In today’s briefing:
- Suzano 4Q24: 2031s & 2032s Offer Value as Fundamentals Strengthen
Suzano 4Q24: 2031s & 2032s Offer Value as Fundamentals Strengthen
- We upgraded Suzano’s 2031s and 2032s to Outperform, while maintaining the rest of the curve at Market Perform.
- Suzano posted strong 4Q24 results. Supported by the Pulp segment outperforming despite pricing headwinds. EBITDA reached R$6.5 billion, down a modest 0.6% QoQ but 5.3% above expectations
- From a credit perspective. Suzano’s results showed improved LTM EBITDA and positive net free cash flow, but net leverage rose slightly to 3.3x due to FX-driven debt increases.
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