Elopak (Hold, TP: NOK34.00) - EBITDA set to be largely flat YOY
We expect Elopak to report Q1 EBITDA of EUR42m and an EPS adj. of EUR0.06 (results due at 07:00 CET on 8 May), which is largely flat YOY in Europe and the Americas. We expect the European division to continue its strong performance from Q4 and for volumes to be solid. We have increased our 2024–2025e EPS by a modest ~1% and have raised our target price to NOK34 (29), primarily driven by multiples expansion in the peer group. We struggle to see material upside to the share price at a 2025e P/E of ~12x and an implied dividend yield of ~4% in the current high interest rate environment. 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.
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