Altri : Strong results led by resilient market and outstanding operating performance
>Operating results in line, confidence on FY estimates - Strong Q3 2024 results (EBITDA € 56m) broadly in line with our estimates (+2%, +244% y-o-y) but with a higher-than-expected margin (27.1%, +210bp above our estimates) on resilient pulp prices ($ 1,375/t vs current $ 1,060/t) and good cost performance (-9% vs Q2 2024 with 9M 2024 costs declining -2.8% y-o-y). Margins in Q3 experienced a slight contraction (-370bp below Q2 2024) on lower production volumes due to ...Altri SGPS is a holding company based in Portugal. Co. is engaged in management of investments mainly in the industrial sector. Through its subsidiary companies, Co. is engaged in the production of pulp and paper through the Celbi, Celtejo and Caima Groups. Pulp is the core business of Co. and the focus is on bleached eucalyptus pulp. Co.'s three pulp mills, Celbi, Caima and Celtejo, produce over 550,000 tonnes per year. The paper mill, CPK, produces 60,000 tonnes of sack kraft paper per year. Co. manages over 78,000 ha of forest in Portugal certified by the Forest Stweardship Council.
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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