Altri : Strong H1 results but caution required on H2 performance
>Strong beat on excellent cash cost performance - Altri results came in significantly above our estimates with a Q2 2021 EBITDA margin at an outstanding 33.4% compared with our 25% estimate supported by strong pulp pricing (average selling price of € 643/t, +50% y-o-y, and € 579/t for H1 2021), record production volumes (291kt: +3.6% q-o-q and +7.8% y-o-y) and, more significantly, excellent cash cost performance (€419/t in pulp, +0% y-o-y and +1.7% q-o-q) despite th...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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