Added to YB: 2026-08-26
Pitch date: 2026-08-24
IBG.MC [neutral]
Iberpapel Gestión, S.A.
Author Info
XIX Value looks for cheap, overlooked, and unpopular stocks, preferably those trading below their Book Value or that are “net-nets”, just as Walter Schloss and the young Warren Buffett did. Sign up for the newsletter.
Company Info
Iberpapel Gestión, S.A., together with its subsidiaries, engages in the manufacture and sells paper products in Spain, rest of the European Union, South America, Africa, and internationally.
Market Cap
EUR 198.3M
Pitch Price
EUR 18.05
Price Target
N/A
Dividend
0.99%
EV/EBITDA
30.20
P/E
2.5K
EV/Sales
0.39
Sector
Paper and Forest Products
Category
value
Unloved Paper Stock Trading at 0.61x Book Value - Iberpapel Gestión, S.A.
IBG.MC: Deep-value asset play: €18.20 stock vs €29.76 book (0.61x), with €10.46/share net cash (57% of mkt cap) and no meaningful debt, leaving the integrated pulp/paper/power business valued at ~€85m or ~4x normalized €20m EBIT. Vertical integration (own pulp, cogen power surplus sold to grid) makes it a low-cost survivor; specialty grades (packaging/labels/food-pharma) up 11.3%, now ~1/3 of sales, targeting half. Catalyst: cyclical trough—H1'26 lost €3.75m and EBITDA fell 78%, but €7.4m was a reversed energy-cert accrual while operating cash flow was €11.6m; mgmt cites prices firming since April and capacity rationalizing. Key risk: structural print decline may outpace specialty growth, and with no controlling owner the cash discount could persist indefinitely. Author watchlist, no position.
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