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ENCE Energía y Celulosa S.A (ENC) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of ENCE Energía y Celulosa S.A stock €2.46, price €2.24, upside +9.9%, quality 32 out of 100. Rating: fairly valued. Calculated from audited financials with 2 of our 26 valuation models and 37 quality factors, updated daily.

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Basic Materials ES · ISIN ES0130625512

EE ENCE Energía y Celulosa S.A logo Thin data Nov 4, 2026

ENCE Energía y Celulosa S.A

ENC · MC
Fairly valued, weak quality

The stock costs about what our calculation considers fair.

Revenue last quarter +19% vs. a year ago.
Fair value €2.46 · Fairly valued
Mixed Growth (revenue 5y +1.1 %/yr in EUR)
Moderate debt
Quality 32/100
Loss-making · -5.4% net margin (TTM)
Negative free cash flow
Trails peers (3/13)
Narrow moat 20/100 · thin data
Thin data
⟳ Cyclical
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

€3.57 €1.61 Fair Value €2.46 Sep 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 4, 2026.

How to read this chart

60‑month range €1.61 – €3.57 · fair‑value band €0.9600 – €3.94 · the €2.24 price screens below the €2.46 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 4, 2026.

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Company profile

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.

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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.

Stock analysis

ENCE Energía y Celulosa S.A (ENC) currently trades at €2.24, while our model-based Fair Value estimate is €2.46, so the stock looks roughly fairly valued today (gap 9.0%).

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Valuation

How firm this estimate is: it rests on 2 models at a data quality of 88/100, which puts the data coverage at low.

Scenario range: €0.9600 (bear) to €3.94 (bull), the price of €2.24 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 32/100 (below-average quality), in the Basic Materials sector.

Mixed Growth: Spin-off in 2014: revenue and profit before it include the divested business. Growth is measured afresh from 2014.

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.

Key figures

Market cap €543M Small · P/S ratio 0.76 · EPS (TTM) €−0.1600 · Dividend yield 0.1% · Net margin −5.4% · Return on equity −8.1% · Return on assets (EBIT) 1.5% (5-year average) · Operating margin 11.0%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 20 out of 100 (low confidence).

What moves the price

The share trades about 16% below its 52-week high and 3% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Basic Materials peers we cover trades at 22% fair-value upside, at 10%, ENC screens richer than that median.

Fair Value models

Bear €0.9600 Fair Value €2.46 Bull €3.94
Price €2.24 · Upside +9.9%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
EV/EBITDA €0.4800 €1.23 €1.97 63
NCAV (Graham) €0.8500 €1.14 €1.70 54
All 2 models by family
Multiples
EV/EBITDA €0.4800 €1.23 €1.97 63
Asset-Based
NCAV (Graham) €0.8500 €1.14 €1.70 54

The fair value above starts from this blend and is adjusted for a cyclical trough year.

Open the full fair value analysis →

Quality Score breakdown

Overall quality 32/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 7
How much profit the company makes from its sales and capital
Quality Growth 4
Are margins and returns getting better?
Cashflow 11
Do the profits arrive as real cash?
Financial strength 31
Debt, balance sheet and risk of trouble
Investment 81
Does it invest with discipline instead of growing at any price?
Low Volatility 87
How calm the share price moves, does not count
Price momentum 28
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 17
Distance to the 52-week high, does not count
New shares 92
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 55/100
Spin-off in 2014: revenue and profit before it include the divested business. Growth is measured afresh from 2014.
Revenue growth 1 year
−14.1%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−9.4%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+1.1%
Start year 2020 (pandemic). Over 10 years: +1.2% a year
Revenue growth 11 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+0.8%
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
−5.7% (2020) → −2.4% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

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Peer Groupⓘ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.Paper & Paper Products · 116 stocks

Beats the industry median on 3/12 measures
Overall it trails its industry peers.
Valuation
Quality Score 32 · Bottom 25%
Fair Value upside +9.9% · Above median
Profitability
Return on assets −3.3% · Bottom 25%
Net margin (12 months) −5.4% · Bottom 25%
Operating margin (12 months) 11.0% · Top 25%
Growth and dividend
Revenue growth (quarter YoY) 19.1% · Top 25%
Dividend yield (12 months) 0.1% · Bottom 25%
Balance sheet
Debt / equity 0.91× · Highest 25%

Valuation Multiplesvs Paper & Paper Products median · lower = cheaper

P/B 1.14× · Pricier than median
P/S (12 months) 0.74× · Pricier than median
EV/EBITDA 9.3× · Pricier than median
PEG 2.06× · Pricier than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)47 · sector 27
FUTURE (revenue growth)96 · sector 31
PAST (return on equity)0 · sector 14
HEALTH (low debt)55 · sector 90
DIVIDEND (yield)1 · sector 39

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Paper & Paper Products stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Nine Dragons Paper (Holdings) Limited 2689 HK$4.62 HK$7.54 +63% vs ENC
PT Indah Kiat Pulp & Paper Tbk INKP 6,425 IDR 10,483 IDR +63% vs ENC
Empresas CMPC S.A CMPC 898.00 CLP 1,241 CLP +38% vs ENC
Xianhe Co 603733 ¥15.86 ¥21.06 +33% vs ENC
Semapa - Sociedade de Investimento e Gestão, SGPS, S.A SEM €19.94 €24.27 +22% vs ENC
Shandong Sunpaper Co 002078 ¥14.12 ¥16.93 +20% vs ENC
UPM-Kymmene Oyj UPM €22.46 €21.19 −6% vs ENC
The Navigator Company NVG €3.04 €2.49 −18% vs ENC
Billerud AB BILL kr 88.20 kr 68.44 −22% vs ENC
Suzano S.A SUZ $9.66 $5.24 −46% vs ENC

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ENCE Energía y Celulosa S.A: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "ENCE Energía y Celulosa S.A Fair Value". https://www.fairvalue-calculator.com/stock/ENC

Frequently asked questions

Is ENCE Energía y Celulosa S.A (ENC) overvalued or undervalued?
As of Nov 4, 2026, our model estimates a fair value of €2.46 versus a price of €2.24, about +10% upside (fairly valued).
What is the fair value of ENC?
Our model-based fair value for ENCE Energía y Celulosa S.A is €2.46 (as of Nov 4, 2026), built from audited fundamentals. The current price: €2.24.
What is the quality score of ENC?
ENCE Energía y Celulosa S.A has a Quality Score of 32/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for ENCE Energía y Celulosa S.A (ENC)?
Our model-based price target is the fair value of €2.46 (as of Nov 4, 2026) from 2 valuation models. Cautious scenario €0.9600, optimistic scenario €3.94. It is a calculation from audited fundamentals, not an analyst target.
What is the ENCE Energía y Celulosa S.A stock forecast for 2026?
Our models put fair value at €2.46, about +10% upside versus a price of €2.24 (fairly valued). Cautious scenario €0.9600, optimistic scenario €3.94. The calculation is refreshed regularly with new filings.
What is the revenue of ENCE Energía y Celulosa S.A (ENC)?
ENCE Energía y Celulosa S.A reported trailing-twelve-month revenue of about €729M (latest available figure, as of Nov 4, 2026).
Does ENCE Energía y Celulosa S.A pay a dividend?
ENCE Energía y Celulosa S.A currently shows a dividend yield of 0.07% relative to its recent price (as of Nov 4, 2026).
How much is the dividend of ENCE Energía y Celulosa S.A (ENC)?
ENCE Energía y Celulosa S.A has a dividend yield of 0.1%.
What is the intrinsic value of ENCE Energía y Celulosa S.A (ENC)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For ENCE Energía y Celulosa S.A it is €2.46 per share (as of Nov 4, 2026), against a price of €2.24. It is the blended result of 2 valuation models in 2 families (Multiples, Asset-Based).
Is ENCE Energía y Celulosa S.A stock overvalued or undervalued in 2026?
As of Nov 4, 2026, ENC trades below its calculated fair value: price €2.24, fair value €2.46, a gap of about +10% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of ENC?
No. The price is what the market pays today (€2.24); the fair value is what the company's own numbers justify (€2.46). For ENCE Energía y Celulosa S.A the two are €0.2220 per share apart. That gap is exactly why we show both numbers side by side.
How much is ENCE Energía y Celulosa S.A worth?
The market values ENCE Energía y Celulosa S.A at about €543M (market capitalisation, as of Nov 4, 2026). Per share that is €2.24; our models calculate a fair value of €2.46 per share.
What do the bullish and bearish scenarios say about ENC?
Our models span a range for ENCE Energía y Celulosa S.A: cautious scenario €0.9600, base €2.46, optimistic €3.94 per share (as of Nov 4, 2026, price €2.24). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the PEG ratio of ENC?
The PEG ratio of ENCE Energía y Celulosa S.A is 2.06 (P/E divided by earnings growth, as of Nov 4, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of ENCE Energía y Celulosa S.A (ENC)?
Balance-sheet figures for ENCE Energía y Celulosa S.A (as of Nov 4, 2026): return on equity −8.1%, debt of 0.91 per unit of equity. They feed the Quality Score of 32/100, which measures business quality independently of the share price.
How far is ENC from its 52-week high?
ENCE Energía y Celulosa S.A trades at €2.24, about 16% below its 52-week high of €2.68 and 3% above the low of €2.17 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of €2.46 is for.
Which stocks are comparable to ENCE Energía y Celulosa S.A?
From the same area (Basic Materials) we also value UPM-Kymmene Oyj, Suzano S.A, Shandong Sunpaper Co, Nine Dragons Paper (Holdings) Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is ENCE Energía y Celulosa S.A stock attractive at the current price?
The data as of Nov 4, 2026: price €2.24, calculated fair value €2.46 (+10%), Quality Score 32/100, from 2 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of ENC calculated?
We run ENCE Energía y Celulosa S.A through 2 models from 2 families: Multiples, Asset-Based. Every model gets the same audited fundamentals; the fair value of €2.46 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. ENCE Energía y Celulosa S.A currently trades 9% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of ENCE Energía y Celulosa S.A (ENC)?
The closing price on Nov 6, 2026 was €2.24. Our model-based fair value is €2.46, about +10% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with ENCE Energía y Celulosa S.A right 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.

Key figures of ENCE Energía y Celulosa S.A

How large is the market capitalisation of ENCE Energía y Celulosa S.A (ENC)?
The market capitalisation of ENCE Energía y Celulosa S.A is €543M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of ENCE Energía y Celulosa S.A (ENC)?
The price-to-sales ratio of ENCE Energía y Celulosa S.A is 0.76 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of ENCE Energía y Celulosa S.A (ENC)?
Earnings per share at ENCE Energía y Celulosa S.A are €−0.1600. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of ENCE Energía y Celulosa S.A (ENC)?
The dividend yield of ENCE Energía y Celulosa S.A is 0.1%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of ENCE Energía y Celulosa S.A (ENC)?
The net margin of ENCE Energía y Celulosa S.A is −5.4% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of ENCE Energía y Celulosa S.A (ENC)?
The return on equity (ROE) of ENCE Energía y Celulosa S.A is −8.1% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of ENCE Energía y Celulosa S.A (ENC)?
On an EBIT basis the return on assets of ENCE Energía y Celulosa S.A is 1.5% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of ENCE Energía y Celulosa S.A (ENC)?
The operating margin of ENCE Energía y Celulosa S.A is 11.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at ENCE Energía y Celulosa S.A (ENC)?
Revenue at ENCE Energía y Celulosa S.A is growing +19.1% versus a year earlier (3y avg −9.4%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at ENCE Energía y Celulosa S.A (ENC)?
Earnings per share at ENCE Energía y Celulosa S.A are growing −66.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does ENCE Energía y Celulosa S.A (ENC) generate?
The free cash flow of ENCE Energía y Celulosa S.A is −€42.4M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does ENCE Energía y Celulosa S.A (ENC) carry?
The net debt of ENCE Energía y Celulosa S.A is €424M (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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