Elopak reported its first quarter with revenue above EUR300m, translating to EBITDA of EUR45m, 3% above our estimate and 1% above consensus. Despite a strong top line, margins contracted 2.6%-points QOQ due to pre-production costs related to its new facility in Little Rock and continued imports from JVs and Europe. We have adjusted our 2026–2027e EPS by 2–1% and reiterate our HOLD, but have increased our target price to NOK44 (40), mainly due to lower tariff concerns and multiples expansion amon...
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