Ence : Strong cash flow generation and regulatory risk perception opens new scenarios
>Weak FY 2021 results, strong free cash flow - Ence results came in somewhat below our estimates at the operating level on higher hedging effects in Q4 2021. In any case, excluding hedges on pulp prices and energy pool prices (€ 106m combined negative effect in 2021) results reflected a significant improvement (€ 213m in 2021) particularly in Q4 2021 (EBITDA margin of 34%). Free cash flow generation, reflecting the contribution of the regulatory collar over energy pr...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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