Elopak (Hold, TP: NOK29.00) - Earnings growth challenged by higher raw-material costs
Elopak reported a strong Q3 relative to expectations and slightly raised its 2021 guidance. We reiterate our HOLD and NOK29 target price despite positive estimate revisions, as we continue to find the near-term earnings trend uninspiring given the absence of growth and the significant margin pressure due to cost inflation.
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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