Elopak (Hold, TP: NOK29.00) - Weak report and margin guidance
We consider this a weak report for Elopak, including figures below expectations and soft guidance for 2022. 2021 EBITDA ended 3% below our forecast and we expect consensus 2022 EBITDA to come down 5–10% on the back of the weak Q4 and soft margin guidance. We believe a negative share price reaction is warranted.
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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