Upcoming Dividend • May 08
Upcoming dividend of €0.10 per share Eligible shareholders must have bought the stock before 15 May 2026. Payment date: 27 May 2026. Payout ratio is a comfortable 58% and this is well supported by cash flows. Trailing yield: 3.7%. Lower than top quartile of British dividend payers (5.7%). In line with average of industry peers (3.5%). Reported Earnings • May 06
First quarter 2026 earnings released: EPS: €0.06 (vs €0.063 in 1Q 2025) First quarter 2026 results: EPS: €0.06. Revenue: €298.2m (down 3.9% from 1Q 2025). Net income: €16.9m (flat on 1Q 2025). Profit margin: 5.7% (up from 5.5% in 1Q 2025). The increase in margin was driven by lower expenses. Revenue is forecast to grow 6.4% p.a. on average during the next 3 years, compared to a 2.9% growth forecast for the Packaging industry in Europe. Valuation Update With 7 Day Price Move • Mar 23
Investor sentiment deteriorates as stock falls 69% After last week's 69% share price decline to kr15.70, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 14x in the Packaging industry in Europe. Total loss to shareholders of 20% over the past three years. Buy Or Sell Opportunity • Mar 23
Now 74% undervalued after recent price drop Over the last 90 days, the stock has fallen 70% to kr15.70. The fair value is estimated to be kr59.52, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.1% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to grow by 6.1% per annum. Earnings are also forecast to grow by 19% per annum over the same time period. Buy Or Sell Opportunity • Mar 06
Now 63% undervalued after recent price drop Over the last 90 days, the stock has fallen 68% to kr15.70. The fair value is estimated to be kr41.88, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.1% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to grow by 5.7% per annum. Earnings are also forecast to grow by 14% per annum over the same time period. Buy Or Sell Opportunity • Feb 19
Now 62% undervalued after recent price drop Over the last 90 days, the stock has fallen 66% to kr15.70. The fair value is estimated to be kr40.89, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.1% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to grow by 5.7% per annum. Earnings are also forecast to grow by 14% per annum over the same time period. Declared Dividend • Feb 12
Final dividend of €0.10 announced Shareholders will receive a dividend of €0.10. Ex-date: 14th May 2026 Payment date: 27th May 2026 Dividend yield will be 2.0%, which is lower than the industry average of 2.9%. Sustainability & Growth Dividend is covered by both earnings (58% earnings payout ratio) and cash flows (42% cash payout ratio). The dividend has increased by an average of 15% per year over the past 4 years and payments have been stable during that time. EPS is expected to grow by 48% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 11
Full year 2025 earnings released: EPS: €0.23 (vs €0.22 in FY 2024) Full year 2025 results: EPS: €0.23 (up from €0.22 in FY 2024). Revenue: €1.21b (up 4.2% from FY 2024). Net income: €61.6m (up 2.1% from FY 2024). Profit margin: 5.1% (down from 5.2% in FY 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.7% p.a. on average during the next 3 years, compared to a 2.3% growth forecast for the Packaging industry in Europe. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Feb 04
Now 69% undervalued after recent price drop Over the last 90 days, the stock has fallen 66% to kr15.70. The fair value is estimated to be kr51.38, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.2% over the last 3 years. Earnings per share has grown by 10%. For the next 3 years, revenue is forecast to grow by 6.3% per annum. Earnings are also forecast to grow by 18% per annum over the same time period. Buy Or Sell Opportunity • Jan 20
Now 69% undervalued after recent price drop Over the last 90 days, the stock has fallen 66% to kr15.70. The fair value is estimated to be kr50.91, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.2% over the last 3 years. Earnings per share has grown by 10%. For the next 3 years, revenue is forecast to grow by 6.4% per annum. Earnings are also forecast to grow by 18% per annum over the same time period. Buy Or Sell Opportunity • Jan 05
Now 70% undervalued after recent price drop Over the last 90 days, the stock has fallen 66% to kr15.70. The fair value is estimated to be kr51.63, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.2% over the last 3 years. Earnings per share has grown by 10%. For the next 3 years, revenue is forecast to grow by 6.1% per annum. Earnings are also forecast to grow by 18% per annum over the same time period. Buy Or Sell Opportunity • Dec 16
Now 71% undervalued after recent price drop Over the last 90 days, the stock has fallen 66% to kr15.70. The fair value is estimated to be kr53.71, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.2% over the last 3 years. Earnings per share has grown by 10%. For the next 3 years, revenue is forecast to grow by 6.7% per annum. Earnings are also forecast to grow by 18% per annum over the same time period. Buy Or Sell Opportunity • Dec 01
Now 71% undervalued after recent price drop Over the last 90 days, the stock has fallen 66% to kr15.70. The fair value is estimated to be kr55.07, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.2% over the last 3 years. Earnings per share has grown by 10%. For the next 3 years, revenue is forecast to grow by 6.7% per annum. Earnings are also forecast to grow by 18% per annum over the same time period. Buy Or Sell Opportunity • Nov 14
Now 71% undervalued after recent price drop Over the last 90 days, the stock has fallen 67% to kr15.70. The fair value is estimated to be kr54.34, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.2% over the last 3 years. Earnings per share has grown by 10%. For the next 3 years, revenue is forecast to grow by 6.2% per annum. Earnings are also forecast to grow by 17% per annum over the same time period. Reported Earnings • Oct 29
Third quarter 2025 earnings released: EPS: €0.07 (vs €0.056 in 3Q 2024) Third quarter 2025 results: EPS: €0.07 (up from €0.056 in 3Q 2024). Revenue: €289.7m (down 1.1% from 3Q 2024). Net income: €18.1m (up 20% from 3Q 2024). Profit margin: 6.3% (up from 5.2% in 3Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 6.2% p.a. on average during the next 3 years, compared to a 2.8% growth forecast for the Packaging industry in Europe. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Oct 28
Now 27% undervalued after recent price drop Over the last 90 days, the stock has fallen 69% to kr15.70. The fair value is estimated to be kr21.51, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.9% over the last 3 years. Earnings per share has grown by 21%. For the next 3 years, revenue is forecast to grow by 5.8% per annum. Earnings are also forecast to grow by 18% per annum over the same time period. Annonce • Oct 28
Elopak ASA, Annual General Meeting, May 13, 2026 Elopak ASA, Annual General Meeting, May 13, 2026. Buy Or Sell Opportunity • Oct 13
Now 35% undervalued after recent price drop Over the last 90 days, the stock has fallen 68% to kr15.70. The fair value is estimated to be kr24.19, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.9% over the last 3 years. Earnings per share has grown by 21%. For the next 3 years, revenue is forecast to grow by 5.8% per annum. Earnings are also forecast to grow by 17% per annum over the same time period. Upcoming Dividend • Oct 10
Upcoming dividend of €0.08 per share Eligible shareholders must have bought the stock before 16 October 2025. Payment date: 27 October 2025. Payout ratio is a comfortable 71% but the company is not cash flow positive. Trailing yield: 3.4%. Lower than top quartile of British dividend payers (5.4%). Lower than average of industry peers (4.2%). Buy Or Sell Opportunity • Sep 26
Now 69% undervalued after recent price drop Over the last 90 days, the stock has fallen 67% to kr15.70. The fair value is estimated to be kr50.87, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.9% over the last 3 years. Earnings per share has grown by 21%. For the next 3 years, revenue is forecast to grow by 5.9% per annum. Earnings are also forecast to grow by 17% per annum over the same time period. Buy Or Sell Opportunity • Sep 11
Now 69% undervalued after recent price drop Over the last 90 days, the stock has fallen 65% to kr15.70. The fair value is estimated to be kr49.96, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.9% over the last 3 years. Earnings per share has grown by 21%. For the next 3 years, revenue is forecast to grow by 5.9% per annum. Earnings are also forecast to grow by 17% per annum over the same time period. Buy Or Sell Opportunity • Aug 27
Now 69% undervalued after recent price drop Over the last 90 days, the stock has fallen 63% to kr15.70. The fair value is estimated to be kr49.91, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.9% over the last 3 years. Earnings per share has grown by 21%. For the next 3 years, revenue is forecast to grow by 5.9% per annum. Earnings are also forecast to grow by 17% per annum over the same time period. New Risk • Aug 15
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 4.2% Last year net profit margin: 6.1% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks High level of debt (90% net debt to equity). Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (4.2% net profit margin). Reported Earnings • Aug 15
Second quarter 2025 earnings released: EPS: €0.03 (vs €0.059 in 2Q 2024) Second quarter 2025 results: EPS: €0.03 (down from €0.059 in 2Q 2024). Revenue: €289.6m (flat on 2Q 2024). Net income: €9.28m (down 42% from 2Q 2024). Profit margin: 3.2% (down from 5.5% in 2Q 2024). Revenue is forecast to grow 6.0% p.a. on average during the next 3 years, compared to a 2.7% growth forecast for the Packaging industry in Europe. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Aug 12
Now 69% undervalued after recent price drop Over the last 90 days, the stock has fallen 65% to kr15.70. The fair value is estimated to be kr50.08, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.0% over the last 3 years. Earnings per share has grown by 33%. For the next 3 years, revenue is forecast to grow by 6.0% per annum. Earnings are also forecast to grow by 14% per annum over the same time period. Buy Or Sell Opportunity • Jul 25
Now 66% undervalued after recent price drop Over the last 90 days, the stock has fallen 62% to kr15.70. The fair value is estimated to be kr46.12, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.0% over the last 3 years. Earnings per share has grown by 33%. For the next 3 years, revenue is forecast to grow by 6.0% per annum. Earnings are also forecast to grow by 14% per annum over the same time period. Buy Or Sell Opportunity • Jul 10
Now 28% undervalued after recent price drop Over the last 90 days, the stock has fallen 58% to kr15.70. The fair value is estimated to be kr21.67, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.0% over the last 3 years. Earnings per share has grown by 33%. For the next 3 years, revenue is forecast to grow by 6.0% per annum. Earnings are also forecast to grow by 14% per annum over the same time period. Buy Or Sell Opportunity • Jun 25
Now 66% undervalued after recent price drop Over the last 90 days, the stock has fallen 60% to kr15.70. The fair value is estimated to be kr45.80, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.0% over the last 3 years. Earnings per share has grown by 33%. For the next 3 years, revenue is forecast to grow by 6.0% per annum. Earnings are also forecast to grow by 14% per annum over the same time period. Buy Or Sell Opportunity • Jun 10
Now 66% undervalued after recent price drop Over the last 90 days, the stock has fallen 59% to kr15.70. The fair value is estimated to be kr46.73, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.0% over the last 3 years. Earnings per share has grown by 33%. For the next 3 years, revenue is forecast to grow by 5.2% per annum. Earnings are also forecast to grow by 13% per annum over the same time period. Buy Or Sell Opportunity • May 26
Now 66% undervalued after recent price drop Over the last 90 days, the stock has fallen 63% to kr15.70. The fair value is estimated to be kr46.81, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.0% over the last 3 years. Earnings per share has grown by 33%. For the next 3 years, revenue is forecast to grow by 5.2% per annum. Earnings are also forecast to grow by 13% per annum over the same time period. Upcoming Dividend • May 08
Upcoming dividend of €0.08 per share Eligible shareholders must have bought the stock before 15 May 2025. Payment date: 26 May 2025. Payout ratio is a comfortable 64% but the company is not cash flow positive. Trailing yield: 3.4%. Lower than top quartile of British dividend payers (5.9%). In line with average of industry peers (3.4%). Buy Or Sell Opportunity • May 08
Now 66% undervalued after recent price drop Over the last 90 days, the stock has fallen 58% to kr15.70. The fair value is estimated to be kr45.86, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.0% over the last 3 years. Earnings per share has grown by 33%. For the next 3 years, revenue is forecast to grow by 5.2% per annum. Earnings are also forecast to grow by 13% per annum over the same time period. Reported Earnings • May 07
First quarter 2025 earnings released: EPS: €0.06 (vs €0.08 in 1Q 2024) First quarter 2025 results: EPS: €0.06 (down from €0.08 in 1Q 2024). Revenue: €310.3m (up 6.3% from 1Q 2024). Net income: €16.9m (down 21% from 1Q 2024). Profit margin: 5.5% (down from 7.4% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 3.0% growth forecast for the Packaging industry in Europe. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has increased by 40% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Apr 23
Now 67% undervalued after recent price drop Over the last 90 days, the stock has fallen 62% to kr15.70. The fair value is estimated to be kr47.50, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has grown by 38%. For the next 3 years, revenue is forecast to grow by 5.1% per annum. Earnings are also forecast to grow by 11% per annum over the same time period. Recent Insider Transactions • Apr 07
Insider recently sold kr2.7m worth of stock On the 3rd of April, Stephen Naumann sold around 69k shares on-market at roughly kr38.56 per share. This transaction amounted to 34% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of kr4.8m more than they bought in the last 12 months. Reported Earnings • Apr 06
Full year 2024 earnings released: EPS: €0.22 (vs €0.25 in FY 2023) Full year 2024 results: EPS: €0.22 (down from €0.25 in FY 2023). Revenue: €1.16b (up 2.2% from FY 2023). Net income: €60.3m (down 12% from FY 2023). Profit margin: 5.2% (down from 6.0% in FY 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 3.6% growth forecast for the Packaging industry in Europe. Over the last 3 years on average, earnings per share has increased by 38% per year whereas the company’s share price has increased by 37% per year. Buy Or Sell Opportunity • Mar 21
Now 62% undervalued after recent price drop Over the last 90 days, the stock has fallen 64% to kr15.70. The fair value is estimated to be kr41.37, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has grown by 38%. For the next 3 years, revenue is forecast to grow by 5.3% per annum. Earnings are also forecast to grow by 11% per annum over the same time period. Buy Or Sell Opportunity • Mar 06
Now 63% undervalued after recent price drop Over the last 90 days, the stock has fallen 66% to kr15.70. The fair value is estimated to be kr42.79, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has grown by 38%. For the next 3 years, revenue is forecast to grow by 5.1% per annum. Earnings are also forecast to grow by 9.9% per annum over the same time period. Buy Or Sell Opportunity • Feb 19
Now 60% undervalued after recent price drop Over the last 90 days, the stock has fallen 64% to kr15.70. The fair value is estimated to be kr38.92, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has grown by 38%. For the next 3 years, revenue is forecast to grow by 5.3% per annum. Earnings are also forecast to grow by 11% per annum over the same time period. Declared Dividend • Feb 14
Dividend of €0.08 announced Shareholders will receive a dividend of €0.08. Ex-date: 15th May 2025 Payment date: 26th May 2025 Dividend yield will be 0.5%, which is lower than the industry average of 2.9%. Sustainability & Growth Dividend is covered by earnings (58% earnings payout ratio) but not covered by cash flows (113% cash payout ratio). The dividend has increased by an average of 20% per year over the past 3 years and payments have been stable during that time. EPS is expected to grow by 34% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Annonce • Feb 13
Elopak Asa Proposes Dividend for the Financial Year 2024, Payable on 26 May 2025 and 27 October 2025 Respectively The Board of Elopak ASA will propose a dividend of EUR 0.13 per share for the financial year 2024 to the annual general meeting in 14 May 2025. The dividend will be paid in NOK in two installments of EUR 0.08 per share and EUR 0.05 per share, to be paid in 26 May 2025 and 27 October 2025, respectively. The total ordinary dividends proposed for the financial year 2024 is EUR 35 million. Dividend amount: EUR 0.08 per share: Ex-date: 15 May 2025 and Record date: 16 May 2025. Dividend amount: EUR 0.05 per share: Ex-date: 16 October 2025. Record date: 17 October 2025. Reported Earnings • Feb 12
Full year 2024 earnings released: EPS: €0.23 (vs €0.25 in FY 2023) Full year 2024 results: EPS: €0.23 (down from €0.25 in FY 2023). Revenue: €1.16b (up 2.2% from FY 2023). Net income: €60.3m (down 12% from FY 2023). Profit margin: 5.2% (down from 6.0% in FY 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 3.6% growth forecast for the Packaging industry in Europe. Buy Or Sell Opportunity • Feb 04
Now 39% undervalued after recent price drop Over the last 90 days, the stock has fallen 65% to kr15.70. The fair value is estimated to be kr25.90, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 40%. For the next 3 years, revenue is forecast to grow by 5.8% per annum. Earnings are also forecast to grow by 9.9% per annum over the same time period. Buy Or Sell Opportunity • Jan 13
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 64% to kr15.70. The fair value is estimated to be kr20.42, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 40%. For the next 3 years, revenue is forecast to grow by 5.8% per annum. Earnings are also forecast to grow by 9.6% per annum over the same time period. Buy Or Sell Opportunity • Dec 27
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 64% to kr15.70. The fair value is estimated to be kr19.78, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 40%. For the next 3 years, revenue is forecast to grow by 5.7% per annum. Earnings are also forecast to grow by 9.1% per annum over the same time period. Recent Insider Transactions • Dec 10
Insider recently sold kr368k worth of stock On the 5th of December, Dag Gronevik sold around 8k shares on-market at roughly kr46.05 per share. This transaction amounted to 20% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of kr118k more than they bought in the last 12 months. Buy Or Sell Opportunity • Dec 09
Now 20% undervalued Over the last 90 days, the stock has risen 6.8% to kr44.85. The fair value is estimated to be kr56.08, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 40%. For the next 3 years, revenue is forecast to grow by 5.7% per annum. Earnings are also forecast to grow by 9.1% per annum over the same time period. New Risk • Nov 22
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of British stocks, typically moving 19% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (19% average weekly change). Minor Risk High level of debt (80% net debt to equity). Buy Or Sell Opportunity • Nov 21
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 61% to kr15.70. The fair value is estimated to be kr19.87, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 40%. For the next 3 years, revenue is forecast to grow by 5.7% per annum. Earnings are also forecast to grow by 9.1% per annum over the same time period. Annonce • Nov 14
Elopak ASA, Annual General Meeting, May 14, 2025 Elopak ASA, Annual General Meeting, May 14, 2025. Annonce • Nov 13
Elopak ASA to Report Fiscal Year 2024 Results on Apr 02, 2025 Elopak ASA announced that they will report fiscal year 2024 results at 12:00 PM, Central European Standard Time on Apr 02, 2025 Buy Or Sell Opportunity • Nov 05
Now 51% undervalued after recent price drop Over the last 90 days, the stock has fallen 61% to kr15.70. The fair value is estimated to be kr32.15, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 40%. For the next 3 years, revenue is forecast to grow by 5.6% per annum. Earnings are also forecast to grow by 8.1% per annum over the same time period. Reported Earnings • Oct 31
Third quarter 2024 earnings released: EPS: €0.06 (vs €0.072 in 3Q 2023) Third quarter 2024 results: EPS: €0.06 (down from €0.072 in 3Q 2023). Revenue: €292.8m (up 3.3% from 3Q 2023). Net income: €15.2m (down 22% from 3Q 2023). Profit margin: 5.2% (down from 6.9% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.5% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Packaging industry in Europe. Reported Earnings • Aug 18
Second quarter 2024 earnings released: EPS: €0.059 (vs €0.074 in 2Q 2023) Second quarter 2024 results: EPS: €0.059 (down from €0.074 in 2Q 2023). Revenue: €288.4m (up 3.7% from 2Q 2023). Net income: €16.0m (down 20% from 2Q 2023). Profit margin: 5.5% (down from 7.1% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Packaging industry in Europe. Board Change • Jun 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director Manuel Pascual was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • May 09
Upcoming dividend of kr1.46 per share Eligible shareholders must have bought the stock before 14 May 2024. Payment date: 28 May 2024. Payout ratio is a comfortable 51% and this is well supported by cash flows. Trailing yield: 3.9%. Lower than top quartile of British dividend payers (5.7%). Higher than average of industry peers (3.4%). Buy Or Sell Opportunity • Apr 30
Now 45% undervalued after recent price drop Over the last 90 days, the stock has fallen 48% to kr15.70. The fair value is estimated to be kr28.55, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has grown by 17%. For the next 3 years, revenue is forecast to grow by 3.1% per annum. Earnings are also forecast to grow by 2.3% per annum over the same time period. Reported Earnings • Apr 14
Full year 2023 earnings released: EPS: €0.25 (vs €0.13 in FY 2022) Full year 2023 results: EPS: €0.25 (up from €0.13 in FY 2022). Revenue: €1.13b (up 11% from FY 2022). Net income: €68.4m (up 98% from FY 2022). Profit margin: 6.0% (up from 3.4% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.1% p.a. on average during the next 3 years, compared to a 2.9% growth forecast for the Packaging industry in Europe. Valuation Update With 7 Day Price Move • Feb 23
Investor sentiment deteriorates as stock falls 48% After last week's 48% share price decline to kr15.70, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 14x in the Packaging industry in Europe. Total loss to shareholders of 28% over the past year. Simply Wall St's valuation model estimates the intrinsic value at kr17.78 per share. Declared Dividend • Feb 22
Dividend of kr1.46 announced Shareholders will receive a dividend of kr1.46. Ex-date: 14th May 2024 Payment date: 28th May 2024 Dividend yield will be 4.7%, which is higher than the industry average of 2.9%. Sustainability & Growth Dividend is covered by both earnings (51% earnings payout ratio) and cash flows (30% cash payout ratio). The dividend has increased by an average of 31% per year over the past 2 years and payments have been stable during that time. EPS is expected to grow by 6.5% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 16
Full year 2023 earnings released: EPS: €0.26 (vs €0.13 in FY 2022) Full year 2023 results: EPS: €0.26 (up from €0.13 in FY 2022). Revenue: €1.13b (up 11% from FY 2022). Net income: €68.4m (up 98% from FY 2022). Profit margin: 6.0% (up from 3.4% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.5% p.a. on average during the next 3 years, compared to a 2.8% growth forecast for the Packaging industry in Europe. Annonce • Feb 15
Elopak ASA Proposes Cash Dividend, Payable on or About May 28, 2024 The Board of Elopak ASA has resolved to propose to the annual general meeting a dividend payment of NOK 1.46 per share. Ex-date is May 14, 2024. Record date is May 15, 2024. Payment date is On or about May 28, 2024. The payment of dividends is subject to the approval by the annual general meeting to be held on May 13, 2024. Valuation Update With 7 Day Price Move • Feb 02
Investor sentiment deteriorates as stock falls 49% After last week's 49% share price decline to kr15.70, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 13x in the Packaging industry in Europe. Total loss to shareholders of 30% over the past year. Simply Wall St's valuation model estimates the intrinsic value at kr28.67 per share. Buy Or Sell Opportunity • Feb 02
Now 45% undervalued after recent price drop Over the last 90 days, the stock has fallen 41% to kr15.70. The fair value is estimated to be kr28.67, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has grown by 11%. For the next 3 years, revenue is forecast to grow by 3.6% per annum. Earnings are also forecast to grow by 1.4% per annum over the same time period. Valuation Update With 7 Day Price Move • Jan 12
Investor sentiment deteriorates as stock falls 46% After last week's 46% share price decline to kr15.70, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 12x in the Packaging industry in Europe. Total loss to shareholders of 31% over the past year. Simply Wall St's valuation model estimates the intrinsic value at kr27.94 per share. Buying Opportunity • Jan 12
Now 44% undervalued after recent price drop Over the last 90 days, the stock is down 27%. The fair value is estimated to be kr27.94, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has grown by 11%. For the next 3 years, revenue is forecast to grow by 3.6% per annum. Earnings is also forecast to grow by 1.4% per annum over the same time period. Valuation Update With 7 Day Price Move • Dec 27
Investor sentiment deteriorates as stock falls 45% After last week's 45% share price decline to kr15.70, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 13x in the Packaging industry in Europe. Total loss to shareholders of 33% over the past year. Simply Wall St's valuation model estimates the intrinsic value at kr26.97 per share. Buying Opportunity • Dec 27
Now 42% undervalued after recent price drop Over the last 90 days, the stock is down 28%. The fair value is estimated to be kr26.97, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has grown by 11%. For the next 3 years, revenue is forecast to grow by 3.7% per annum. Earnings is also forecast to grow by 2.4% per annum over the same time period. Recent Insider Transactions • Dec 14
Insider recently bought kr250k worth of stock On the 11th of December, Dag Gronevik bought around 9k shares on-market at roughly kr27.80 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold kr276k more in shares than they bought in the last 12 months. Valuation Update With 7 Day Price Move • Dec 11
Investor sentiment deteriorates as stock falls 41% After last week's 41% share price decline to kr15.70, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 13x in the Packaging industry in Europe. Total loss to shareholders of 31% over the past year. Simply Wall St's valuation model estimates the intrinsic value at kr28.62 per share. Buying Opportunity • Dec 11
Now 45% undervalued after recent price drop Over the last 90 days, the stock is down 33%. The fair value is estimated to be kr28.62, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has grown by 11%. For the next 3 years, revenue is forecast to grow by 3.7% per annum. Earnings is also forecast to grow by 2.4% per annum over the same time period. Annonce • Dec 05
Elopak ASA to Report Fiscal Year 2023 Final Results on Apr 10, 2024 Elopak ASA announced that they will report fiscal year 2023 final results at 12:00 PM, Central European Standard Time on Apr 10, 2024 Recent Insider Transactions • Nov 28
Chief Marketing Officer recently sold kr264k worth of stock On the 23rd of November, Patrick Verhelst sold around 10k shares on-market at roughly kr26.10 per share. This transaction amounted to 16% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of kr526k more than they bought in the last 12 months. Valuation Update With 7 Day Price Move • Nov 24
Investor sentiment deteriorates as stock falls 41% After last week's 41% share price decline to kr15.70, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 11x in the Packaging industry in Europe. Total loss to shareholders of 33% over the past year. Simply Wall St's valuation model estimates the intrinsic value at kr30.78 per share. Buying Opportunity • Nov 24
Now 49% undervalued after recent price drop Over the last 90 days, the stock is down 31%. The fair value is estimated to be kr30.78, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has grown by 11%. For the next 3 years, revenue is forecast to grow by 3.7% per annum. Earnings is also forecast to grow by 2.4% per annum over the same time period. New Risk • Nov 03
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of British stocks, typically moving 11% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (11% average weekly change). Minor Risks High level of debt (82% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Nov 02
Third quarter 2023 earnings released: EPS: €0.07 (vs €0.05 in 3Q 2022) Third quarter 2023 results: EPS: €0.07 (up from €0.05 in 3Q 2022). Revenue: €283.5m (up 4.1% from 3Q 2022). Net income: €19.5m (up 44% from 3Q 2022). Profit margin: 6.9% (up from 5.0% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, compared to a 2.2% growth forecast for the Packaging industry in Europe. Buying Opportunity • Nov 02
Now 42% undervalued after recent price drop Over the last 90 days, the stock is down 30%. The fair value is estimated to be kr27.27, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last year. Earnings per share has grown by 214%. For the next 3 years, revenue is forecast to grow by 3.4% per annum. Earnings is also forecast to grow by 2.5% per annum over the same time period. Valuation Update With 7 Day Price Move • Oct 27
Investor sentiment deteriorates as stock falls 28% After last week's 28% share price decline to kr15.70, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 10x in the Packaging industry in Europe. Total loss to shareholders of 26% over the past year. Valuation Update With 7 Day Price Move • Oct 12
Investor sentiment deteriorates as stock falls 27% After last week's 27% share price decline to kr15.70, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 11x in the Packaging industry in Europe. Total loss to shareholders of 17% over the past year. Simply Wall St's valuation model estimates the intrinsic value at kr29.42 per share. Valuation Update With 7 Day Price Move • Sep 26
Investor sentiment deteriorates as stock falls 32% After last week's 32% share price decline to kr15.70, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 12x in the Packaging industry in Europe. Total loss to shareholders of 18% over the past year. Simply Wall St's valuation model estimates the intrinsic value at kr27.79 per share. New Risk • Sep 22
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.3% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 1.3% per year for the foreseeable future. Minor Risks High level of debt (102% net debt to equity). Short dividend paying track record (1 year of continuous dividend payments). Annonce • Sep 19
Elopak ASA (OB:ELO) commences an Equity Buyback Plan under the authorization approved on May 11, 2023. PhotoCure ASA (OB:PHO) commences share repurchases on September 12, 2023, under the program mandated by the shareholders in the Annual General Meeting held on May 11, 2023. As per the mandate, the company is authorized to repurchase up to an aggregate nominal value of up to approx. 10% of the current share capital. The shares will be repurchased at a minimum price of NOK 1 per share and a maximum price of NOK 250 per share. The shares acquired under this authorization may be used in connection with share based payment and the Company's long term incentive program, and for general corporate purposes. The authorization is valid until the annual general meeting in 2024, however no later than 30 June 2024. As of April 20, 2023, the company had 269,219,014 shares.
On September 11, 2023, the company announced a share repurchase program. Under the program, the company will repurchase up to 300,000 shares for NOK 9 million. The program will be valid till October 4, 2023. Buying Opportunity • Sep 15
Now 41% undervalued after recent price drop Over the last 90 days, the stock is down 34%. The fair value is estimated to be kr26.69, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last year. Earnings per share has grown by 214%. For the next 3 years, revenue is forecast to grow by 3.2% per annum. Earnings is also forecast to grow by 2.6% per annum over the same time period.