ENCE Energía y Celulosa, S.A (ENC) Fair Value & Analysis
Basic Materials · ES · Market cap €580M
Fair value as of: Jul 19, 2026
From 4 valuation models · updated 22 days ago
Fair value updated Jul 19, 2026, revised from €1.23 to €2.46 (+100.0%) since Jun 25, 2026. Share price +10.6% over the past month.
Below-average quality, currently priced close to our fair value.
What matters now
- The model range is unusually wide (€0.9600 to €3.94). The outcome hinges heavily on assumptions, so read the point estimate with caution.
- The price sits close to our fair value, market and models broadly agree here, little valuation tension.
- Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 19, 2026.
How to read this chart
60‑month range €1.61 – €3.57 · fair‑value band €0.9600 – €3.94 · the €2.59 price screens above the €2.46 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 19, 2026.
Analysis
ENCE Energía y Celulosa, S.A (ENC) currently trades at €2.59, while our model-based Fair Value estimate is €2.46, implying the stock looks roughly 5.2% fairly valued today. The Quality Score stands at 32/100 (below-average quality), in the Basic Materials sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: low).
Over the trailing twelve months, ENCE Energía y Celulosa, S.A generated revenue of €726M at a net margin of -10.3%. Revenue declined 17.7% year over year. It earns a return on equity of -14.3%. Net debt stands at €424M. Fundamentals as of Jul 19, 2026
Our scenario range runs from €0.9600 (bear case) to €3.94 (bull case); at €2.59, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 15% below its 52-week high and 21% above its 52-week low, currently above its 200-day average. For context, the median of 10 Basic Materials peers we cover trades at 10% fair-value upside, at -5%, ENC screens richer than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 4 models by family
Widest divergence: Multiples (€2.12) versus Dividend Discount (€0.0100). Highest evidence: Gordon GGM (70).
Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 19, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 31 · Market factors (momentum, volatility) 54
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
About the company
ENCE Energía y Celulosa, S.A., together with its subsidiaries, produces and sells hardwood pulp and renewable energy in Spain, Germany, Poland, Italy, the Netherlands, the United Kingdom, Greece, France, Turkey, and internationally. It operates through Cellulose, Forest Heritage and others segments.
Full company description
ENCE Energía y Celulosa, S.A., together with its subsidiaries, produces and sells hardwood pulp and renewable energy in Spain, Germany, Poland, Italy, the Netherlands, the United Kingdom, Greece, France, Turkey, and internationally. It operates through Cellulose, Forest Heritage and others segments. The company offers bleached eucalyptus kraft pulp; and forest land management and forestry services, as well as producing renewable energy using agricultural and forestry biomass sources; and producing timber for pulp. In addition, it is involved in generating, selling electric energy and carbon credits; developing biogas plants; selling of biomass; clean energy management; gas trading; research and development; purchase and sale of timber; waste management; electricity management; biogas, biomethane, and fertilizer management; and management of forest waste. 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.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
ENCE Energía y Celulosa, S.A reported revenue of €747M in FY2025 versus €820M in FY2021, a compound −2.3%/yr. Reported net income was −€54.5M in FY2025.
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Peer Group
Paper & Paper Products · 113 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Paper & Paper Products median · lower = cheaper
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Paper & Paper Products stocks, each showing price versus our Fair Value estimate (as of Jul 19, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Klabin S.A KLBN11 | R$17.58 | R$3.89 | -78% |
| UPM-Kymmene Oyj UPM | €23.45 | €15.47 | -34% |
| Suzano S.A SUZB3 | R$41.70 | R$138.01 | +231% |
| Svenska Cellulosa Aktiebolaget SCA (publ) SCAB | kr 103.00 | kr 49.40 | -52% |
| Shandong Sunpaper Co 002078 | ¥14.13 | ¥17.29 | +22% |
| Holmen AB HOLMB | kr 305.40 | kr 217.72 | -29% |
| Nine Dragons Paper (Holdings) Limited 2689 | HK$7.55 | HK$8.73 | +16% |
| Empresas CMPC S.A CMPC | 1,078 CLP | 1,269 CLP | +18% |
| Xianhe Co 603733 | ¥22.05 | ¥24.32 | +10% |
| Billerud AB BILL | kr 68.70 | kr 48.60 | -29% |
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Frequently asked questions
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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