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Friday, November 28, 2014

Corticeira Amorim - sell

Today I sold my little position in Corticeira Amorim.
The net price was a bit over €3.14. Net profit : 3.6% (in less than 2 weeks)

I believe I can buy, again, at lower price and, in that case, I will be happy to became a shareholder again, since I believe the company is pretty cheap right now.

Have A nice weekend!

Tuesday, November 18, 2014

Corticeira Amorim - buy

I'm glad to say that I'm a Corticeira Amorim shareholder.
I bought some shares with final price €3.03, including fees and comissions.

By this price, I have:

P/B : 1.28
PER : 11.2
Yield : 3.96%

I think I made a good deal but this is a rather especial stock, since free float is low. I might sell the stock if price goes up fast.


Thursday, November 13, 2014

EDP Renovaveis - Quoted in Euronext

Company information

EDP Renovaveis (EDPR) is the world leader in the renewable energy sector.

For more information, you can visit the Company website, Finance Yahoo or Euronext website

Its activity is developed mainly in Europe (60% of revenue) and in the North America (38% of revenue).

It operates in a very regulated market, so every possible gains can be strongly affected by the politics decisions in countries where it has business.

It's mais shareholder is EDP, and EDPR is a spin-off this last company, by regulatory obligations.


The company issued 872.308.162 stocks and the price is about 5.15€, which corresponds to a market capitalization of almost 4.500M€ (or $5.600M converted now)

Free foat is very short, just about 19% of all shares.

I will now make a quantitative analysis  of this stock.

2014 numbers

Now, the numbers (the values for 2014 are my predictions):

Revenue (2014) : 1.238.400.000€ (or 1.42€ per share ; CARG +6.9% last 4 years)
Book-Value (2014) : 7.05€ (CARG +2.8% last 4 years)
EPS (2014) : 0.09€ (CARG -5.1% last 4 years)
ROE (2014) : 1.2%

All that said, this is a very hard stock to study.
For me, it is overvalueded but that can change dramatically if ROE increases.


This company dividends has been 0.04€ both 2013 and 2014, the only years that have been a dividend payment. Yield is around 0.8%, at today price.

My opinion

My numbers gives these streategies:

Bargain value : 3.45€
Good value : 3.75€
ROE 2% : 4.84€
ROE 3% : 5.95€

As I write, stock is quoted at 5.15€, so it has lots of risks investing now. I woudn't do it.

To my readers

What do you think of this analysis?
It was easy to read? Do you find it useful?
How would you feel investing in this company?


I don't have this stock in my portfolio neither will have it if the numbers don't chang dramatically.

Thursday, November 06, 2014

Corticeira Amorim - 2014 - 3rd quarter - Update

From my last post about this company, the stock has gone from 2.95€ to 3.17€ (+ 7.5 %).
Unfortunately, I didn't bought it at that time.

The results of this company are now known.

For a 12 months period ending in September 2014, comparing with a 12 months ending in September 2013, we have:

Revenue : + 1.5%
EBITDA : + 7.5%
Profit : + 31.3%
Book-value : + 3.0%

Which means that, to a quote at 3.10€:
PER : 11.4
P/B : 1.31

Plus, the company will pay an extra dividend of 0.07€ per share from acumulated results.

I think this company can reach at least 3.85€ in the next 3 years (excluding dividends).
So, to me, this is still a good price to buy the stock and watch it grow.

What do you think about this company? Do you know it? And about my analisys, it was simply to read? Feel free to comment and/or contact me.


This company has very little free-float, so risk of liquidity is big.
I don't have this stock in my portfolio but I can add it these days.