Elopak (Hold, TP: NOK24.00) - Temporary margin gain in Q1e
We expect Q1 adj. EBITDA of EUR35m (results due at 07:00 CET on 4 May), 7% above consensus, driven by price increases meant to offset higher rawboard costs, while the higher rawboard prices are not set to have full effect before Q2, suggesting Elopak will see a temporary margin gain in Q1. We have made minor estimate revisions ahead of the Q1 results and believe Elopak is fairly valued at a 2024e P/E of ~10.9x, and an implied dividend yield of ~4.6%. 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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