In this equity research report, analysts Elias Hylander and Jeanne Lindestam take a closer look
at Elopak, a leading provider of packaging and filling solutions for liquids. Elopak is set to capitalize on
growing demands of sustainable carton solutions in connection with the ongoing construction of the
company’s largest production plant yet, with the revenue estimated to grow at a CAGR of 5.5% until 2032
while maintaining an EBIT margin of 9.1%. Through an equally weighted DCF and peer valuation, a target
price of 46.7 NOK is implied, indicating a potential upside of 36.7%.

Investment Highlights

• American expansion will drive volumes
• New legislations and increased demand for ESG products is poised to boost unit sales
• Well set to gain market share through a niched strategy

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