Elopak (Hold, TP: NOK24.00) - Helped by lower raw materials costs
We expect Q1 adj. EBITDA of EUR39m, 4% above consensus, helped by higher volumes in EMEA QOQ slightly offset by higher rawboard prices from Q2, giving EMEA adj. EBITDA of EUR31m (EUR32m in Q1). We expect Americas to remain on a solid trajectory, with adj. EBITDA of EUR16m, in line with the Q1 result. We have made minor estimate changes and still consider Elopak fairly valued at a 2024e P/E of ~10x with an implied dividend yield of ~4.9%. We reiterate our HOLD but have cut our target price to NOK24 (25) on slightly lowered peer multiples.
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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