olivLaw · European equity research
Elopak ASA ELO.OL
Norway · Euronext Oslo Børs · ISIN NO0011002586 · Vertical: Listed companies from Norway
Elopak ASA is a Norwegian producer of fibre-based liquid packaging, focused on replacing single-use plastic. The company closed 2025 with a market value of NOK 14.9 billion, but signalled that 2026 had started softer than expected.
At the close of 06 Nov 2026, Elopak ASA (ELO.OL) stock was 34.70 NOK (−1.70% on the day), with beta 0.35, 52-week range 33.00–55.50 NOK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 49.4
- neutral
- Bollinger (20, 2)
- 33.21 – 35.77
- in the upper half of the band · %B 0.58 · band width 7.4%
- SMA 50 / 200
- 35.38 / 39.09
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.08 / -0.23
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | 0.0% | −0.6% | +0.6 pp | — |
| 3 months | −6.5% | −4.2% | −2.3 pp | — |
| 6 months | −9.0% | +4.3% | −13.4 pp | — |
| Year to date | −37.5% | +7.5% | −45.0 pp | — |
| 1 year | −25.7% | +9.9% | −35.6 pp | −4.7% |
| 3 years | +29.5% | +49.8% | −20.4 pp | +12.7% |
| 5 years | +31.9% | +42.8% | −10.9 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 1.1 bn | 1.2 bn | 1.2 bn |
| Revenue YoY | unavailable | +2.2% | +4.2% |
| Net income | 67.1 m | 60.9 m | 61.6 m |
| Net income YoY | unavailable | −9.2% | +1.1% |
| Diluted EPS | 0.25 | 0.23 | 0.23 |
| Diluted EPS YoY | unavailable | −8.0% | 0.0% |
| net % | 5.9% | 5.3% | 5.1% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 62.2 m EUR
- Financial debt
- 322.4 m EUR
- Net debt
- 260.2 m EUR
- Equity
- 347.7 m EUR
- Total assets
- 1.1 bn EUR
- Debt / equity
- 0.93x
- Current ratio
- 1.63x
- ROE
- 17.6%
- ROA
- 5.8%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 1.1 bn | 1.2 bn | 1.2 bn | esef· 21 Oct 2026verified |
| Operating income | 102.8 m | 99.5 m | 108.4 m | esef· 21 Oct 2026verified |
| Depreciation & amortisation | 60.1 m | 64.4 m | 68.1 m | esef· 21 Oct 2026verified |
| EBITDA | 162.9 m ≈ | 163.8 m ≈ | 176.6 m ≈ | esef· 21 Oct 2026derived |
| Interest expense | 26.5 m | 38.6 m | 43.7 m | esef· 21 Oct 2026verified |
| Pre-tax income | 83.5 m | 89.4 m | 85.6 m | esef· 21 Oct 2026verified |
| Income tax | 15.5 m | 27.2 m | 24.1 m | esef· 21 Oct 2026verified |
| Net income | 67.1 m | 60.9 m | 61.6 m | esef· 21 Oct 2026verified |
| Diluted EPS | 0.25 | 0.23 | 0.23 | esef· 21 Oct 2026verified |
| Dividend per share | — | 1.46 | 0.13 | esef· 21 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 13.3 m | 28.1 m | 62.2 m | esef· 21 Oct 2026verified |
| Inventories | 192.2 m | 197.9 m | 178.3 m | esef· 21 Oct 2026verified |
| Current assets | 429.5 m | 464.7 m | 478.4 m | esef· 21 Oct 2026verified |
| Property, plant & equipment, net | 202.9 m | 265.0 m | 282.2 m | esef· 21 Oct 2026verified |
| Goodwill | 106.1 m | 107.6 m | 106.9 m | esef· 21 Oct 2026verified |
| Intangibles (excl. goodwill) | 62.3 m | 52.9 m | 43.1 m | esef· 21 Oct 2026verified |
| Total assets | 962.6 m | 1.1 bn | 1.1 bn | esef· 21 Oct 2026verified |
| Long-term debt | 224.4 m | 259.7 m | 322.4 m | esef· 21 Oct 2026verified |
| Current liabilities | 322.9 m | 333.8 m | 293.5 m | esef· 21 Oct 2026verified |
| Total liabilities | 647.3 m | 702.8 m | 716.4 m | esef· 21 Oct 2026verified |
| Equity | 315.3 m | 352.7 m | 347.7 m | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 268.2 m | 264.8 m | 267.6 m | esef· 21 Oct 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 155.1 m | 139.3 m | 171.1 m | esef· 21 Oct 2026verified |
| Investing cash flow | -32.0 m | -97.5 m | -80.7 m | esef· 21 Oct 2026verified |
| Financing cash flow | -135.4 m | -29.5 m | -45.4 m | esef· 21 Oct 2026verified |
| Share repurchases | 885.0 k | 1.8 m | 3.3 m | esef· 21 Oct 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 37.5% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
38% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 1.80 – 7.27 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDA4.37 – 5.66 (Mid 4.94)5 companies used · median multiple 9.0x · quartiles 8.1x – 10.1xAKVA.OL, ATEA.OL, B2I.OL, BONHR.OL, ELMRA.OL
- Peers: P/E2.11 – 7.27 (Mid 4.54)19 companies used · median multiple 19.8x · quartiles 9.2x – 31.6xABG.OL, ABTEC.OL, AFG.OL, AKER.OL, AKSO.OL, AKVA.OL, APR.OL, ARR.OL, ATEA.OL, AUSS.OL, B2I.OL, BONHR.OL, BOR.OL, BOUV.OL, BRG.OL, CLOUD.OL, DELIA.OL, ELK.OL, ELMRA.OL
- Dividend discount (DDM)1.80 – 2.45 (Mid 2.07)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 37.5% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 13.1% | 73 (vs peers) | 28% |
| Net margin · Quality | 5.1% | 58 (vs peers) | 17% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 1.5x | 50 (vs peers) | 28% |
| Interest coverage · Balance sheet | 2.5x | 15 (on a fixed band) | 17% |
| Current ratio · Balance sheet | 1.6x | 69 (on a fixed band) | 11% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet43/100 · 3/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality67/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
ELOPAK ASA (ELO.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 1.2 bn EUR in 2025; YoY growth 4.2%; net margin 5.1%; ROE 18.1%; net debt/EBITDA 1.5x.
The estimated value range is 2.11–5.66 EUR per share (median of 3 methods, agreement: medium); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 37.5% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 13.1%
What contradicts it
- Interest coverage: 2.5x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Norway · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AKER.OLAker Asa | 79.8 bn | 20.3 | 7.9% | 21.4% | +42.5% | +36% / +59% |
| AFG.OLAf Gruppen Asa | 21.5 bn | 19.8 | 39.7% | 3.4% | +4.4% | +8% / +69% |
| ELK.OLElkem Asa | 19.2 bn | 39.3 | 1.9% | 2.7% | −15.7% | +10% / +73% |
| ATEA.OLAtea Asa | 18.5 bn | 21.4 | 19.7% | 2.3% | +8.1% | +11% / +36% |
| AKSO.OLAker Solutions Asa | 17.4 bn | 6.8 | 22.5% | 4.1% | +19.2% | +18% / −12% |
| AUSS.OLAustevoll Seafood Asa | 16.6 bn | 37.1 | 1.6% | 1.1% | +11.1% | −7% / +10% |
| BRG.OLBorregaard Asa | 15.6 bn | 25.1 | 11.4% | 8.0% | +1.3% | −18% / −9% |
| BONHR.OLBonheur ASA | 11.2 bn | 7.8 | 17.1% | 11.4% | −10.8% | +17% / +44% |
| AFK.OLArendals Fossekompani Asa | 10.3 bn | — | -2.3% | -3.1% | −14.9% | +39% / +31% |
| B2I.OLB2 Impact Asa | 8.8 bn | 14.3 | 11.0% | 16.4% | +2.6% | +40% / +238% |
| AKVA.OLAkva Group Asa | 5.7 bn | 31.2 | 13.7% | 4.2% | +24.4% | +74% / +152% |
| ELMRA.OLElmera Group Asa | 5.1 bn | 32.0 | 10.5% | 1.3% | −0.9% | +32% / +98% |
| BOUV.OLBouvet Asa | 5.0 bn | 14.2 | 80.7% | 9.2% | −0.2% | −19% / −16% |
| CLOUD.OLCloudberry Clean Energy Asa | 4.0 bn | 61.9 | 1.3% | 13.1% | +34.0% | −5% / +29% |
| ABG.OLAbg Sundal Collier Holding Asa | 3.6 bn | 10.7 | 34.9% | 16.8% | +12.4% | −13% / +20% |
| ANDF.OLAndfjord Salmon Group As | 2.2 bn | — | -5.7% | -12,770.4% | +328.9% | −18% / −11% |
| BMA.OLByggma Asa | 1.6 bn | — | -25.3% | -11.9% | −2.5% | +61% / +15% |
| APR.OLAppear Asa | 1.4 bn | 10.5 | 30.1% | 16.1% | +32.3% | −53% / unavailable |
| AZT.OLArcticzymes Technologies Asa | 1.1 bn | 108.9 | 2.9% | 8.6% | +7.9% | −8% / −48% |
| CAPSL.OLCapsol Technologies Asa | 884.6 m | — | -89.4% | -114.8% | −25.0% | −33% / −66% |
| BOR.OLBorgestad Asa | 553.2 m | 36.1 | 2.1% | 1.4% | −3.0% | −7% / +41% |
| ARR.OLArribatec Group Asa | 234.6 m | 4.8 | 22.1% | 9.3% | +15.7% | −33% / −55% |
| DELIA.OLDellia Group Asa | 73.5 m | 1.5 | 22.6% | 7.7% | +140.0% | −62% / unavailable |
| ABTEC.OLAqua Bio Technology Asa | 11.1 m | 0.1 | — | 7,297.7% | −87.2% | −82% / −97% |
| AGLX.OLAgilyx Asa | — | — | -182.4% | -12,189.3% | +20.3% | −40% / −41% |
1- and 3-year price returns: for ELO.OL from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Elopak ASA is a Norwegian producer of fibre-based liquid packaging, focused on replacing single-use plastic. The company closed 2025 with a market value of NOK 14.9 billion 1, but signalled that 2026 had started softer than expected 1.
SWOT
Strengths
- Market position supported by a clear strategy centred on fibre packaging.
- Solid balance sheet and good access to financing, according to management.
- Share performance in 2025 exceeded the Oslo Børs index.
Weaknesses
- The start of 2026 was softer than expected, according to management.
- The largest shareholder holds a very large share of the company.
- Internal processes were only partly documented at the start of the period analysed.
Opportunities
- The global shift from plastic to fibre could expand demand for the company's products.
- Consumer and regulatory demand for responsible packaging could open new contracts.
- Innovation in fibre solutions could strengthen the competitive position.
Threats
- Intensifying competition could pressure margins.
- Trade wars and geopolitical conflicts bring volatility.
- Regulatory changes could impose additional compliance costs.
Risks
- Shareholder concentrationmedium
A shareholder holding nearly half the shares could influence strategic decisions and trading liquidity.
- Geopolitical and trade riskhigh
Trade wars and conflicts in several regions could affect supply chains and sales.
- Compliance riskmedium
Joint ventures and third-party dealings require continuous checks to avoid breaches of anti-corruption rules.
- Margin pressuremedium
Intensifying competition could reduce product prices or margins.
- Softer start to the yearhigh
Management signalled that 2026 results started more weakly than expected, which could affect the growth target.
Investment thesis
What would need to be true (bull case)
- If the global shift from plastic to fibre continues, Elopak could benefit from long-term structural demand.
- A solid balance sheet and access to financing could allow investment in innovation without major liquidity pressure.
- A total shareholder return above 28% in 2025 shows the market has recognised the company's progress.
What would break the thesis
- A softer start to 2026 than expected could signal difficulty reaching medium-term goals.
- Shareholder concentration could limit trading liquidity and minority influence.
- Intensifying competition and geopolitical tensions could compress margins in the coming years.
What to watch
- Quarterly results and 2026 guidanceQ1 2026
- Annual general meeting and decision on the second-half 2025 dividend2026
- Progress on the 'Repackaging tomorrow' strategic targets2026
- Completion of the documented management system for processesnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Elopak develops and manufactures fibre-based liquid packaging for food and beverage products, and its strategy, called 'Repackaging tomorrow', targets the global shift to more responsible packaging 1. The company is listed on Oslo Børs under the ticker ELO and describes its operations as diversified across markets 1. Ferd AS holds 44.37% of the shares 1, giving the largest shareholder considerable influence.
Compliance and governance work expanded in 2025, with updated risk assessments and audits of joint ventures in India, Mexico and the Dominican Republic 1. The company reports that 73% of its processes were documented in its management system in 2025 1.
Segments
Fibre-based liquid packaging
Elopak's main segment is fibre-based liquid packaging, the core of its strategy to replace single-use plastic 1. The company argues this direction responds to both regulatory requirements and consumer preferences 1.
Joint ventures
Elopak also operates through joint ventures, including in India, Mexico and the Dominican Republic, which are subject to annual compliance reviews 1.
Market context
Management describes a complex global environment marked by trade wars and geopolitical conflicts, along with intensifying competition 1. The company treats demand for sustainable packaging as a long-term megatrend 1.
The share delivered a total shareholder return of 28.1% in 2025 with dividends reinvested, ahead of the Oslo Børs index 1. Non-Norwegian investors held around 28% of the shares, with no North American holder among the top listed holders 1.
Trends
- Single-use plastic phase-outtailwind
Regulatory pressure and consumer preference for fibre packaging could support demand for Elopak's products if the shift continues 1.
- Intensifying competitionheadwind
Management signals stronger competition, which could pressure margins and growth 1.
- Trade and geopolitical tensionsheadwind
Trade wars and conflicts across three continents have brought volatility to the company's global business 1.
- Shift to sustainable consumer choicesmixed
Changing customer preferences and demand for low-carbon solutions could open growth opportunities if Elopak responds quickly 1.
Competitive position
Management points to intensifying competition in packaging, without naming its main rivals in the source 1. Elopak differentiates through its focus on fibre-based solutions and its plastic-replacement strategy 1.
The stated competitive position rests on a diversified footprint, a solid balance sheet and good access to financing 1. Management says these resources provide flexibility for investment in innovation 1.
- Liquid packaging producers
The analysed source mentions intensifying competition without naming competing firms.
- Fibre packaging producers
Competitors in the fibre segment are not identified in the source.
- Plastic packaging suppliers
Plastic packaging is implicitly a competitor, but the source does not name them.
- Regional packaging companies
The company's diversified markets imply regional rivals, not identified in the source.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202521 Oct 2026
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Elopak ASA · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.