EQUITY REPORT ALTRI SGPS

Market Profile
Share Price (06/11/2015):
52-Week Price Range ()
Outstanding Shares:
Market Cap.:
Free Float:

4,8740
2.22- 5.04
205.131.672
999,81M
32.3 (%)

Source: Investing.com

Share Price

Business
Altri is a leading Portuguese pulp producer and one of the most
efficient being listed on Euronext Lisbon and a member of its
main index the PSI20. Altri is a reference in Europe, once is one
of the most efficient producers of bleached eucalyptus pulp.
At the present time, Altri has three of bleached eucalyptus pulp
mills, they are: Celbi, Caima and Celtejo. It has a nominal annual
capacity of 900 thousand tons.
Production of bleaching eucalyptus kraft pulp (BEKP) is the
focus of Altri. From 1995-2005 the BHKP market has enjoyed
annual growth rates around 5%. BEKP is today one of the most
in-demand pulp in the international market. It is an extremely
versatile fibre used for almost all paper applications, including a
wide range of printing and writing, dcor, tissue and specialty
papers. (Altri website)
An advantage of Altri, comparing to its competitors, is that the
company produces all the electricity that it needs for the
business to produce pulp. So, for a better management of the
forest, Altri acquired 50% of EDP Bioeltrica, in a partnership
with Portugals Energies (EDP), to produce electrical energy
from forest biomass.

Value Per Share: 10.26

12,00
10,00
8,00
6,00
4,00
2,00
0,00

Source: Investing.com

Revenues vs Portuguese GDP %

80,00%
60,00%
40,00%
20,00%
0,00%
-20,00%
%GDP Growth

%Revenues Growth

Source: Company Data, PORDATA and Statista

Share Price Analysis

95

75

EuroStoxx Industry

Ence

Altri

PSI 20
Source: Investing.com and Stoxx

Value per share:

Corporate Finance Department | ffc@fepfinanceclub.org | www.fepfinanceclub.org

EQUITY REPORT ALTRI SGPS

Balance Sheet (Million)
Total Assets
Fixed & Int. Assets
Non-operating assets
Inventories
Receivables
Cash & equivalents
Equity
Total Liabilities
IBD
Accruals &provisions
Account payables

2014
1239,26
782,66
28,75
54,73
112,27
260,86
241,81
979,57
22,91
806,00
150,66

2015F
1393,07
782,66
28,75
71,45
145,64
364,58
272,26
966,99
27,78
780,84
158,37

2016F
1478,06
782,66
28,75
74,84
152,55
439,26
364,96
1028,11
39,44
779,69
208,98

2017F
1553,19
785,30
28,75
77,92
158,83
502,39
427,45
1050,61
41,31
790,39
218,91

2018F
1634,70
790,42
28,75
80,62
164,34
570,57
475,62
1077,57
43,02
806,63
227,92

2019F
1721,67
797,87
28,75
82,88
168,93
643,25
532,51
1102,19
44,51
821,87
235,82

Inc. Statement (Million)

Revenues
Operational Costs
EBITDA
Margin

2014
552,86
184,50
113,53

2015F
680,02
135,00
225,41

2016F
712,32
184,73
192,80

2017F
741,64
214,62
178,45

2018F
767,35
216,62
190,08

20,54%
46,80
65,01
11,76%
-24,40
40,61
-13,46
40,60

33,15%
46,80
178,60
26,26%
-56,04
122,57
-9,80
109,11

27,07%
46,80
145,99
20,50%
-56,81
89,19
-8,09
79,39

24,24%
46,96
131,65
17,97%
-57,97
73,68
-9,23
65,58

25,29%
47,27
143,11
19,29%
-59,07
84,05
-10,28
74,82

2019F
788,80
217,12
200,94
26,49%
47,71
153,68
20,72%
-60,10
93,58
-11,07
83,30

Depreciations
EBIT
Margin
Financial Operations
EBT
Taxes
Net Profit

WACC

8,05%

Beta

1.12

Equity Market Premium

5,70%

Risk Free Rate

3.19%

D/V

39,70%

Kd

7,19%

Ke

9,58%

Table 1 - WACC for Altri, group estimates.

Multiples

Source: Company Data and GuruFocus.com

in milions

Margins
5

40%
30%
20%
10%

0%

EBITDA

EBITDA Margin

Source: Company Data and Team Estimates

Cludia Gomez

Catarina Lindo

Pedro Reis

Corporate Finance Department | ffc@fepfinanceclub.org | www.fepfinanceclub.org