Elopak (Hold, TP: NOK17.00) - Awaiting earnings trough
We have a lukewarm stance on Elopak ahead of the Q1 results (due at 07:00 CET on 5 May), as we expect a loss of revenues in Russia and Ukraine, continued raw-material price headwinds hurting gross margins, and higher costs on inflation and cost normalisation as covid restrictions eased. We reiterate our HOLD, but have cut our target price to NOK17 (22) on reduced estimates.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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