Ence : Sound results following pulp price and renewable volume increases
>Strong Q1 2024 results and favourable trend ahead - Ence’s Q1 2024 results came slightly above our estimates (€ 6m both in sales and EBITDA) thanks to supportive pulp prices (€ 601/t: +15% vs Q4 2023 but still -21% vs Q1 2023) and recovering renewable energy volumes (232k MWh: +65% vs Q4 2023 following capacity restarts in February) which offset lower selling volumes in Pulp (in anticipation of maintenance downtime in Navia plant scheduled in Q2: -11% vs Q4 2023) and...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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