Announcement • Feb 25
ENCE Energía y Celulosa, S.A., Annual General Meeting, Mar 25, 2026 ENCE Energía y Celulosa, S.A., Annual General Meeting, Mar 25, 2026. Location: calle de rafael calvo 39-a., madrid Spain Announcement • Feb 28
ENCE Energía y Celulosa, S.A., Annual General Meeting, Apr 02, 2025 ENCE Energía y Celulosa, S.A., Annual General Meeting, Apr 02, 2025. Location: auditorio rafael del pino, calle rafael calvo 39-a, madrid Spain Reported Earnings • Oct 30
Third quarter 2024 earnings released: EPS: €0.06 (vs €0.10 loss in 3Q 2023) Third quarter 2024 results: EPS: €0.06 (up from €0.10 loss in 3Q 2023). Revenue: €219.6m (up 28% from 3Q 2023). Net income: €14.3m (up €38.3m from 3Q 2023). Profit margin: 6.5% (up from net loss in 3Q 2023). The move to profitability was driven by higher revenue. Revenue is forecast to grow 1.7% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Forestry industry in Europe. Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 04
Second quarter 2024 earnings released: EPS: €0.085 (vs €0.14 loss in 2Q 2023) Second quarter 2024 results: EPS: €0.085 (up from €0.14 loss in 2Q 2023). Revenue: €242.3m (up 43% from 2Q 2023). Net income: €18.6m (up €53.1m from 2Q 2023). Profit margin: 7.7% (up from net loss in 2Q 2023). Revenue is forecast to grow 2.4% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Forestry industry in Europe. Over the last 3 years on average, earnings per share has increased by 65% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Reported Earnings • Apr 23
First quarter 2024 earnings released: EPS: €0.03 (vs €0.13 in 1Q 2023) First quarter 2024 results: EPS: €0.03 (down from €0.13 in 1Q 2023). Revenue: €218.6m (down 26% from 1Q 2023). Net income: €7.90m (down 74% from 1Q 2023). Profit margin: 3.6% (down from 10% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 3.4% p.a. on average during the next 3 years, compared to a 3.6% growth forecast for the Forestry industry in Europe. Over the last 3 years on average, earnings per share has increased by 70% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 03
Full year 2023 earnings released: €0.10 loss per share (vs €1.02 profit in FY 2022) Full year 2023 results: €0.10 loss per share (down from €1.02 profit in FY 2022). Revenue: €862.4m (down 15% from FY 2022). Net loss: €24.7m (down 110% from profit in FY 2022). Revenue is forecast to grow 1.7% p.a. on average during the next 3 years, compared to a 3.1% growth forecast for the Forestry industry in Europe. Over the last 3 years on average, earnings per share has increased by 79% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. New Risk • Mar 03
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risk Paying a dividend despite having no free cash flows. Announcement • Jan 30
ENCE Energía y Celulosa, S.A. to Report Q4, 2023 Results on Feb 29, 2024 ENCE Energía y Celulosa, S.A. announced that they will report Q4, 2023 results on Feb 29, 2024 Reported Earnings • Nov 02
Third quarter 2023 earnings released: €0.098 loss per share (vs €0.099 profit in 3Q 2022) Third quarter 2023 results: €0.098 loss per share (down from €0.099 profit in 3Q 2022). Revenue: €127.2m (down 19% from 3Q 2022). Net loss: €21.6m (down 192% from profit in 3Q 2022). Revenue is forecast to stay flat during the next 3 years compared to a 1.7% growth forecast for the Forestry industry in Europe. Over the last 3 years on average, earnings per share has increased by 89% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Announcement • Sep 30
ENCE Energía y Celulosa, S.A. to Report Q3, 2023 Results on Oct 31, 2023 ENCE Energía y Celulosa, S.A. announced that they will report Q3, 2023 results on Oct 31, 2023 Reported Earnings • Jul 28
Second quarter 2023 earnings released: EPS: €0.13 (vs €0.14 in 2Q 2022) Second quarter 2023 results: EPS: €0.13 (down from €0.14 in 2Q 2022). Revenue: €301.9m (down 6.7% from 2Q 2022). Net income: €30.4m (down 3.8% from 2Q 2022). Profit margin: 10% (in line with 2Q 2022). Revenue is forecast to decline by 2.4% p.a. on average during the next 3 years, while revenues in the Forestry industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 84% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Announcement • Jul 12
ENCE Energía y Celulosa, S.A. to Report Q2, 2023 Results on Jul 27, 2023 ENCE Energía y Celulosa, S.A. announced that they will report Q2, 2023 results on Jul 27, 2023 Upcoming Dividend • May 09
Upcoming dividend of €0.23 per share at 17% yield Eligible shareholders must have bought the stock before 16 May 2023. Payment date: 18 May 2023. Payout ratio is a comfortable 71% but the company is paying out more than the cash it is generating. Trailing yield: 17%. Within top quartile of German dividend payers (4.7%). Higher than average of industry peers (5.5%). Reported Earnings • May 07
First quarter 2023 earnings released: EPS: €0.13 (vs €0.05 in 1Q 2022) First quarter 2023 results: EPS: €0.13 (up from €0.05 in 1Q 2022). Revenue: €301.9m (up 29% from 1Q 2022). Net income: €30.4m (up 132% from 1Q 2022). Profit margin: 10% (up from 5.6% in 1Q 2022). Revenue is forecast to decline by 7.9% p.a. on average during the next 3 years, while revenues in the Forestry industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Reported Earnings • Apr 06
Full year 2022 earnings released: EPS: €1.02 (vs €0.79 loss in FY 2021) Full year 2022 results: EPS: €1.02 (up from €0.79 loss in FY 2021). Revenue: €1.01b (up 22% from FY 2021). Net income: €247.2m (up €437.6m from FY 2021). Profit margin: 25% (up from net loss in FY 2021). Revenue is forecast to decline by 7.9% p.a. on average during the next 3 years, while revenues in the Forestry industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Mar 07
Upcoming dividend of €0.23 per share at 15% yield Eligible shareholders must have bought the stock before 14 March 2023. Payment date: 16 March 2023. Payout ratio is a comfortable 55% and this is well supported by cash flows. Trailing yield: 15%. Within top quartile of German dividend payers (4.7%). Higher than average of industry peers (4.9%). Reported Earnings • Mar 01
Full year 2022 earnings released: EPS: €1.02 (vs €0.79 loss in FY 2021) Full year 2022 results: EPS: €1.02 (up from €0.79 loss in FY 2021). Revenue: €1.01b (up 23% from FY 2021). Net income: €247.2m (up €437.6m from FY 2021). Profit margin: 24% (up from net loss in FY 2021). Revenue is forecast to decline by 8.9% p.a. on average during the next 3 years, while revenues in the Forestry industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Announcement • Feb 14
ENCE Energía y Celulosa, S.A. to Report Q4, 2022 Results on Feb 28, 2023 ENCE Energía y Celulosa, S.A. announced that they will report Q4, 2022 results on Feb 28, 2023 Valuation Update With 7 Day Price Move • Feb 08
Investor sentiment improves as stock rises 31% After last week's 31% share price gain to €3.90, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 11x in the Forestry industry in Europe. Total returns to shareholders of 7.2% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €2.42 per share. Upcoming Dividend • Nov 04
Upcoming dividend of €0.34 per share Eligible shareholders must have bought the stock before 11 November 2022. Payment date: 15 November 2022. Payout ratio is a comfortable 63% and this is well supported by cash flows. Trailing yield: 15%. Within top quartile of German dividend payers (5.2%). Higher than average of industry peers (4.2%). Reported Earnings • Oct 30
Third quarter 2022 earnings released: EPS: €0.099 (vs €0.032 in 3Q 2021) Third quarter 2022 results: EPS: €0.099 (up from €0.032 in 3Q 2021). Revenue: €157.5m (down 14% from 3Q 2021). Net income: €23.6m (up 203% from 3Q 2021). Profit margin: 15% (up from 4.2% in 3Q 2021). Revenue is forecast to decline by 15% p.a. on average during the next 3 years, while revenues in the Forestry industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Buying Opportunity • Oct 01
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 9.2%. The fair value is estimated to be €3.71, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.5% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 15% per annum. Earnings is also forecast to decline by 20% per annum over the same time period. Upcoming Dividend • Aug 03
Upcoming dividend of €0.11 per share Eligible shareholders must have bought the stock before 10 August 2022. Payment date: 12 August 2022. Trailing yield: 3.4%. Lower than top quartile of German dividend payers (4.6%). In line with average of industry peers (3.6%). Reported Earnings • Jul 30
Second quarter 2022 earnings released: EPS: €0.14 (vs €0.76 loss in 2Q 2021) Second quarter 2022 results: EPS: €0.14 (up from €0.76 loss in 2Q 2021). Revenue: €319.7m (up 55% from 2Q 2021). Net income: €31.6m (up €216.6m from 2Q 2021). Profit margin: 9.9% (up from net loss in 2Q 2021). Over the next year, revenue is expected to shrink by 2.0% compared to a 5.7% growth forecast for the industry in Germany. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 76 percentage points per year, which is a significant difference in performance. Upcoming Dividend • May 02
Upcoming dividend of €0.044 per share Eligible shareholders must have bought the stock before 09 May 2022. Payment date: 11 May 2022. The company last paid an ordinary dividend in February 2012. The average dividend yield among industry peers is 3.1%. Reported Earnings • Apr 28
First quarter 2022 earnings released: EPS: €0.05 (vs €0.04 loss in 1Q 2021) First quarter 2022 results: EPS: €0.05 (up from €0.04 loss in 1Q 2021). Revenue: €234.1m (up 40% from 1Q 2021). Net income: €13.1m (up €22.7m from 1Q 2021). Profit margin: 5.6% (up from net loss in 1Q 2021). Over the next year, revenue is forecast to grow 5.4%, compared to a 7.0% growth forecast for the industry in Germany. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 101 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 02
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: €0.78 loss per share (down from €0.11 loss in FY 2020). Revenue: €764.1m (up 7.7% from FY 2020). Net loss: €190.4m (loss widened €164.0m from FY 2020). Revenue missed analyst estimates by 2.3%. Over the next year, revenue is forecast to grow 26%, compared to a 3.8% growth forecast for the industry in Germany. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 98 percentage points per year, which is a significant difference in performance. Reported Earnings • Oct 29
Third quarter 2021 earnings released: EPS €0.032 (vs €0.07 loss in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: €183.9m (up 12% from 3Q 2020). Net income: €7.80m (up €24.3m from 3Q 2020). Profit margin: 4.2% (up from net loss in 3Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 89 percentage points per year, which is a significant difference in performance. Reported Earnings • Oct 29
Third quarter 2021 earnings released: EPS €0.032 (vs €0.07 loss in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: €183.9m (up 12% from 3Q 2020). Net income: €7.80m (up €24.3m from 3Q 2020). Profit margin: 4.2% (up from net loss in 3Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 89 percentage points per year, which is a significant difference in performance. Reported Earnings • Sep 29
Second quarter 2021 earnings released: €0.75 loss per share (vs €0.054 loss in 2Q 2020) The company reported a soft second quarter result with increased losses and weaker control over costs, although revenues improved. Second quarter 2021 results: Revenue: €205.8m (up 15% from 2Q 2020). Net loss: €185.0m (loss widened €171.4m from 2Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 80 percentage points per year, which is a significant difference in performance. Reported Earnings • Apr 30
First quarter 2021 earnings released: €0.04 loss per share (vs €0.05 loss in 1Q 2020) The company reported a decent first quarter result with reduced losses and improved control over expenses, although revenues were weaker. First quarter 2021 results: Revenue: €167.0m (down 9.0% from 1Q 2020). Net loss: €9.60m (loss narrowed 19% from 1Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 79 percentage points per year, which is a significant difference in performance. Reported Earnings • Feb 25
Full year 2020 earnings released: €0.11 loss per share (vs €0.038 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: €725.2m (down 3.6% from FY 2019). Net loss: €26.4m (down 387% from profit in FY 2019). Over the last 3 years on average, earnings per share has fallen by 82% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Analyst Estimate Surprise Post Earnings • Feb 25
Revenue beats expectations Revenue exceeded analyst estimates by 0.5%. Over the next year, revenue is forecast to grow 6.0% while theForestry industry in Germany is not expected to grow. Is New 90 Day High Low • Feb 12
New 90-day high: €3.75 The company is up 29% from its price of €2.91 on 13 November 2020. The German market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Forestry industry, which is up 15% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €1.65 per share. Is New 90 Day High Low • Dec 30
New 90-day high: €3.36 The company is up 50% from its price of €2.24 on 01 October 2020. The German market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Forestry industry, which is up 14% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €2.26 per share. Announcement • Dec 17
Q-Energy Private Equity, S.G.E.I.C., S.A. completed the acquisition of Ence Energia Solar S.L. from ENCE Energía y Celulosa, S.A. (BME:ENC). Q-Energy Private Equity, S.G.E.I.C., S.A. agreed to acquire Ence Energia Solar S.L. from ENCE Energía y Celulosa, S.A. (BME:ENC) for approximately €170 million on November 20, 2020. Along with Ence Energia Solar, QEnergy will acquire 90% of Ence Energia Termollano which owns 50 MW CSP plant in Puertollano. The consideration of €168 million at enterprise value, including €81.5 million of net debt. Out of this amount, €82.5 million will be received at the closing of the transaction. Ence will also receive a deferred price of up to €4 million which are conditional upon future actions related to the plant's electrical connection facilities. Along with Ence Energia Solar, QEnergy will acquire 90% of Ence Energia Termollano which owns 50 MW CSP plant in Puertollano. Transaction is expected to close in December, 2020. Lazard Ltd (NYSE:LAZ) acted as financial advisor to ENCE Energía y Celulosa, S.A in the deal. Javier GarcÃa-Pita and Alejandro Meca of Linklaters advised on tax aspects to Q-Energy.
Q-Energy Private Equity, S.G.E.I.C., S.A. completed the acquisition of Ence Energia Solar S.L. from ENCE Energía y Celulosa, S.A. (BME:ENC) on December 15, 2020. Is New 90 Day High Low • Dec 08
New 90-day high: €3.19 The company is up 15% from its price of €2.76 on 09 September 2020. The German market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Forestry industry, which is up 13% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €3.11 per share. Announcement • Nov 22
QEnergy Limited agreed to acquire Ence Energia Solar S.L. from ENCE Energía y Celulosa, S.A. (BME:ENC) for approximately €170 million. QEnergy Limited agreed to acquire Ence Energia Solar S.L. from ENCE Energía y Celulosa, S.A. (BME:ENC) for approximately €170 million on November 20, 2020. Along with Ence Energia Solar, QEnergy will acquire 90% of Ence Energia Termollano which owns 50 MW CSP plant in Puertollano. The consideration of €168 million at enterprise value, including €81.5 million of net debt. Out of this amount, €82.5 million will be received at the closing of the transaction. Ence will also receive a deferred price of up to €4 million which are conditional upon future actions related to the plant's electrical connection facilities. Along with Ence Energia Solar, QEnergy will acquire 90% of Ence Energia Termollano which owns 50 MW CSP plant in Puertollano. Transaction is expected to close in December, 2020. Is New 90 Day High Low • Nov 14
New 90-day high: €2.91 The company is up 9.0% from its price of €2.67 on 14 August 2020. The German market is up 1.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Forestry industry, which is up 14% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €3.47 per share. Announcement • Nov 14
Ancala Partners LLP agreed to acquire 49% stake in Ence Energia Sl from ENCE Energía y Celulosa, S.A. (BME:ENC) for €359 million. Ancala Partners LLP agreed to acquire 49% stake in Ence Energia Sl from ENCE Energía y Celulosa, S.A. (BME:ENC) for €359 million on November 12, 2020. ENCE sold the 49% stake and will retain control of its subsidiary, with a remaining 51% stake. The sale excludes its 90% stake in the solar thermal power plant. ENCE Energía y Celulosa has started a process to sell its 90% stake in the 50 MW solar thermal power plant in Puertollano for €146 million. Out of the total consideration, €225 million will be paid at closing of the transaction, while the remaining €134 million depend on the progress made with the projects in the pipeline. Ence has a pipeline of projects amounting to 405 MW to grow in renewable energies in Spain, which already have access to the grid and secured locations. This pipeline is made up of 4 biomass projects, with a joint capacity of 165 MW and another 4 photovoltaic projects, with a joint capacity of 240 MW. The development of these projects is awaiting the upcoming capacity auctions for the implementation of the National Renewable Energy Plan in Spain, while its administrative processing is completed. The closing of the transaction is pending ratification at the Ence extraordinary shareholders meeting to be held on December 14, 2020. Reported Earnings • Oct 29
Third quarter earnings released Over the last 12 months the company has reported total losses of €60.4m, with earnings decreasing by €125.0m from the prior year. Total revenue was €687.3m over the last 12 months, down 14% from the prior year. Analyst Estimate Surprise Post Earnings • Oct 29
Third-quarter earnings released: Revenue beats expectations Third-quarter revenue exceeded analyst estimates by 0.8% at €164.9m. Revenue is forecast to grow 18% over the next year, compared to a 1.9% decline forecast for the Forestry industry in Germany. Is New 90 Day High Low • Oct 24
New 90-day low: €2.05 The company is down 32% from its price of €3.04 on 24 July 2020. The German market is down 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Forestry industry, which is up 9.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €2.96 per share. Is New 90 Day High Low • Sep 23
New 90-day low: €2.40 The company is down 16% from its price of €2.85 on 25 June 2020. The German market is up 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Forestry industry, which is up 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €3.47 per share.