Elopak (Buy, TP: NOK31.00) - Set for a tough H2
Q2 results were above our expectations, but H2 guidance was hit by raw-material headwinds and a slower than expected recovery in Americas on negative Covid-19 effects. We reiterate our BUY, but have trimmed our target price to NOK31 (32) on lower estimates.
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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