Altri : Results broadly in line with estimates, pulp price rise to drive improvements
>Pulp price weakness depress quarterly results as expected - Altri’s results came broadly in line with our estimates. Results were affected by the sharp decline in hardwood pulp prices in euros (-43% vs Q3 2023 and -24% compared to Q2 2023) which significantly dragged revenues (-39% y-o-y and -14% sequentially) as expected. Price declines were the result of the normalisation of the value chains (after a troubled 2022 affected by supply disruptions and logistic difficu...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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