Elopak (Hold, TP: NOK40.00) - Tight ship in rough waters
We estimate Q1 EBITDA of EUR44m, down 6% YOY and 2% below consensus. With EMEA still seeing weak consumer sentiment, we expect a 3% decline in divisional revenue, partly offset by pent-up machine sales. Q1 is set to be the last quarter without commercial support from Little Rock; we expect a flat trend QOQ on continued production constraints. We have lowered our 2026–2027e EPS by 2–1%. We reiterate our HOLD, but have cut our target price to NOK40 (44).
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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