Altri : Good cost performance and record prices drive profitability beat
>Strong profitability on high prices and controlled costs - Good results, slightly above our estimates on stronger profitability (EBITDA margin c.31% vs 29% estimated) driven by the strong momentum in pulp prices (+25% y-o-y) and solid pulp demand in Europe and North America (+17% and +11% y-o-y growth respectively up to May 2024). BHKP prices stand at historical record levels ($ 1,440/t) and Altri has maximised production (+6% vs H1 2023) and sales (+9%) volumes. Thi...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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