Santander keeps Altri in the top picks for 2022
The papermaker's choice is explained by the increases in pulp prices, the announcement of new investments in the sector and the placement on the stock exchange of Altri's capital in GreenVolt.
Altri is again among Santander’s top picks this year, the annual list of preferred stocks that the bank chooses as being able to benefit from the economic recovery. The papermaker’s choice is explained by the increases in pulp prices, the announcement of new investments in the sector and the placement on the stock exchange of Altri’s capital in GreenVolt.
Altri represents “an opportunity to gain exposure at a discount in the pulp sector, betting on the recovery of pulp prices in China,” said the bank’s research to which ECO had access. Santander sees a bright future ahead, specifically the restocking after the Chinese New Year.
In addition, Santander recalls that Altri, which was also a top pick for 2021, intends to do the spin-off of GreenVolt in the second quarter, which will allow Altri shareholders to receive a dividend in kind of €450 million, equivalent to 60% of GreenVolt’s shares. “We believe this could be an occasion for value crystallisation,” stress the analysts, who give Altri a target price of €9.70, down from the current €5.72.
Among Santander’s other top picks are: Gestamp, Unicaja, Prosegur, Indra, Acerinox and CAF. The bank has removed Rovi and Sacyr from the list, citing a “lack of significant catalysts.”
