Ence : Balanced return proposition, we remain cautious despite improved outlook
>Updating estimates on higher pulp and pool prices - We are updating our estimates on Ence after excluding the Pontevedra pulp mill contribution from 2024, and including the launch of the Navia Excelente programme (presented at the recent Capital Markets Day) and the change in the remuneration parameters applicable to renewables in 2022 (regulatory price of € 122/ MWh). We are also increasing our BHKP pulp price assumption for 2022 to $ 1,175 (+c.20%) while leaving ou...Ence Energia Y Celulosa is engaged in the manufacture and commercialization of wood pulp and derivatives. Co. divides its activities into the following two business lines: Forest Division: Co. manages timberlands in South America and the Iberian Peninsula. Co. is involved in trading of wood, and supplies solid wood products including: plywood, sawn timber, parquet flooring and glued-edge paneling. Co. is involved in forest and environmental consulting. Pulp Division and Energy Production: Co. is engaged in the production of Eucalyptus globulus-based TCF and ECF paper pulp. Co. is also involved in the generation of electricity through biomass power producing plants.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.