Elopak (Hold, TP: NOK45.00) - Uneventful Q3
Q3 EBITDA of EUR45m was in line with our estimate and consensus, but EPS of EUR0.06 disappointed due to higher-than-expected losses on financial instruments. We have edged up our 2025–2026e EPS by 1–2%, based on improved visibility on volume assumptions in the Americas. We forecast Q4 EBITDA of EUR47m and reiterate our HOLD and raise our target price to NOK45 (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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