Elopak (Hold, TP: NOK24.00) - Navigating through cost inflation
Elopak’s Q4 results were solid, with EBITDA of EUR34m, 3–5% above our forecast and consensus, and demonstrated its ability to offset higher costs through price increases. The quarter was also marked by a dampening effect from raw materials headwinds, which hurt EBITDA by EUR9m (versus EUR17m in Q3). Our 2023–2024e EPS are largely unchanged, as our estimates already reflect increased prices offsetting higher rawboard costs for 2023e. We continue to find Elopak fairly valued at a 2024e P/E of ~11x and reiterate our HOLD and NOK24 target price.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.