Altri : Upgrade to Outperform ahead of expected ROCE normalisation
>Recommendation upgraded to Outperform on positive pulp price cycle assumptions - We are upgrading our recommendation for Altri to Outperform after revising up our EBITDA estimates (+32% for 2024e, +10% for 2025e) on our more constructive view of pulp prices (+20% on average vs previous estimates: $ 1,200/t vs previous $ 1,000/t reference) following recent announcements by Latin American producers (pointing towards $ 1,500/t levels for the coming months) and demand/su...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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