Sabadell - ENCE Energia y Celulosa SA (ENC) ENCE: ATRACTIVA Y EN UN MOMENTO DE CICLO FAVORABLE (ANÁLISIS BANCO SABADELL)

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Sabadell

Andres Bolumburu

EUR 400.00 For Business Accounts Only

ENCE: ATRACTIVA Y EN UN MOMENTO DE CICLO FAVORABLE (ANÁLISIS BANCO SABADELL)

Buen momento de ciclo en celulosa que soporta época intensiva en inversiones. SOBREPONDERAR.
Esperamos fortaleza de la demanda de celulosa, lo que unido a la ausencia de entrada de nueva capacidad relevante nos hace prever un momento de ciclo favorable. Además, el negocio de Renovables ofrece estabilidad, diversificación y potencial fuente de creación de valor. Esperamos unas ventas, EBITDA y BDI con un crecimiento TACC’24-27e atractivos del +2,0%, +10,3% y +15,3% respectivamente. La situación financiera es confortable y esperamos un ratio DFN/EBITDA en el rango 1,8x-1,9x para 2024-27e. Nueva valoración es 4,7 euros/acc. (-8% vs anterior, +34% potencial) por lo que mantenemos SOBREPONDERAR.

24/02/2025 1 ES

Underlying

ENCE Energia y Celulosa SA

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.

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ES0130625512 Madrid Stock Exchange Spain

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Sabadell

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Analysts

Andres Bolumburu

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ENCE: ATRACTIVA Y EN UN MOMENTO DE CICLO FAVORABLE (ANÁLISIS BANCO SABADELL)

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