October 17, 2017.- On October 13 Bankinter raised Ence’s target price to € 5.63/share, 22% above the closing price on the same day, and reiterated its recommendation to Buy Ence shares based on an improvement in the outlook for eucalyptus pulp prices for the next three years.

This report follows the one published by Kepler Cheuvreux last October 6 in which it also improved its target price to 5 € /share and reiterated its Buy recommendation for the same reason.

The continued growth of demand for eucalyptus pulp, driven by the consumption of tissue paper in emerging countries, due to rapid urban growth and rising living standards in these countries and the absence of major projects to increase production capacity, points to a strong prices scenario for eucalyptus pulp for the next three years.