.74×	2.52×	2.81×	2.95×	2.57×
P/S	1.02×	1.14×	1.23×	1.14×	1.79×	2.08×	1.92×	1.57×
EV / EBITDA	6.65×	7.99×	8×	7.82×	10.96×	14.11×	13×	9.93×
Gross margin	54.6%	52.8%	51.5%	51.3%	49.6%	50.9%	49.6%	50.6%
Operating margin	9.6%	10.6%	12.7%	11.3%	11.2%	11.6%	11.5%	13.1%
Net margin	6.5%	7.4%	9.0%	9.6%	8.9%	8.7%	9.6%	10.1%
Current ratio	3.09×	81.51×	1.92×	2.18×	2.34×	2.46×	2.01×	1.88×
Debt / equity	0.19×	0.37×	0.44×	0.32×	0.26×	0.33×	0.36×	0.34×
Interest coverage	14.06×	7.55×	12.73×	26.54×	44.62×	32.18×	58.6×	24.98×
Dividend yield	4.8%	3.6%	3.2%	3.3%	2.4%	1.6%	2.4%	3.2%
Payout ratio	76.5%	55.3%	43.4%	39.2%	48.0%	38.3%	47.9%	49.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	7.4%	9.4%	12.5%	14.8%	12.5%	11.7%	14.7%	16.6%
Return on invested capital	6.4%	6.8%	8.8%	10.7%	9.0%	8.8%	9.7%	10.9%
Return on assets	4.6%	6.5%	6.3%	7.8%	6.9%	6.4%	7.5%	8.0%
Free cash flow yield	20.2%	7.4%	-5.5%	0.1%	7.7%	4.9%	1.9%	0.2%
Earnings yield	6.3%	6.5%	7.3%	8.5%	5.0%	4.2%	5.0%	6.5%
Enterprise value	€955.1M	€1.3B	€1.5B	€1.3B	€1.5B	€1.7B	€1.7B	€1.3B
Net debt / EBITDA	0.53×	1.24×	1.32×	0.78×	0.34×	0.94×	1.26×	1.03×
Cash conversion cycle (days)	348	373	353	250	244	338	328	321