The German firm assures that Ence’s actions already reflect the worst case scenario and that the profitability/risk binomial it presents is attractive. Berenberg has raised the valuation of the pulp company to €4.65, not counting the Pontevedra mill (assuming it loses the legal case and receives no payment from the Spanish government). With it, the target price is raised to 6.10 euros, which means doubling the price.
“Even assuming worst case operating scenarios, we still see a 28% upside over the current share price. We are also pleased that he continues to plan for the future with his recent announcement that he plans to build a new
