We reiterate our Buy recommendation with a TP of NOK 55/sh. Elopak delivered in line with expectations in H1/25, with H2 set to benefit from an increased U.S. contribution. We continue to see a unique organic growth opportunity in the Americas at accretive margins. The first U.S. line is in production and fully sold out, while strong pre-commitments on Line 2 support the case for a third and fourth line, extending the growth story beyond our forecast horizon. With 2027 marking the first full yea ....
