We reiterate our Buy recommendation and raise our target price to NOK 50/sh, up from NOK 45/sh previously. The adjustment reflects our belief in higher valuation multiples driven by the strong momentum from the shift to carton packaging and robust growth from Elopak's investment in the Americas. We believe the market has yet to fully recognize the potential of Elopak's U.S. investments, and anticipate strong earnings growth in the coming years which should help narrow the discount to peers and s ....
