Elopak (Hold, TP: NOK29.00) - Raw-material headwinds persist
We are muted ahead of the Q3 results (due at 07:00 CET on 4 November), as we expect a recovery in revenues on easy comparables to be overshadowed by significant raw-material headwinds. Although we continue to find the valuation attractive, we have downgraded to HOLD and cut our target price to NOK29 (31) as we are concerned that 2022 earnings could be at risk in the absence of significant price increases or falling raw material prices.
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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