HEADLINES: • GTC: launches a landmark bond refinancing with a 6.5% EUR 455m 2030 tranche POSITIVE • Zabka: key takeaways from the Investor Day POSITIVE • PCF Group: 2Q25 earnings call takeaways • CCC: final 2Q25 EBITDA 3% below the prelims, on an earlier recognition of costs NEUTRAL • Benefit Systems: end-3Q25 card base at 2.38m, Türkiye accelerated in September NEUTRAL • Wizz Air: September capacity growth slower than the summer, but better load factor NEUTRAL • OTE/DIGI Communications: sale o...
We are downgrading Altri to Neutral and lowering our TP (-21% to € 5.1 vs € 6.5) and estimates on continued pulp price weakness and disappointing H1 2025 results (-53%). Despite the group’s good cash cost positioning and diversification strategy (dissolving pulp & sustainable textile fibers) we are concerned about the impact of persistent pulp price weakness and the widening of commercial discounts in standard grades on results.
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