Altri : Poor prices and sticky costs drive Q2 2023 margins to multi-year lows
>Weak set of results on poor prices, low volumes and persistent cost inflation - Weak Q2 2023 results (EBITDA -38% sequentially and -20% vs our estimates) marked by the decline in pulp prices (-18% vs Q1 2023 levels) and sticky operating costs (-13% unadjusted cash costs compared to Q1 2023), which drove EBITDA margins towards 15.4%, well below our estimates (21%) and previous quarter levels (22.3%) despite the significant increase in production volumes (+17%) after m...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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