Elopak (Hold, TP: NOK37.00) - Q2 broadly in line with Q1
We estimate Q2 adj. EBITDA to be relatively flat QOQ at EUR46m (~3% above Bloomberg consensus), based on stable volumes and another strong quarter for Americas. We forecast a minor ~50bp reversal of last quarter’s historically high EBITDA margins, and an Americas adj. EBITDA of EUR16m. With Elopak currently trading at 2024–2025e P/Es of ~10.5–11.9x, a ~4% premium to Nordic paper and packaging peers, and an implied dividend yield of 4.5%, we see limited upside potential ahead. We reiterate our HOLD and NOK37 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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