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ENCE Energía y Celulosa

DB:ENCA
Snowflake Description

Average dividend payer and fair value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
ENCA
DB
€821M
Market Cap
  1. Home
  2. DE
  3. Materials
Company description

ENCE Energía y Celulosa, S.A., together with its subsidiaries, produces and sells eucalyptus pulp and renewable energy in Germany, Spain, Italy, Poland, Turkey, France, the United Kingdom, Austria, Greece, Portugal, Slovenia, the Netherlands, and internationally. The last earnings update was 75 days ago. More info.


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  • ENCE Energía y Celulosa has significant price volatility in the past 3 months.
ENCA Share Price and Events
7 Day Returns
0.7%
DB:ENCA
6.5%
Europe Forestry
2.8%
DE Market
1 Year Returns
-55.9%
DB:ENCA
-11.9%
Europe Forestry
3%
DE Market
ENCA Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
ENCE Energía y Celulosa (ENCA) 0.7% -8.4% -18.7% -55.9% 74.9% 107.2%
Europe Forestry 6.5% 1.9% 8.8% -11.9% 1% 49.9%
DE Market 2.8% 0.2% 1.3% 3% 8% 23.6%
1 Year Return vs Industry and Market
  • ENCA underperformed the Forestry industry which returned -11.9% over the past year.
  • ENCA underperformed the Market in Germany which returned 3% over the past year.
Price Volatility
ENCA
Industry
5yr Volatility vs Market

Value

 Is ENCE Energía y Celulosa undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of ENCE Energía y Celulosa to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for ENCE Energía y Celulosa.

DB:ENCA Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 9 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 14.8%
Perpetual Growth Rate 10-Year DE Government Bond Rate 0.2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:ENCA
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 8.2%
Forestry Unlevered Beta Simply Wall St/ S&P Global 1.37
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.367 (1 + (1- 25%) (77.98%))
1.782
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.78
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (1.782 * 8.18%)
14.81%

Discounted Cash Flow Calculation for DB:ENCA using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for ENCE Energía y Celulosa is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

DB:ENCA DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (EUR, Millions) Source Present Value
Discounted (@ 14.81%)
2020 164.67 Analyst x3 143.43
2021 175.13 Analyst x4 132.87
2022 167.33 Analyst x4 110.58
2023 107.50 Analyst x2 61.88
2024 98.79 Est @ -8.11% 49.53
2025 93.25 Est @ -5.61% 40.73
2026 89.65 Est @ -3.86% 34.11
2027 87.30 Est @ -2.63% 28.93
2028 85.75 Est @ -1.77% 24.75
2029 84.74 Est @ -1.17% 21.31
Present value of next 10 years cash flows €648.00
DB:ENCA DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= €84.74 × (1 + 0.23%) ÷ (14.81% – 0.23%)
€582.66
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €582.66 ÷ (1 + 14.81%)10
€146.49
DB:ENCA Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €648.00 + €146.49
€794.49
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €794.49 / 242.26
€3.28
DB:ENCA Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:ENCA represents 0.94806x of BME:ENC
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.94806x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (EUR) x Listing Adjustment Factor
= € 3.28 x 0.94806
€3.11
Value per share (EUR) From above. €3.11
Current discount Discount to share price of €3.21
= -1 x (€3.21 - €3.11) / €3.11
-3.3%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of ENCE Energía y Celulosa is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for ENCE Energía y Celulosa's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are ENCE Energía y Celulosa's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:ENCA PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-06-30) in EUR €0.42
BME:ENC Share Price ** BME (2019-10-11) in EUR €3.39
Europe Forestry Industry PE Ratio Median Figure of 31 Publicly-Listed Forestry Companies 10.37x
Germany Market PE Ratio Median Figure of 417 Publicly-Listed Companies 19.72x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of ENCE Energía y Celulosa.

DB:ENCA PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= BME:ENC Share Price ÷ EPS (both in EUR)

= 3.39 ÷ 0.42

8.03x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • ENCE Energía y Celulosa is good value based on earnings compared to the Europe Forestry industry average.
  • ENCE Energía y Celulosa is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does ENCE Energía y Celulosa's expected growth come at a high price?
Raw Data
DB:ENCA PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 8.03x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 9 Analysts
9.9%per year
Europe Forestry Industry PEG Ratio Median Figure of 19 Publicly-Listed Forestry Companies 0.3x
Germany Market PEG Ratio Median Figure of 265 Publicly-Listed Companies 1.39x

*Line of best fit is calculated by linear regression .

DB:ENCA PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 8.03x ÷ 9.9%

0.81x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • ENCE Energía y Celulosa is good value based on expected growth next year.
Price based on value of assets
What value do investors place on ENCE Energía y Celulosa's assets?
Raw Data
DB:ENCA PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-06-30) in EUR €2.82
BME:ENC Share Price * BME (2019-10-11) in EUR €3.39
Europe Forestry Industry PB Ratio Median Figure of 39 Publicly-Listed Forestry Companies 1.17x
Germany Market PB Ratio Median Figure of 598 Publicly-Listed Companies 1.74x
DB:ENCA PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= BME:ENC Share Price ÷ Book Value per Share (both in EUR)

= 3.39 ÷ 2.82

1.2x

* Primary Listing of ENCE Energía y Celulosa.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • ENCE Energía y Celulosa is overvalued based on assets compared to the Europe Forestry industry average.
X
Value checks
We assess ENCE Energía y Celulosa's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Forestry industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Forestry industry average (and greater than 0)? (1 check)
  5. ENCE Energía y Celulosa has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is ENCE Energía y Celulosa expected to perform in the next 1 to 3 years based on estimates from 9 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
9.9%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is ENCE Energía y Celulosa expected to grow at an attractive rate?
  • ENCE Energía y Celulosa's earnings growth is expected to exceed the low risk savings rate of 0.2%.
Growth vs Market Checks
  • ENCE Energía y Celulosa's earnings growth is positive but not above the Germany market average.
  • ENCE Energía y Celulosa's revenue growth is positive but not above the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:ENCA Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:ENCA Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 9 Analysts 9.9%
DB:ENCA Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 9 Analysts 3.5%
Europe Forestry Industry Earnings Growth Rate Market Cap Weighted Average 3.2%
Europe Forestry Industry Revenue Growth Rate Market Cap Weighted Average 1.2%
Germany Market Earnings Growth Rate Market Cap Weighted Average 12.8%
Germany Market Revenue Growth Rate Market Cap Weighted Average 5%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:ENCA Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 9 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:ENCA Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 920 204 94 4
2022-12-31 959 223 114 6
2021-12-31 928 217 107 8
2020-12-31 925 206 113 9
2019-12-31 791 149 45 6
2019-10-13
DB:ENCA Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2019-06-30 818 214 104
2019-03-31 831 243 117
2018-12-31 832 227 129
2018-09-30 833 234 124
2018-06-30 799 210 111
2018-03-31 762 185 108
2017-12-31 740 176 92
2017-09-30 703 163 77
2017-06-30 658 153 61
2017-03-31 629 134 45
2016-12-31 605 123 38
2016-09-30 607 97 39

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • ENCE Energía y Celulosa's earnings are expected to grow by 9.9% yearly, however this is not considered high growth (20% yearly).
  • ENCE Energía y Celulosa's revenue is expected to grow by 3.5% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:ENCA Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 9 Analyst Estimates (S&P Global) See Below

All data from ENCE Energía y Celulosa Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:ENCA Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31 0.29 0.29 0.29 1.00
2022-12-31 0.51 0.67 0.38 3.00
2021-12-31 0.45 0.63 0.26 7.00
2020-12-31 0.45 0.75 0.20 9.00
2019-12-31 0.18 0.24 0.10 6.00
2019-10-13
DB:ENCA Past Financials Data
Date (Data in EUR Millions) EPS *
2019-06-30 0.42
2019-03-31 0.48
2018-12-31 0.53
2018-09-30 0.50
2018-06-30 0.45
2018-03-31 0.45
2017-12-31 0.37
2017-09-30 0.32
2017-06-30 0.24
2017-03-31
2016-12-31 0.15
2016-09-30

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • ENCE Energía y Celulosa is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess ENCE Energía y Celulosa's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
ENCE Energía y Celulosa has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has ENCE Energía y Celulosa performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare ENCE Energía y Celulosa's growth in the last year to its industry (Forestry).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • ENCE Energía y Celulosa has delivered over 20% year on year earnings growth in the past 5 years.
  • ENCE Energía y Celulosa's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • ENCE Energía y Celulosa's 1-year earnings growth is negative, it can't be compared to the Europe Forestry industry average.
Earnings and Revenue History
ENCE Energía y Celulosa's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from ENCE Energía y Celulosa Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:ENCA Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-06-30 817.80 103.79 90.69
2019-03-31 831.38 116.93 86.23
2018-12-31 831.98 129.13 81.43
2018-09-30 832.72 123.99 82.99
2018-06-30 798.89 110.64 80.64
2018-03-31 762.42 107.59 79.59
2017-12-31 740.32 91.79 77.49
2017-09-30 703.15 77.21 70.39
2017-06-30 658.06 60.74 69.22
2017-03-31 629.45 44.51 67.89
2016-12-31 605.45 38.48 69.09
2016-09-30 606.91 39.06 70.44
2016-06-30 639.87 36.92 68.12
2016-03-31 657.81 54.06 66.64
2015-12-31 663.91 49.86 63.24
2015-09-30 648.57 33.88 58.28
2015-06-30 662.47 -70.18 64.22
2015-03-31 673.55 -116.41 63.78
2014-12-31 687.55 -140.91 67.38
2014-09-30 729.64 -170.39 72.19
2014-06-30 752.25 -74.60 72.61
2014-03-31 806.04 -23.59 79.49
2013-12-31 853.14 4.31 81.59
2013-09-30 877.58 52.03 83.91
2013-06-30 874.12 57.39 86.75
2013-03-31 843.48 49.53 82.81
2012-12-31 827.58 43.03 83.27

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • ENCE Energía y Celulosa has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • ENCE Energía y Celulosa used its assets more efficiently than the Europe Forestry industry average last year based on Return on Assets.
  • ENCE Energía y Celulosa's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess ENCE Energía y Celulosa's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Forestry industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
ENCE Energía y Celulosa has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is ENCE Energía y Celulosa's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up ENCE Energía y Celulosa's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • ENCE Energía y Celulosa is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • ENCE Energía y Celulosa's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of ENCE Energía y Celulosa's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.7x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from ENCE Energía y Celulosa Company Filings, last reported 3 months ago.

DB:ENCA Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-06-30 701.64 586.95 201.03
2019-03-31 697.10 681.30 272.90
2018-12-31 697.30 621.78 350.55
2018-09-30 683.10 402.50 229.60
2018-06-30 669.37 391.89 230.57
2018-03-31 668.80 610.60 479.00
2017-12-31 642.23 414.82 271.63
2017-09-30 619.60 433.90 250.40
2017-06-30 601.21 397.59 241.38
2017-03-31 570.70 442.30 234.20
2016-12-31 561.57 407.52 210.94
2016-09-30 555.40 398.90 165.40
2016-06-30 551.01 400.05 136.11
2016-03-31 556.20 414.20 172.40
2015-12-31 568.22 411.35 161.12
2015-09-30 553.70 402.90 137.90
2015-06-30 544.27 352.86 100.05
2015-03-31 555.30 364.20 96.50
2014-12-31 542.93 367.65 81.94
2014-09-30 638.21 367.15 135.10
2014-06-30 638.21 367.15 135.10
2014-03-31 694.80 361.70 137.70
2013-12-31 710.30 359.49 159.27
2013-09-30 760.10 359.80 155.50
2013-06-30 758.84 361.06 172.71
2013-03-31 715.00 360.60 141.10
2012-12-31 724.72 356.25 47.78
  • ENCE Energía y Celulosa's level of debt (83.7%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (57.5% vs 83.7% today).
  • Debt is well covered by operating cash flow (36.5%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 13.8x coverage).
X
Financial health checks
We assess ENCE Energía y Celulosa's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. ENCE Energía y Celulosa has a total score of 3/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is ENCE Energía y Celulosa's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
7.76%
Current annual income from ENCE Energía y Celulosa dividends. Estimated to be 6.19% next year.
If you bought €2,000 of ENCE Energía y Celulosa shares you are expected to receive €155 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • ENCE Energía y Celulosa's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.46%).
  • ENCE Energía y Celulosa's dividend is above the markets top 25% of dividend payers in Germany (3.86%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:ENCA Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 9 Analyst Estimates (S&P Global) See Below
Europe Forestry Industry Average Dividend Yield Market Cap Weighted Average of 24 Stocks 4.4%
Germany Market Average Dividend Yield Market Cap Weighted Average of 337 Stocks 3.1%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.7%
Germany Bottom 25% Dividend Yield 25th Percentile 1.5%
Germany Top 25% Dividend Yield 75th Percentile 3.9%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:ENCA Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 0.14 1.00
2022-12-31 0.27 3.00
2021-12-31 0.24 7.00
2020-12-31 0.23 9.00
2019-12-31 0.15 8.00
2019-10-13
DB:ENCA Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2019-02-28 0.263 6.578
2019-02-26 0.263 4.006
2018-02-21 0.187 2.769
2017-03-01 0.079 1.999
2016-02-15 0.200 8.524
2015-11-12 0.088 2.792
2015-07-21 0.088 2.839
2015-07-15 0.088 2.671
2015-04-29 0.100 3.132
2015-02-26 0.100 3.032
2014-11-03 0.080 3.854
2014-07-30 0.080 4.713
2014-04-15 0.080 4.086
2014-03-28 0.080 3.686
2013-10-30 0.070 2.618
2013-07-29 0.070 2.721
2013-05-07 0.070 2.919
2013-02-19 0.070 3.266
2012-07-16 0.070 3.643
2012-04-26 0.070 4.617
2012-02-29 0.070 3.861
2011-03-01 0.100 4.563
2011-02-28 0.100 4.104
2009-11-13 0.000 0.000
2009-07-30 0.000 0.000
2009-03-31 0.000 0.000
2009-03-03 0.000 0.000

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • ENCE Energía y Celulosa has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
  • Dividend payments have increased, but ENCE Energía y Celulosa only paid a dividend in the past 9 years.
Current Payout to shareholders
What portion of ENCE Energía y Celulosa's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.9x coverage).
X
Income/ dividend checks
We assess ENCE Energía y Celulosa's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.7%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can ENCE Energía y Celulosa afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. ENCE Energía y Celulosa has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of ENCE Energía y Celulosa's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Ignacio de Colmenares y Brunet
COMPENSATION €44,000
AGE 57
TENURE AS CEO 8.8 years
CEO Bio

Mr. Ignacio de Colmenares y Brunet has been the Chief Executive Officer of ENCE Energia y Celulosa SA since December 2010 and serves as its Vice Chairman and Managing Director. He serves as a Senior Advisor at Artá Capital, SGEIC, S.A. He has been a Member of the Board of Directors of CEOE, Chairman of ASPAPEL, Board member of EPIA, Vice- Chairman of EWRIS and ESIS and Chairman of ATA. He initiated his career at Nueva Montaña Quijano and CELSA and has been CEO of several other firms such as TYCSA, Global Steel Wire group, Isofoton and Bergé Lift. Mr. De Colmenares y Brunet has extensive experience in the steel and renewable energy industries, having helped to develop international business projects with a focus on revenue growth, investment optimization, process improvements and cost control as a way of increasing competitiveness. He has an undergraduate degree in law from the Central University of Barcelona and a master's degree in Economics and Business Management from IESE.

CEO Compensation
  • Ignacio's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Ignacio's remuneration is lower than average for companies of similar size in Germany.
Management Team

Juan Luis Arregui Ciarsolo

TITLE
Executive Chairman & President
COMPENSATION
€327K
AGE
76

Ignacio de Colmenares y Brunet

TITLE
Vice-Chairman
COMPENSATION
€44K
AGE
57
TENURE
8.8 yrs

Alfredo Avello De La Peña

TITLE
Chief Financial & Corporate Development Officer
AGE
52
TENURE
4.8 yrs

Alberto Valdes

TITLE
Head of Investor Relations

Luis Carlos Martínez Martín

TITLE
Communications & Institutional Relations Officer
AGE
59

María José Zueras Saludas

TITLE
Human Capital Officer
AGE
58

Reyes Cerezo Rodríguez-Sedano

TITLE
General Secretary
Board of Directors Tenure

Average tenure and age of the ENCE Energía y Celulosa board of directors in years:

5.8
Average Tenure
67
Average Age
  • The tenure for the ENCE Energía y Celulosa board of directors is about average.
Board of Directors

Ignacio de Colmenares y Brunet

TITLE
Vice-Chairman
COMPENSATION
€44K
AGE
57

José Guillermo Zubia Guinea

TITLE
Independent Director
COMPENSATION
€140K
AGE
72

Juan Luis Arregui Ciarsolo

TITLE
Executive Chairman & President
COMPENSATION
€327K
AGE
76
TENURE
13.5 yrs

José Carlos del Álamo Jiménez

TITLE
Independent Director
COMPENSATION
€105K
AGE
67

José Javier Echenique Landiribar

TITLE
External Director
COMPENSATION
€114K
AGE
68

Fernando Abril-Martorell Hernández

TITLE
External Director
COMPENSATION
€114K
AGE
57

Pedro Barato Triguero

TITLE
Independent External Director
COMPENSATION
€121K
AGE
59

Isabel Tocino Biscarolasaga

TITLE
Independent Director
COMPENSATION
€110K
AGE
70

José Ignacio Comenge Sánchez-Real

TITLE
Proprietary External Director
COMPENSATION
€93K
AGE
67
TENURE
5.8 yrs

Óscar Arregui Abendivar

TITLE
Proprietary External Director
COMPENSATION
€107K
AGE
48
TENURE
1.8 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by ENCE Energía y Celulosa individual insiders in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
13. Sep 19 Buy José Guillermo Zubia Guinea Individual 11. Sep 19 11. Sep 19 27,000 €3.73 €100,710
27. Jun 19 Buy LA Fuente Salada S.L. Company 24. Jun 19 25. Jun 19 200,000 €3.73 €743,261
20. May 19 Buy LA Fuente Salada S.L. Company 16. May 19 20. May 19 200,000 €4.01 €800,134
13. May 19 Buy Juan Luis Arregui Ciarsolo Individual 08. May 19 09. May 19 410,857 €4.20 €1,723,958
09. May 19 Buy LA Fuente Salada S.L. Company 07. May 19 09. May 19 500,000 €4.39 €2,136,461
04. Dec 18 Buy LA Fuente Salada S.L. Company 30. Nov 18 03. Dec 18 300,000 €5.75 €1,682,183
30. Nov 18 Buy LA Fuente Salada S.L. Company 27. Nov 18 29. Nov 18 500,000 €5.53 €2,510,843
X
Management checks
We assess ENCE Energía y Celulosa's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. ENCE Energía y Celulosa has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

ENCE Energía y Celulosa, S.A., together with its subsidiaries, produces and sells eucalyptus pulp and renewable energy in Germany, Spain, Italy, Poland, Turkey, France, the United Kingdom, Austria, Greece, Portugal, Slovenia, the Netherlands, and internationally. It offers bleached eucalyptus kraft pulp; and forest land management and forestry services, as well as produces renewable energy using forestry and agricultural biomass, and thermo solar sources. The company also purchases and sells timber. It manages 67,673 hectares of productive forest in Spain. The company was formerly known as Grupo Empresarial ENCE, S.A. and changed its name to ENCE Energía y Celulosa, S.A. in April 2012. ENCE Energía y Celulosa, S.A. was founded in 1957 and is headquartered in Madrid, Spain.

Details
Name: ENCE Energía y Celulosa, S.A.
ENCA
Exchange: DB
Founded: 1957
€820,787,758
242,263,211
Website: http://www.ence.es
Address: ENCE Energía y Celulosa, S.A.
Calle Beatriz de Bobadilla, 14,
Madrid,
Madrid, 28040,
Spain
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
BME ENC Bearer Shares Bolsas y Mercados Espanoles ES EUR 02. Jan 1992
DB ENCA Bearer Shares Deutsche Boerse AG DE EUR 02. Jan 1992
LSE 0K96 Bearer Shares London Stock Exchange GB EUR 02. Jan 1992
BATS-CHIXE ENCE Bearer Shares BATS 'Chi-X Europe' GB EUR 02. Jan 1992
Number of employees
Current staff
Staff numbers
1,093
ENCE Energía y Celulosa employees.
Industry
Paper Products
Materials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/10/13 21:42
End of day share price update: 2019/10/11 00:00
Last estimates confirmation: 2019/10/01
Last earnings filing: 2019/07/30
Last earnings reported: 2019/06/30
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.