Ence: The outlook for the pulp cycle improves again
Ence: The outlook for the pulp cycle improves again
- Revising our estimates
- We expect solid pulp prices until 2020e
- 1H18 results to be announced on 24th July
- What to expect in 1H18
- Increasing our target price to €8.27 /share
- We maintain our Hold recommendation
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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