Elopak (Hold, TP: NOK24.00) - Q2 confirms cost control
Elopak reported solid Q2 results, with adj. EBITDA of EUR42m, 6% above our estimate and consensus, mainly driven by EMEA. It stated that Q2 reflected most of the rawboard cost hikes, as well as some continued positive inventory effects. Sales in Americas were lower than expected due to soft school milk volumes. We have raised our 2023–2024e EPS by ~2% following the report, and still consider Elopak fairly valued at a 2024e P/E of ~9.7x and an implied dividend yield of ~5.2%. We 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.
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