Iberpapel : Results in line with estimates, good cost control and sound cash generation
>Paper volumes and lower costs expand margins - Good results, in line with our implied estimates (EBITDA 2024e € 34.4m, EBITDA margin 2024e of 13.5%) with Paper sales up by +4.6% y-o-y sustained by higher volumes (+27%) which offset lower Pulp prices (-18%) and weak Energy revenues (-27%, mainly on poor electricity prices). The group has maintained a low level of production at its natural gas cogeneration plant (35% downtime), similar to the levels achieved in 9M 2023...Iberpapel Gestion is engaged in the manufacture, wholesale distribution, sale and export of pulp and printing and writing paper. In addition, Co. maintains forestry activities, including the cultivation of timberlands.
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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