Elopak (Hold, TP: NOK24.00) - Returning to normal
We expect Q3 EBITDA of EUR42m (results due at 07:00 CET on 2 November), 11% above consensus, reflecting that costs have started to stabilise. We have made minor estimate revisions for 2024–2025, although we still see a risk Elopak may have to roll back some of its price rises given the recent cost relief (mainly in PE, aluminium and electricity). We continue to regard the stock as fairly valued at a 2024e P/E of ~9.5x, and with an implied 2024–2025e dividend yield of ~5–6%. 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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