Please find our updated analysis post the Q3 2024 results on Graanul here.

Graanul is still suffering from transitory issues (inventory de-stocking & non existent spot market) though it has made progress in its contracted business and

Saahil Dey9 December 2024GRAANUL

Graanul - comment

The Estonian wood pellet producer reported Q3 2024 revenues of €103.9. million (which was below our expectations of €127 million for the quarter.) Q3 EBITDA was

Saahil Dey29 November 2024GRAANUL

Graanul - slow burn but winter is here

Please find our updated analysis post the Q2 2024 results on Graanul here.

We remain on the sidelines (post our Initiation Note) as Graanul is still suffering from transitory issues (inventory de-stocking and demand weakness for

Saahil Dey1 October 2024GRAANUL

AG Graanul Invest: Waiting for General Winter

Please find our initiation and financial model on AG Graanul Invest here.

Due to variables that are beyond its control (pellet pricing, raw material availability, weather and the pace of inventory de-stocking by its

Saahil Dey22 July 2024GRAANUL