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ENCE Energia y Celulosa
(BME:ENC)
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Rating:49Neutral
Price Target:
€2.50
▼(-2.72% Downside)
Action:Reiterated
Date:07/23/26
Overall score is held back primarily by weak financial performance: current losses, rising leverage, and sharply negative free cash flow outweigh the strong recent price momentum. Technicals provide support (price above key moving averages), but overbought RSI/Stoch temper that strength. Valuation remains challenging due to the negative P/E and lack of dividend data.
Positive Factors
Business diversification
Two operating platforms diversify earnings across pulp and renewable power. This broadens the asset base and creates exposure to both essential paper inputs and Spain’s biomass energy infrastructure, although each remains cyclical or regulated.
Negative Factors
Weak profitability
Current losses weaken internal funding, reduce resilience and make earnings recovery dependent on improved pulp pricing, volumes, energy returns or cost control. Persistently negative operating profit would limit the durability of the business model’s returns.
Read all positive and negative factors
Positive Factors
Negative Factors
Business diversification
Two operating platforms diversify earnings across pulp and renewable power. This broadens the asset base and creates exposure to both essential paper inputs and Spain’s biomass energy infrastructure, although each remains cyclical or regulated.
Read all positive factors
ENCE Energia y Celulosa (ENC) vs. iShares MSCI Spain ETF (EWP)
Market Cap
€614.16M
Dividend Yield4.91%
Average Volume (3M)213.57K
Price to Earnings (P/E)―
Beta (1Y)0.52
Revenue Growth-10.41%
EPS Growth-3508.11%
CountryES
Employees1,311
SectorGeneral
Sector StrengthN/A
IndustryPaper, Lumber & Forest Products
Share Statistics
EPS (TTM)-0.26
Shares Outstanding246,272,490
10 Day Avg. Volume162,668
30 Day Avg. Volume213,575
Financial Highlights & Ratios
PEG Ratio0.04
Price to Book (P/B)1.25
Price to Sales (P/S)0.80
P/FCF Ratio-14.08
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-0.01
Revenue Forecast (FY)€798.49M
ENCE Energia y Celulosa Business Overview & Revenue Model
Company Description
ENCE Energía y Celulosa, S.A., along with its subsidiaries, is actively engaged in the production and sale of eucalyptus pulp and renewable power generation. Its commercial activities extend across a wide international footprint, with a strong pre...
How the Company Makes Money
ENCE makes money mainly through two business lines:
1) Cellulose (pulp) business
- Revenue stream: Sale of industrial wood pulp (cellulosic pulp) to customers that use it as an input for downstream products (e.g., tissue and other paper-based pro...
ENCE Energia y Celulosa Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
43
Neutral
Cash Flow
26
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 722.91M | 747.30M | 870.44M | 829.60M | 1.00B | 819.67M |
| Gross Profit | -108.44M | 118.12M | 477.09M | 403.81M | 612.64M | 412.83M |
| EBITDA | 49.83M | -28.49M | 179.05M | 105.96M | 373.60M | -70.98M |
| Net Income | -64.55M | -54.50M | 31.55M | -24.72M | 247.22M | -190.41M |
Balance Sheet | ||||||
| Total Assets | 1.64B | 1.64B | 1.68B | 1.70B | 1.78B | 1.61B |
| Cash, Cash Equivalents and Short-Term Investments | 183.74M | 230.00M | 277.50M | 335.54M | 414.97M | 380.28M |
| Total Debt | 703.61M | 651.00M | 545.59M | 630.30M | 326.13M | 478.31M |
| Total Liabilities | 1.10B | 1.07B | 1.06B | 1.05B | 962.17M | 987.45M |
| Stockholders Equity | 458.32M | 477.20M | 525.57M | 534.06M | 700.89M | 512.66M |
Cash Flow | ||||||
| Free Cash Flow | -117.13M | -42.40M | 1.74M | -141.86M | 248.81M | 70.31M |
| Operating Cash Flow | 11.01M | 50.20M | 78.60M | -46.13M | 303.68M | 141.29M |
| Investing Cash Flow | -137.67M | -96.90M | -104.84M | -96.03M | -53.90M | -65.35M |
| Financing Cash Flow | 13.02M | 100.00K | -42.84M | 62.27M | -216.83M | -218.59M |
ENCE Energia y Celulosa Technical Analysis
Positive
2.57
Price Trends
2.50
Positive
2.46
Positive
2.40
Positive
Market Momentum
<0.01
Positive
49.43
Neutral
31.48
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ES:ENC, the sentiment is Positive. The current price of 2.57 is above the 20-day moving average (MA) of 2.55, above the 50-day MA of 2.50, and above the 200-day MA of 2.40, indicating a neutral trend. The MACD of <0.01 indicates Positive momentum. The RSI at 49.43 is Neutral, neither overbought nor oversold. The STOCH value of 31.48 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ES:ENC.
ENCE Energia y Celulosa Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
63 Neutral | €2.23B | 12.31 | 22.94% | 2.46% | 36.20% | 42.26% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
54 Neutral | €193.46M | 1,898.94 | 0.02% | 4.63% | -7.35% | -99.48% | |
51 Neutral | €11.10B | 30.69 | 7.63% | 2.78% | 7.62% | -56.65% | |
49 Neutral | €614.16M | -9.75 | -13.53% | 4.91% | -10.41% | -3508.11% | |
45 Neutral | €531.42M | 30.84 | 7.94% | 5.72% | -11.16% | -69.72% |
* General Sector Average
ES:ENC
ENCE Energia y Celulosa
2.53
-0.30
-10.46%
ES:ANA
Acciona
203.20
36.76
22.09%
ES:ADX
Audax Renovables SA
1.17
-0.18
-13.06%
ES:IBG
Iberpapel Gestion
17.85
-1.02
-5.43%
ES:MCM
Miquel y Costas and Miquel
13.15
-0.75
-5.38%
ES:SLR
Solaria Energia y Medio Ambiente
16.82
4.08
32.03%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.