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Sales: € 48.47 M (-2.9% vs. -13.8% BS(e));
EBITDA: € 5.8 M (-13.9% vs. -16.8% BS(e));
EBIT: € 2.59 M (-33.5% vs. -28.1% BS(e));
Net Profit: € 2.33 M (-30.1% vs. -43.0% BS(e)).
Weak 1Q’21 Results although EBITDA came in slightly above expectations (+4% vs BS(e)). Although this quarter saw restrictions linked to Covid-19 in Europe, paper sales volume exceeded 1Q’20 levels (pre Covid-19 situation; unquantified), while we expected similar volumes. This would explain, to a large extent, the fact that consolidated sales stand +13% above our estimate, hitting levels of € 48 M (-3% vs. 1Q’20). However, paper prices would remain at very low levels vs. 2020 (-12% vs. 1Q’20 BS(e)), although the company hints signs of recovery in its results release. Energy sales would have also beaten expectations (€ 8 M vs. € 6.5 M BS(e); -4% vs. 1Q’20).
EBITDA on the quarter reached € 5.8 M, improving slightly upon our estimate of € 5.6 M (vs. € 6.7 M in 1Q’20), with the EBITDA margin coming in at 12% (vs. 13% BS(e) and 13.5% in 1Q’20). Net Profit on the quarter stood at € 2.3 M (vs. € 1.9 M BS(e) and € 3.3 M in 1Q’20).
The company reported a net cash position of € 31.4 M vs. € 32.9 M at YE2020, with investments of around € -5 M.
As results came in slightly above expectations, volumes recovered and pulp prices are starting to show signs of recovery (partially thanks to rising pulp prices), we would expect a moderately positive reaction at least. IBG share price has performed in line with the IBEX YtD. There will be a conference call at 10:00 (CET) where we will pay close attention to any comments on prices and demand recovery. BUY. Target Price: € 26.10/sh (upside 38.83%)
IBERPAPEL: 1Q’21 RESULTS (ANÁLISIS BANCO SABADELL)
1Q'21 vs. 1Q'20 ResultsSales: € 48.47 M (-2.9% vs. -13.8% BS(e));
EBITDA: € 5.8 M (-13.9% vs. -16.8% BS(e));
EBIT: € 2.59 M (-33.5% vs. -28.1% BS(e));
Net Profit: € 2.33 M (-30.1% vs. -43.0% BS(e)).
Weak 1Q’21 Results although EBITDA came in slightly above expectations (+4% vs BS(e)). Although this quarter saw restrictions linked to Covid-19 in Europe, paper sales volume exceeded 1Q’20 levels (pre Covid-19 situation; unquantified), while we expected similar volumes. This would explain, to a large extent, the fact that consolidated sales stand +13% above our estimate, hitting levels of € 48 M (-3% vs. 1Q’20). However, paper prices would remain at very low levels vs. 2020 (-12% vs. 1Q’20 BS(e)), although the company hints signs of recovery in its results release. Energy sales would have also beaten expectations (€ 8 M vs. € 6.5 M BS(e); -4% vs. 1Q’20).
EBITDA on the quarter reached € 5.8 M, improving slightly upon our estimate of € 5.6 M (vs. € 6.7 M in 1Q’20), with the EBITDA margin coming in at 12% (vs. 13% BS(e) and 13.5% in 1Q’20). Net Profit on the quarter stood at € 2.3 M (vs. € 1.9 M BS(e) and € 3.3 M in 1Q’20).
The company reported a net cash position of € 31.4 M vs. € 32.9 M at YE2020, with investments of around € -5 M.
As results came in slightly above expectations, volumes recovered and pulp prices are starting to show signs of recovery (partially thanks to rising pulp prices), we would expect a moderately positive reaction at least. IBG share price has performed in line with the IBEX YtD. There will be a conference call at 10:00 (CET) where we will pay close attention to any comments on prices and demand recovery. BUY. Target Price: € 26.10/sh (upside 38.83%)
Underlying
Iberpapel Gestion S.A.
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.
Provider
Sabadell
Alfredo del Cerro
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