Altri SGPS (ENXTLS:ALTR) - Share price, News & Analysis

ALTR fundamental analysis
Snowflake Score
Valuation	3/6
Future Growth	0/6
Past Performance	4/6
Financial Health	5/6
Dividends	4/6

ALTR Stock Overview

Altri, SGPS, S.A. produces and sells bleached eucalyptus pulp in Portugal and internationally.

Rewards

Trading at 6.1% below our estimate of its fair value

Earnings grew by 400.7% over the past year

Risk Analysis

Earnings are forecast to decline by an average of 6.8% per year for the next 3 years

Highly volatile share price over the past 3 months

Has a high level of debt

Unstable dividend track record

Altri SGPS Competitors

Navigator Company

ENXTLS:NVG

€3.0b

Suzano

BOVESPA:SUZB3

R$70.3b

ENCE Energía y Celulosa

BME:ENC

€859.4m

Price History & Performance

Summary of all time highs, changes and price drops for Altri SGPS
Historical stock prices
Current Share Price	€5.61
52 Week High	€6.90
52 Week Low	€4.81
Beta	1.54
1 Month Change	-12.89%
3 Month Change	0.45%
1 Year Change	-6.66%
3 Year Change	-9.22%
5 Year Change	28.26%
Change since IPO	1,921.62%

Recent News & Updates

May 04

What Is Altri, SGPS, S.A.'s (ELI:ALTR) Share Price Doing?

Altri, SGPS, S.A. ( ELI:ALTR ), is not the largest company out there, but it saw a significant share price rise of over...

Shareholder Returns

	ALTR	PT Forestry	PT Market
7D	4.7%	-1.1%	5.2%
1Y	-6.7%	9.7%	11.6%

Return vs Industry: ALTR underperformed the Portuguese Forestry industry which returned 7.2% over the past year.

Return vs Market: ALTR underperformed the Portuguese Market which returned 8.7% over the past year.

Price Volatility

Is ALTR's price volatile compared to industry and market?
ALTR volatility
ALTR Average Weekly Movement	7.1%
Forestry Industry Average Movement	5.9%
Market Average Movement	4.4%
10% most volatile stocks in PT Market	6.0%
10% least volatile stocks in PT Market	3.3%

Stable Share Price: ALTR is more volatile than 90% of Portuguese stocks over the past 3 months, typically moving +/- 7% a week.

Volatility Over Time: ALTR's weekly volatility (7%) has been stable over the past year, but is still higher than 75% of Portuguese stocks.

About the Company

Founded	Employees	CEO	Website
2005	774	Joao Manuel Borges de Oliveira	https://altri.pt

Altri, SGPS, S.A. produces and sells bleached eucalyptus pulp in Portugal and internationally. It offers bleached eucalyptus kraft pulp for use in a range of papers, such as tissues, and printing and writing papers; and dissolving pulp for use in textile production. The company is also involved timber commercialization; forest management; the production of energy from forest resources, such as industrial cogeneration from black liquor and biomass; real estate activities; and production of plants in nurseries, as well as the provision of services related with forests and landscapes.

Altri SGPS Fundamentals Summary

How do Altri SGPS's earnings and revenue compare to its market cap?
ALTR fundamental statistics
Market Cap	€1.15b
Earnings (TTM)	€123.68m
Revenue (TTM)	€785.22m

9.3x

P/E Ratio

1.5x

P/S Ratio

Is ALTR overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
ALTR income statement (TTM)
Revenue	€785.22m
Cost of Revenue	€517.87m
Gross Profit	€267.35m
Other Expenses	€143.67m
Earnings	€123.68m

Last Reported Earnings

Dec 31, 2021

Next Earnings Date

May 26, 2022

Earnings per share (EPS)	0.60
Gross Margin	34.05%
Net Profit Margin	15.75%
Debt/Equity Ratio	80.8%

How did ALTR perform over the long term?

See historical performance and comparison

Dividends

4.5%

Current Dividend Yield

41%

Payout Ratio

Valuation

Is Altri SGPS undervalued compared to its fair value and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

Below Fair Value
Significantly Below Fair Value
PE vs Industry
PE vs Market
PEG Ratio
PB vs Industry

6.1%

Undervalued compared to fair value

Share Price vs. Fair Value

Below Fair Value: ALTR (€5.61) is trading below our estimate of fair value (€5.97)

Significantly Below Fair Value: ALTR is trading below fair value, but not by a significant amount.

Price To Earnings Ratio

PE vs Industry: ALTR is good value based on its PE Ratio (9.3x) compared to the European Forestry industry average (10.8x).

PE vs Market: ALTR is good value based on its PE Ratio (9.3x) compared to the Portuguese market (16.2x).

Price to Earnings Growth Ratio

PEG Ratio: ALTR's earnings are forecast to decline next year, so we can't calculate its PEG ratio.

Price to Book Ratio

PB vs Industry: ALTR is overvalued based on its PB Ratio (2.1x) compared to the XE Forestry industry average (1.5x).

Future Growth

How is Altri SGPS forecast to perform in the next 1 to 3 years based on estimates from 6 analysts?

Future Growth Score

0/6

Future Growth Score 0/6

Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE

-6.8%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: ALTR's earnings are forecast to decline over the next 3 years (-6.8% per year).

Earnings vs Market: ALTR's earnings are forecast to decline over the next 3 years (-6.8% per year).

High Growth Earnings: ALTR's earnings are forecast to decline over the next 3 years.

Revenue vs Market: ALTR's revenue is expected to decline over the next 3 years (-0.3% per year).

High Growth Revenue: ALTR's revenue is forecast to decline over the next 3 years (-0.3% per year).

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: ALTR's Return on Equity is forecast to be low in 3 years time (18.4%).

Past Performance

How has Altri SGPS performed over the past 5 years?

Past Performance Score

4/6

Past Performance Score 4/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

-6.2%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: ALTR has high quality earnings.

Growing Profit Margin: ALTR's current net profit margins (15.8%) are higher than last year (4.4%).

Past Earnings Growth Analysis

Earnings Trend: ALTR's earnings have declined by 6.2% per year over the past 5 years.

Accelerating Growth: ALTR's earnings growth over the past year (400.7%) exceeds its 5-year average (-6.2% per year).

Earnings vs Industry: ALTR earnings growth over the past year (400.7%) exceeded the Forestry industry 85.9%.

Return on Equity

High ROE: ALTR's Return on Equity (17.1%) is considered low.

Financial Health

How is Altri SGPS's financial position?

Financial Health Score

5/6

Financial Health Score 5/6

Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Debt Coverage
Interest Coverage

Financial Position Analysis

Short Term Liabilities: ALTR's short term assets (€1.5B) exceed its short term liabilities (€996.4M).

Long Term Liabilities: ALTR's short term assets (€1.5B) exceed its long term liabilities (€570.1M).

Debt to Equity History and Analysis

Debt Level: ALTR's net debt to equity ratio (47.7%) is considered high.

Reducing Debt: ALTR's debt to equity ratio has reduced from 207.8% to 80.8% over the past 5 years.

Debt Coverage: ALTR's debt is well covered by operating cash flow (44.7%).

Interest Coverage: ALTR's interest payments on its debt are well covered by EBIT (13.1x coverage).

Balance Sheet

Dividend

What is Altri SGPS current dividend yield, its reliability and sustainability?

Dividend Score

4/6

Dividend Score 4/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Future Dividend Coverage

4.46%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: ALTR's dividend (4.46%) is higher than the bottom 25% of dividend payers in the Portuguese market (3.26%).

High Dividend: ALTR's dividend (4.46%) is low compared to the top 25% of dividend payers in the Portuguese market (5.78%).

Stability and Growth of Payments

Stable Dividend: ALTR's dividend payments have been volatile in the past 10 years.

Growing Dividend: ALTR's dividend payments have increased over the past 10 years.

Earnings Payout to Shareholders

Earnings Coverage: With its reasonably low payout ratio (41.5%), ALTR's dividend payments are well covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: With its reasonably low cash payout ratio (26.2%), ALTR's dividend payments are well covered by cash flows.

Discover strong dividend paying companies

Management

How experienced are the management team and are they aligned to shareholders interests?

2.3yrs

Average management tenure

CEO

Joao Manuel Borges de Oliveira (61 yo)

6.92yrs

Tenure

€490,310

Compensation

Mr. Joao Manuel Matos Borges de Oliveira was a Co-Chief Executive Officer of Altri, S.G.P.S., S.A. since June 2015 and served as its Chief Financial Officer until April 14, 2016. Mr. de Oliveira co-founded...

CEO Compensation Analysis

Compensation vs Market: Joao Manuel's total compensation ($USD523.95K) is below average for companies of similar size in the Portuguese market ($USD951.82K).

Compensation vs Earnings: Joao Manuel's compensation has been consistent with company performance over the past year.

Leadership Team

Experienced Management: ALTR's management team is considered experienced (2.3 years average tenure).

Board Members

Experienced Board: ALTR's board of directors are considered experienced (8.1 years average tenure).

Ownership

Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Data	Last Updated (UTC time)
Company Analysis	2022/05/23 00:00
End of Day Share Price	2022/05/23 00:00
Earnings	2021/12/31
Annual Earnings	2021/12/31