Ence 1H17 results preview. TP raised to €3.80
Ence will report 6M17 results on 26th July after the close.
We expect a +19% sales growth in 1H17e to €344mn, €86mn EBITDA (+62%), €53mn EBIT (+122%) and net profit of €31mn (+169%).
Pulp market prices of US$865/t are only 6% below the 2010 all-time high of US$920/t. This proximity may suggest that the cycle is close to its peak.
We fine tune our estimates to reflect recent improvements in pricing and its outlook. A result, our target price moves to €3.80. Our Buy recommendation is unchanged.
Ence Energia Y Celulosa is engaged in the manufacture and commercialization of wood pulp and derivatives. Co. divides its activities into the following two business lines: Forest Division: Co. manages timberlands in South America and the Iberian Peninsula. Co. is involved in trading of wood, and supplies solid wood products including: plywood, sawn timber, parquet flooring and glued-edge paneling. Co. is involved in forest and environmental consulting. Pulp Division and Energy Production: Co. is engaged in the production of Eucalyptus globulus-based TCF and ECF paper pulp. Co. is also involved in the generation of electricity through biomass power producing plants.
Bankinter S.A. is a Spanish brokerage firm established in 1989. The company's line of business includes the provision of market research and trading services for Equity and Fixed Income products.
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