Ence : Pulp price recovery to drive profitability normalisation
>Results broadly in line with estimates, Q4 improvement in Pulp - Ence’s results came in slightly above our estimates at the operating level, reflecting the rise in pulp prices (+8% in Q4 2023 and +50% since September lows), better production levels (+15% on production normalisation at the Pontevedra plant) and the continued cash cost reduction (€ 455/t in Q4 vs € 460/t expected). EBITDA margin in Pulp in Q4 improved to 11.5% (7.4% in 2023 vs 19.3% on lower pulp price...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.