Ence : Lower pulp prices, wood costs and one-offs limit profitability
>Production disruptions and wood costs add pressure to FY 2024 estimates - Ence’s Q3 2024 results were modest but still superior to our quarterly estimates which reflected the decline in pulp prices (-15% vs Q3 2024 averages) and the announced production disruptions at Navia due to a cogeneration turbine break-up which does not affect pulp volumes but requires higher energy purchases (€ 2m extra cost in the quarter, not reflected in cash costs). Cash cost stood at € ...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.
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