Altri : Operating results in line with estimates, weakness in more cyclical segments
>Record results, broadly in line with estimates - Altri’s FY 2022 results (EBITDA € 301m: +34% y-o-y, +6% vs estimates) slightly exceeded our estimates at the operating level on strong pulp prices ($ 1,380/tn in Q4 2022, now at $ 1,300/t), resilient volumes (1.1mt, in line with our estimates) and strong operating performance (EBITDA margin of 28.3%) despite the persistent inflationary pressures (wood, logistics, energy and chemicals). Both Sales and EBITDA reached his...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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