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ABGSC Pulp & Paper Research ... (+3)
  • ABGSC Pulp & Paper Research
  • Henrik Bartnes
  • Martin Melbye
Niclas Gehin
  • Niclas Gehin

Elopak (Hold, TP: NOK44.00) - A quarter without surprises

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...

ABGSC Pulp & Paper Research ... (+3)
  • ABGSC Pulp & Paper Research
  • Henrik Bartnes
  • Martin Melbye
ABGSC Pulp & Paper Research ... (+3)
  • ABGSC Pulp & Paper Research
  • Henrik Bartnes
  • Martin Melbye
Hannes Thorstensson
  • Hannes Thorstensson

Alimak (Hold, TP: SEK125.00) - Order beat, earnings miss

We view the Q1 results as soft despite strong order growth of 16% organically YOY, with all divisions contributing to the beat. A miss on adj. EBITA was driven by lower sales and a weak Facade Access (FA) margin of 9.5% due to legacy projects and lower utilisation. Alimak stated that investment decisions for new tall buildings would continue to be postponed, and legacy projects phased out through 2025. We reiterate our HOLD, but have cut our target price to SEK125 (140), having lowered our 2025–...

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