Elopak (Hold, TP: NOK20.00) - Good Q2 and improved outlook
Elopak reported better than expected Q2 results and raised its guidance slightly to reflect what we believe is an improved outlook, as commodity headwinds look to be easing and price increases already implemented should restore margins. We reiterate our HOLD and have raised our target price to NOK20 (16) on our positive estimate revisions.
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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