Ence : Pulp price momentum and differentiation strategy to support margin expansion
>Results improvement driven by pulp price momentum - Ence will release H1 2024 results on 30 July. We expect significant sales and EBITDA growth resulting from the continued rise in pulp prices (+43% y-t-d, +23% y-o-y) and increase our EBITDA estimates for 2024 by +c.60% (3x pulp price increase) as we recently did with the other Iberian manufacturers active in the market pulp segment. We reiterate our Outperform recommendation on Ence and increase our TP by +15%, in v...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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