Elopak (Hold, TP: NOK25.00) - Margins set to revert
Elopak reported solid Q1 figures, with adjusted EBITDA of EUR41m, beating our estimates and consensus by 17–24%. The main contributors to the beat were a stronger impact than we had expected from price hikes in EMEA coupled with delayed effects from higher raw board prices. We have increased our 2024–2025e EPS by ~3% following the report and have thus raised our target price to NOK25 (24). We believe Elopak is fairly valued at a 2024e P/E of ~10.7x, and an implied dividend yield of ~4.7%. We reiterate our HOLD.
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.