Elopak (Hold, TP: NOK45.00) - Soft finish to a strong year
We expect Q4 EBITDA of EUR43m, in line with consensus, but slightly down from previous quarters on continued consumer downtrading and a lack of relief from Americas, which is running at full capacity. We have made minor cuts to our 2025–2026e EPS by c0-2% on potential hits to Canada- and Mexico-to-US exports, higher wood prices affecting packaging-board negotiations, and sticky down-trading. We reiterate our HOLD and target price of NOK45.
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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