# Altri SGPS (ALTR.LS)

Canonical: https://gigainvestors.com/s/ALTR.LS

Analysis as of: 2026-10-16T07:44:02.870Z. Financial observations: FY2006–FY2026.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 4.30 per share; close as of 2026-10-15.

Estimated value: low EUR 5.79 per share, central EUR 6.47 per share, high EUR 7.37 per share. Buy at or below the central value EUR 6.47 per share. Valuation as of 2026-10-16T07:44:02.870Z; scenarios are not confidence intervals.

Expected annual return: 14.7% at the stated quote. About 14.7% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; PT 10-year bond 3.9% + 4 points).

## Checklist

### understandable: fail

- 5 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 0

- Operating margin variation: 0.56×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.21×

- FY2018: 0.31×

- FY2019: 0.22×

- FY2020: 0.08×

- FY2021: 0.20×

- FY2022: 0.24×

- FY2023: 0.07×

- FY2024: 0.19×

- FY2025: 0.05×

- LTM to Mar 2026: 0.02×

### moat: fail

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 10.1pp below the typical margin (limit 4pp)

- ROIC, median of available years: 18.2%

- ROIC, second-lowest year: 6.8%

- Typical minus recent gross margin: 10.1 pp

- Typical gross margin (annual median): 58.8%

- Recent gross margin (lower of latest and 3-year median): 48.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 7.7%

- ROIC including acquisitions, ten-year median: 12.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 17.6%

- FY2017: 21.4%

- FY2018: 26.8%

- FY2019: 14.7%

- FY2020: 6.8%

- FY2021: 18.8%

- FY2022: 24.5%

- FY2023: 8.4%

- FY2024: 25.3%

- FY2025: 5.5%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.96×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 711M

- Net income, five-year total: EUR 742M

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: -0.3 pp

- Working capital / revenue, change between three-year averages: -1.2 pp

- Working capital / revenue, final three-year average: 12.5%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.89×

- FY2022: 1.01×

- FY2023: 0.76×

- FY2024: 1.12×

- FY2025: -0.03×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 21.4% vs 8.4%

- Per-share earnings: 0.40 to 0.21 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -1.6%

- Ordinary dilution, 5-year annual growth: -0.9%

- Market cap gain: EUR 342M

- Cumulative retained earnings: EUR -56M

- Diluted shares, 10-year annual growth: -1.6%

- Diluted shares, 5-year annual growth: -0.9%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -7.7%

- Per-share value change: EUR -0.19

- Per-share value, starting three-year median: EUR 0.40

- Per-share value, ending three-year median: EUR 0.21

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 95M

- Cumulative net income, 10 years: EUR 1.2B

- ROIC, first three-year median: 21.4%

- ROIC, last three-year median: 8.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 0.32

- FY2017: EUR 0.40

- FY2018: EUR 0.80

- FY2019: EUR 0.42

- FY2020: EUR 0.16

- FY2021: EUR 0.66

- FY2022: EUR 2.13

- FY2023: EUR 0.21

- FY2024: EUR 0.52

- FY2025: EUR 0.10

### accounting: pass

- Sloan accruals: -2.3%

- Receivables to sales index (DSRI): 1.13×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.46×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.72×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -1.9%

- FY2017: -9.2%

- FY2018: -2.2%

- FY2019: -5.3%

- FY2020: -8.7%

- FY2021: -5.5%

- FY2022: 17.3%

- FY2024: -11.6%

- FY2025: -2.3%

## Holders

## Price story

Down 29% since Apr 2025 · "Revenue: Under pressure in Q2 2025 due to lower prices and volumes." (finance.yahoo.com, Jul 2025) · sales -5.3%

Story as of 2026-10-16T10:00:12.898Z; price observation 2026-10-15.

Price needs cash profits to shrink 5.3% a year for ten years

### Sales · FY2025–2026

sales -5.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: EUR 656M 

- FY2018: EUR 778M 

- FY2019: EUR 736M 

- FY2020: EUR 609M 

- FY2021: EUR 785M 

- FY2022: EUR 1.1B 

- FY2023: EUR 752M 

- FY2024: EUR 838M 

- FY2025: EUR 676M 

- FY2026: EUR 641M 

### Gross margin · FY2025

gross margin 48.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 59.4% 

- FY2017: 59.5% 

- FY2018: 67.6% 

- FY2019: 61.4% 

- FY2020: 53.0% 

- FY2021: 59.1% 

- FY2022: 58.6% 

- FY2023: 43.2% 

- FY2024: 56.7% 

- FY2025: 48.8% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in paper & paper products; annual sales are EUR 676.3 million.

- Source: https://eodhd.com/api/fundamentals/ALTR.LS.json#2025-12-31 (filed 2026-10-16T07:44:02.870Z); FY2025: revenue 676291799; grossProfit 329750767; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ALTR.LS: Altri, SGPS, S.A. produces and sells cellulosic fibers in Portugal and internationally. The company offers bleached eucalyptus kraft pulp (BEKP) cellulose fibers for use in the manufacture of paper for household, printing, and writing purposes; and dissolved wood pulp (DWP) soluble cellulose fibers for use in the production of man-made cellulose fibers, such as lyocell and viscose for the textile sector. It is also involved in the timber and biomass commercialization; forest management; plant production in nurseries and services related to forests and landscapes; real estate; logistics services; research and development activities; and production and commercialization of cellulosic filaments. Altri, SGPS, S.A. was incorporated in 2005 and is headquartered in Porto, Portugal.

### Why customers stay

Margins ranged from 43.2% to 56.7% during 2023–25; it earns 18.2% on its capital.

- Source: https://eodhd.com/api/fundamentals/ALTR.LS.json#2023-12-31 (filed 2026-10-16T07:44:02.870Z); FY2023: grossProfit / revenue = 43.2%.

- Source: https://eodhd.com/api/fundamentals/ALTR.LS.json#2024-12-31 (filed 2026-10-16T07:44:02.870Z); FY2024: grossProfit / revenue = 56.7%.

- Source: https://eodhd.com/api/fundamentals/ALTR.LS.json#2025-12-31 (filed 2026-10-16T07:44:02.870Z); FY2025: grossProfit / revenue = 48.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:02.870Z); 10-year return on capital observations [[2016,0.17587326468201991],[2017,0.21360801916544656],[2018,0.26812760911876465],[2019,0.1472906411371055],[2020,0.06845117138841648],[2021,0.18803539767502445],[2022,0.2451964757402328],[2023,0.0841118938671142],[2024,0.2526818445357737],[2025,0.05458382883639155]]; median 0.18195433117852217. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/api/fundamentals/ALTR.LS.json#2016-12-31 (filed 2026-10-16T07:44:02.870Z); FY2016: growth capex 0; upkeep 32736066; owner earnings 95433758. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/ALTR.LS.json#2017-12-31 (filed 2026-10-16T07:44:02.870Z); FY2017: growth capex 31279817; upkeep 53692173; owner earnings 96068168. Growth capex / owner earnings = 0.32560022379108966.

- Source: https://eodhd.com/api/fundamentals/ALTR.LS.json#2018-12-31 (filed 2026-10-16T07:44:02.870Z); FY2018: growth capex 4719810; upkeep 60204233; owner earnings 194497353. Growth capex / owner earnings = 0.02426670557310875.

- Source: https://eodhd.com/api/fundamentals/ALTR.LS.json#2019-12-31 (filed 2026-10-16T07:44:02.870Z); FY2019: growth capex 0; upkeep 71100160; owner earnings 89130935. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/ALTR.LS.json#2020-12-31 (filed 2026-10-16T07:44:02.870Z); FY2020: growth capex 0; upkeep 37369808; owner earnings 44763542.4. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/ALTR.LS.json#2021-12-31 (filed 2026-10-16T07:44:02.870Z); FY2021: growth capex 1118941; upkeep 63991936; owner earnings 120050383. Growth capex / owner earnings = 0.009320595003849342.

- Source: https://eodhd.com/api/fundamentals/ALTR.LS.json#2022-12-31 (filed 2026-10-16T07:44:02.870Z); FY2022: growth capex 0; upkeep 45322476; cash acquisitions 900000; owner earnings 438466889. Growth capex plus acquisitions / owner earnings = 0.002052606531025881.

- Source: https://eodhd.com/api/fundamentals/ALTR.LS.json#2023-12-31 (filed 2026-10-16T07:44:02.870Z); FY2023: growth capex 0; upkeep 61104738; cash acquisitions 3000; owner earnings 32369585.2. Growth capex plus acquisitions / owner earnings = 0.00009267959355870894.

- Source: https://eodhd.com/api/fundamentals/ALTR.LS.json#2024-12-31 (filed 2026-10-16T07:44:02.870Z); FY2024: growth capex 0; upkeep 30477900; cash acquisitions 0; owner earnings 120297788.2. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:02.870Z); Dividend observations: [[2016,51282918],[2017,51282918],[2018,61539503],[2019,147694804],[2020,61541554],[2021,71796085],[2022,79096025],[2023,63440684],[2024,51282918],[2025,61539502]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 75.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ALTR.LS SharesStats.PercentInsiders = 75.66000000000001 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 5.3% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:02.870Z); Ten-year compound average after fade. Initial solved rate -0.0872432368825373. Price 4.3; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.5523304388204094 → FY2025 -0.0027089127416657565. Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2016-10: EUR 1.98 per share

- 2016-11: EUR 2.28 per share

- 2016-12: EUR 2.40 per share

- 2017-01: EUR 2.52 per share

- 2017-02: EUR 2.68 per share

- 2017-03: EUR 2.61 per share

- 2017-04: EUR 2.66 per share

- 2017-05: EUR 2.70 per share

- 2017-06: EUR 2.51 per share

- 2017-07: EUR 2.39 per share

- 2017-08: EUR 2.28 per share

- 2017-09: EUR 2.78 per share

- 2017-10: EUR 3.41 per share

- 2017-11: EUR 3.24 per share

- 2017-12: EUR 3.22 per share

- 2018-01: EUR 3.03 per share

- 2018-02: EUR 2.91 per share

- 2018-03: EUR 3.37 per share

- 2018-04: EUR 3.73 per share

- 2018-05: EUR 4.91 per share

- 2018-06: EUR 5.38 per share

- 2018-07: EUR 5.44 per share

- 2018-08: EUR 4.95 per share

- 2018-09: EUR 5.14 per share

- 2018-10: EUR 4.82 per share

- 2018-11: EUR 3.99 per share

- 2018-12: EUR 3.61 per share

- 2019-01: EUR 4.50 per share

- 2019-02: EUR 4.47 per share

- 2019-03: EUR 4.34 per share

- 2019-04: EUR 4.34 per share

- 2019-05: EUR 3.77 per share

- 2019-06: EUR 3.80 per share

- 2019-07: EUR 3.70 per share

- 2019-08: EUR 3.58 per share

- 2019-09: EUR 3.79 per share

- 2019-10: EUR 3.40 per share

- 2019-11: EUR 3.51 per share

- 2019-12: EUR 3.53 per share

- 2020-01: EUR 3.47 per share

- 2020-02: EUR 3.02 per share

- 2020-03: EUR 2.25 per share

- 2020-04: EUR 3.00 per share

- 2020-05: EUR 2.57 per share

- 2020-06: EUR 2.65 per share

- 2020-07: EUR 2.61 per share

- 2020-08: EUR 2.60 per share

- 2020-09: EUR 2.33 per share

- 2020-10: EUR 2.06 per share

- 2020-11: EUR 2.80 per share

- 2020-12: EUR 3.21 per share

- 2021-01: EUR 3.06 per share

- 2021-02: EUR 3.76 per share

- 2021-03: EUR 4.06 per share

- 2021-04: EUR 4.04 per share

- 2021-05: EUR 3.56 per share

- 2021-06: EUR 3.26 per share

- 2021-07: EUR 3.22 per share

- 2021-08: EUR 3.56 per share

- 2021-09: EUR 3.38 per share

- 2021-10: EUR 3.54 per share

- 2021-11: EUR 3.09 per share

- 2021-12: EUR 3.54 per share

- 2022-01: EUR 3.58 per share

- 2022-02: EUR 3.52 per share

- 2022-03: EUR 3.83 per share

- 2022-04: EUR 4.01 per share

- 2022-05: EUR 5.14 per share

- 2022-06: EUR 5.41 per share

- 2022-07: EUR 4.89 per share

- 2022-08: EUR 4.78 per share

- 2022-09: EUR 4.39 per share

- 2022-10: EUR 4.78 per share

- 2022-11: EUR 4.73 per share

- 2022-12: EUR 4.25 per share

- 2023-01: EUR 3.93 per share

- 2023-02: EUR 3.94 per share

- 2023-03: EUR 4.03 per share

- 2023-04: EUR 3.98 per share

- 2023-05: EUR 4.13 per share

- 2023-06: EUR 4.16 per share

- 2023-07: EUR 4.27 per share

- 2023-08: EUR 4.55 per share

- 2023-09: EUR 4.29 per share

- 2023-10: EUR 4.57 per share

- 2023-11: EUR 4.76 per share

- 2023-12: EUR 4.60 per share

- 2024-01: EUR 4.52 per share

- 2024-02: EUR 4.51 per share

- 2024-03: EUR 5.23 per share

- 2024-04: EUR 5.18 per share

- 2024-05: EUR 5.04 per share

- 2024-06: EUR 5.39 per share

- 2024-07: EUR 5.03 per share

- 2024-08: EUR 4.92 per share

- 2024-09: EUR 5.02 per share

- 2024-10: EUR 4.97 per share

- 2024-11: EUR 4.98 per share

- 2024-12: EUR 5.33 per share

- 2025-01: EUR 5.76 per share

- 2025-02: EUR 6.06 per share

- 2025-03: EUR 5.97 per share

- 2025-04: EUR 6.07 per share

- 2025-05: EUR 5.31 per share

- 2025-06: EUR 4.87 per share

- 2025-07: EUR 4.78 per share

- 2025-08: EUR 5.03 per share

- 2025-09: EUR 5.01 per share

- 2025-10: EUR 4.92 per share

- 2025-11: EUR 4.56 per share

- 2025-12: EUR 4.50 per share

- 2026-01: EUR 4.33 per share

- 2026-02: EUR 4.83 per share

- 2026-03: EUR 4.90 per share

- 2026-04: EUR 4.99 per share

- 2026-05: EUR 4.96 per share

- 2026-06: EUR 4.75 per share

- 2026-07: EUR 4.74 per share

- 2026-08: EUR 4.69 per share

- 2026-09: EUR 4.68 per share

- 2026-10: EUR 4.35 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 6.36 per share, central EUR 8.17 per share, high EUR 9.36 per share

- FY2017: low EUR 5.83 per share, central EUR 7.02 per share, high EUR 8.07 per share

- FY2018: low EUR 7.86 per share, central EUR 10.82 per share, high EUR 12.55 per share

- FY2019: low EUR 5.96 per share, central EUR 6.68 per share, high EUR 7.65 per share

- FY2020: low EUR 5.66 per share, central EUR 6.28 per share, high EUR 7.11 per share

- FY2021: low EUR 7.21 per share, central EUR 8.06 per share, high EUR 9.18 per share

- FY2022: low EUR 11.69 per share, central EUR 16.26 per share, high EUR 18.92 per share

- FY2023: low EUR 6.02 per share, central EUR 6.69 per share, high EUR 7.58 per share

- FY2024: low EUR 7.69 per share, central EUR 8.58 per share, high EUR 9.76 per share

- FY2025: low EUR 6.23 per share, central EUR 6.94 per share, high EUR 7.89 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:49:47.543Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.