Elopak (Hold, TP: NOK22.00) - Organic-growth and margin concerns
Elopak reported a weak Q4 relative to expectations and indicated a soft margin outlook for 2022, with still-high raw-material prices and organic growth seen only in line with its medium-term target despite significant price increases. We reiterate our HOLD but have cut our target price to NOK22 (29) on our negative estimate revisions, the continued near-term margin pressure hampering earnings growth and the market revaluation.
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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