Report
EUR 200.00
For Business Accounts Only
Following the 3Q’19 results we revise our estimates for 2019, as the EBITDA growth necessary to meet our previous estimates in 4Q’19 (+13% vs. 4Q’18) was demanding. Thus, we cut our EBITDA’19e by -7% based on lower sales and a slightly lower margin (-10bps). Separately, in the long term we take a more conservative stance on paper price evolution, which leads us to lower EBITDA’24e by -8%. The impact on our T.P. is -9.5% to € 31.12/sh., leaving +25% upside that, given the uncertainty in the short and medium term, as well as the stock’s low liquidity, is too little in our view to change our recommendation, and thus we maintain our SELL recommendation.
IBERPAPEL: UNCERTAINTY SURROUNDING SECTOR PERFORMANCE (ANÃLISIS BANCO SABADELL)
Uncertainty surrounding sector performance. SELL.Following the 3Q’19 results we revise our estimates for 2019, as the EBITDA growth necessary to meet our previous estimates in 4Q’19 (+13% vs. 4Q’18) was demanding. Thus, we cut our EBITDA’19e by -7% based on lower sales and a slightly lower margin (-10bps). Separately, in the long term we take a more conservative stance on paper price evolution, which leads us to lower EBITDA’24e by -8%. The impact on our T.P. is -9.5% to € 31.12/sh., leaving +25% upside that, given the uncertainty in the short and medium term, as well as the stock’s low liquidity, is too little in our view to change our recommendation, and thus we maintain our SELL recommendation.
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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