ENCE Energia y Celulosa SA (ES:ENC)
BME:ENC
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ENCE Energia y Celulosa
(BME:ENC)
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Rating:48Neutral
Price Target:
€2.50
▲(0.81% Upside)
Action:ReiteratedDate:02/26/26
The score is held down primarily by weak financial performance (recent losses, negative gross profit, higher leverage, and negative free cash flow). Technical indicators are moderately constructive in the near term, and valuation is mixed with a supportive dividend yield but a negative P/E due to losses.
Positive Factors
Diversified pulp and biomass generation model
ENCE operates two complementary, industrial businesses — eucalyptus pulp production and biomass-based renewable power — giving it multiple durable cash-generation channels. This diversification reduces single-market dependency and supports long-term resilience through product and revenue mix.
Negative Factors
Deteriorated margins and loss-making in 2025
Negative gross profit in 2025 indicates unit economics under stress and fragile margin sustainability. Persistent margin deterioration undermines the ability to self-fund investments, raises risk to long-term profitability, and makes performance more sensitive to pulp and power market cycles.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified pulp and biomass generation model
ENCE operates two complementary, industrial businesses — eucalyptus pulp production and biomass-based renewable power — giving it multiple durable cash-generation channels. This diversification reduces single-market dependency and supports long-term resilience through product and revenue mix.
Read all positive factors
ENCE Energia y Celulosa (ENC) vs. iShares MSCI Spain ETF (EWP)
Market Cap
€559.87M
Dividend Yield4.84%
Average Volume (3M)384.46K
Price to Earnings (P/E)―
Beta (1Y)0.58
Revenue Growth-11.51%
EPS Growth-170.43%
CountryES
Employees1,245
SectorGeneral
Sector StrengthN/A
IndustryPaper, Lumber & Forest Products
Share Statistics
EPS (TTM)-0.14
Shares Outstanding246,272,490
10 Day Avg. Volume378,882
30 Day Avg. Volume384,458
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)-0.07
Revenue Forecast (FY)€803.42M
ENCE Energia y Celulosa Business Overview & Revenue Model
Company Description
ENCE Energía y Celulosa, S.A., together with its subsidiaries, produces and sells eucalyptus pulp and renewable energy in Spain, Germany, Poland, Italy, France, the United Kingdom, Turkey, Sweden, Romania, Netherlands, Austria, and internationally...
How the Company Makes Money
ENCE primarily earns revenue from two operating segments:
1) Pulp (cellulose) sales
- Core product and customers: ENCE produces eucalyptus pulp (cellulose), which is sold as an input material to manufacturers of paper, tissue, and other cellulose...
ENCE Energia y Celulosa Financial Statement Overview
Summary
Income Statement
36
Negative
Balance Sheet
50
Neutral
Cash Flow
41
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 747.30M | 870.44M | 829.60M | 1.00B | 819.67M |
| Gross Profit | -105.40M | 477.09M | 403.81M | 612.64M | 412.83M |
| EBITDA | 72.10M | 179.05M | 105.96M | 373.60M | -70.98M |
| Net Income | -54.50M | 31.55M | -24.72M | 247.22M | -190.41M |
Balance Sheet | |||||
| Total Assets | 1.64B | 1.68B | 1.70B | 1.78B | 1.61B |
| Cash, Cash Equivalents and Short-Term Investments | 230.00M | 277.50M | 335.54M | 414.97M | 380.28M |
| Total Debt | 651.00M | 545.59M | 630.30M | 326.13M | 478.31M |
| Total Liabilities | 1.07B | 1.06B | 1.05B | 962.17M | 987.45M |
| Stockholders Equity | 477.20M | 525.57M | 534.06M | 700.89M | 512.66M |
Cash Flow | |||||
| Free Cash Flow | -42.40M | 1.74M | -141.86M | 248.81M | 70.31M |
| Operating Cash Flow | 50.20M | 78.60M | -46.13M | 303.68M | 141.29M |
| Investing Cash Flow | -96.90M | -104.84M | -96.03M | -53.90M | -65.35M |
| Financing Cash Flow | 100.00K | -42.84M | 62.27M | -216.83M | -218.59M |
ENCE Energia y Celulosa Technical Analysis
Neutral
2.48
Price Trends
2.35
Negative
2.35
Negative
2.58
Negative
Market Momentum
-0.02
Negative
48.58
Neutral
81.75
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ES:ENC, the sentiment is Neutral. The current price of 2.48 is above the 20-day moving average (MA) of 2.30, above the 50-day MA of 2.35, and below the 200-day MA of 2.58, indicating a neutral trend. The MACD of -0.02 indicates Negative momentum. The RSI at 48.58 is Neutral, neither overbought nor oversold. The STOCH value of 81.75 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
61 Neutral | €3.10B | 7.29 | 26.57% | ― | 43.90% | 123.87% | |
60 Neutral | €12.66B | 12.61 | 18.00% | 2.87% | 4.87% | 339.22% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
52 Neutral | €211.89M | 35.71 | 3.84% | 4.24% | -8.26% | -53.40% | |
48 Neutral | €559.87M | -10.95 | -5.36% | 4.84% | -11.51% | -170.43% | |
48 Neutral | €655.66M | -85.25 | 17.10% | 5.20% | 3.59% | -29.28% |
* General Sector Average
ES:ENC
ENCE Energia y Celulosa
2.31
-0.54
-18.95%
ES:ANA
Acciona
231.60
127.87
123.26%
ES:ADX
Audax Renovables SA
1.45
0.08
5.55%
ES:IBG
Iberpapel Gestion
19.55
1.03
5.57%
ES:MCM
Miquel y Costas and Miquel
14.25
1.86
15.01%
ES:SLR
Solaria Energia y Medio Ambiente
24.79
18.50
294.37%
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.