Elopak (Buy, TP: NOK32.00) - Q2 in line, but soft outlook for H2
We consider this a slightly negative report for Elopak, including figures in line with expectations, but soft guidance for H2. We expect only minor changes to consensus 2021e EBITDA, but 5–10% negative revisions to 2022e EBITDA on the back of a weak margin trend for H2e. We consider a negative share price reaction to be warranted.
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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