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Elopak ASA (ELO) Fair Value & Analysis

Consumer Cyclical · NO · Market cap 9.7B NOK

EA Elopak ASA ELO · OL
Pricekr 37.10
Fair Valuekr 42.96
Upside+15.8%
Quality60/100
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Healthy Growth
Thin margins · 5.2% net margin
Moderate debt · generates free cash flow
0.37% dividend yield
Mixed vs. peers (7/14)
Moderate moat 49/100
Evidence: High Range kr 32.22 – kr 53.70 Share as image

Fair value as of: Jul 18, 2026

From 25 valuation models · updated 23 days ago

Fair value updated Jul 18, 2026, revised from kr 3.89 to kr 42.96 (+1,004.4%) since Jul 16, 2026. Share price +7.5% over the past month.

A solid business, screening 16% undervalued on our models.

What matters now

  • Our model range runs from kr 32.22 (bear) to kr 53.70 (bull), base kr 42.96. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 60/100 (solid quality) with high evidence: the data supports the verdict.
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Price vs Fair Value (5 years)

kr 53.85 kr 11.42 Fair Value kr 42.96 Jun 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 18, 2026.

How to read this chart

60‑month range kr 11.42 – kr 53.85 · fair‑value band kr 32.22 – kr 53.70 · the kr 37.10 price screens below the kr 42.96 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 18, 2026.

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Analysis

Elopak ASA (ELO) currently trades at kr 37.10, while our model-based Fair Value estimate is kr 42.96, implying the stock looks roughly 15.8% undervalued today. The Quality Score stands at 60/100 (solid quality), in the Consumer Cyclical sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Elopak ASA generated revenue of 1.2B NOK at a net margin of 5.2%. Revenue declined 3.9% year over year. It earns a return on equity of 16.7%. Net debt stands at 264M NOK. Fundamentals as of Jul 18, 2026

Our scenario range runs from kr 32.22 (bear case) to kr 53.70 (bull case); at kr 37.10, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 32% below its 52-week high and 12% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at -22% fair-value upside, at 16%, ELO screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model BearBaseBull Evidence
Highest evidence
Growth DCF kr 5.77 kr 8.46 kr 12.05 80
Residual Income kr 1.41 kr 1.74 kr 3.86 76
Rev-Margin DCF kr 3.65 kr 5.74 kr 8.06 74
All 25 models by family
DCF Models
FCF DCF kr 5.62 kr 8.60 kr 12.76 38
Owner Earnings kr 0.7800 kr 1.56 kr 2.67 31
5Y Revenue Exit kr 3.65 kr 5.65 kr 8.08 39
5Y EBITDA Exit kr 4.22 kr 6.68 kr 9.42 41
5Y P/E Exit kr 3.09 kr 4.64 kr 6.16 38
10Y Revenue Exit kr 4.25 kr 6.17 kr 8.53 36
10Y EBITDA Exit kr 4.70 kr 6.85 kr 9.49 37
10Y P/E Exit kr 4.00 kr 5.49 kr 7.14 35
Earnings-Based
Graham-Dodd kr 1.56 kr 4.06 kr 5.29 54
PEG = 1.0 kr 0.7700 kr 1.10 kr 1.43 46
EPV kr 1.78 kr 2.21 kr 2.59 59
Dividend Discount
Gordon GGM kr 1.42 kr 2.73 kr 4.27 70
DDM Multi-Stage kr 1.42 kr 2.14 kr 2.89 61
Multiples
P/E Multiple kr 2.92 kr 3.89 kr 4.87 63
P/S Multiple kr 2.92 kr 3.89 kr 4.87 58
P/B Multiple kr 2.84 kr 3.78 kr 4.73 55
EV/EBIT kr 3.27 kr 4.68 kr 6.09 53
EV/EBITDA kr 3.99 kr 5.65 kr 7.30 54
EV/Revenue kr 2.70 kr 4.28 kr 5.85 43
Asset-Based
NCAV (Graham) kr 0.6300 kr 0.8400 kr 1.26 50
Growth DCF
Growth DCF kr 5.77 kr 8.46 kr 12.05 80
Rev-Margin DCF kr 3.65 kr 5.74 kr 8.06 74
Economic Profit
Residual Income kr 1.41 kr 1.74 kr 3.86 76
ROIC Compounder kr 1.86 kr 2.51 kr 3.26 72
Growth Earnings
Growth-Adj P/E kr 2.32 kr 3.32 kr 4.31 68

Widest divergence: Growth DCF (kr 5.74) versus Asset-Based (kr 0.8400). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) 1.2B NOK
Revenue growth (YoY) -3.9%
Net margin 5.2%
Return on equity 16.7%
Free cash flow 171M NOK FY2025
P/E ratio 13.5
More key figures
Operating margin 7.1%
EPS (TTM) kr 2.48
Dividend yield 0.4%
EPS growth (YoY) +0.2%
Net debt 264M NOK FY2025

Figures from reported company fundamentals · as of Jul 18, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 60/100

Of which business quality 59 · Market factors (momentum, volatility) 33

Profitability 61
Margins and returns on capital today
Quality Growth 43
Are margins and returns improving?
Cashflow 61
Earnings quality: real cash, not paper profit
Fin. Strength 46
Balance sheet, leverage, solvency risk
Investment 69
Disciplined investing over empire-building
Low Volatility 67
Calm price path (market factor)
Momentum 21
Price trend over the last 3–12 months (market factor)
52W Momentum 14
Distance to the 52-week high (market factor)
Net Issuance 83
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Elopak ASA manufactures and supplies paper-based packaging system solutions for liquid products in Europe, the Middle East, Africa, Asia, Americas, Germany, Canada, Netherlands, Norway, the United States, and internationally.

Full company description

Elopak ASA manufactures and supplies paper-based packaging system solutions for liquid products in Europe, the Middle East, Africa, Asia, Americas, Germany, Canada, Netherlands, Norway, the United States, and internationally. It offers Pure-Pak cartons for chilled and aseptic liquid food; D-PAK cartons for non food products for personal and home care; and filling equipment. The company also provides roll fed packaging material, as well as research and development support, after sales, technical training, and maintenance support services. Further, it offers machines and equipment through spare part webshop. Elopak ASA was founded in 1957 and is based in Oslo, Norway.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Elopak ASA reported revenue of kr 1.2B in FY2025 versus kr 855M in FY2021, a compound +9.0%/yr. Reported net income was kr 61.6M in FY2025, compounding +16.2%/yr from FY2021.

Growth Quality 76/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
1.2B NOK
Latest YoY
+4.2%
Avg. growth/yr (3Y)
+5.6%
Avg. growth/yr (5Y)
+5.8%
Avg. growth/yr (8Y)
+3.6%
Revenue +9.0%/yr
FY21 kr 855M
FY22 kr 1.0B
FY23 kr 1.1B
FY24 kr 1.2B
FY25 kr 1.2B
Net income +16.2%/yr
FY21 kr 33.8M
FY22 kr 10.9M
FY23 kr 67.1M
FY24 kr 60.9M
FY25 kr 61.6M

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Cite: Fair Value Calculator (2026). "Elopak ASA Fair Value". https://www.fairvalue-calculator.com/stock/ELO

Peer Group

Packaging & Containers · 273 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 60 · Above median
Fair Value upside +16% · Above median
Return on equity (TTM) 17% · Top 25%
Return on assets 6% · Top 25%
Net margin (TTM) 5% · Above median
Operating margin (TTM) 7% · Above median
Revenue growth -4% · Below median
Dividend yield (TTM) 0.4% · Below median
Debt / equity 0.95× · Higher than 75% of peers

Valuation Multiples vs Packaging & Containers median · lower = cheaper

P/E (TTM) 13.7× · Cheaper than median
P/B 3.01× · Pricier than 75% of peers
P/S (TTM) 0.85× · Pricier than median
P/FCF 6.0× · Pricier than median
EV/EBITDA 8.8× · Pricier than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 54 · sector 9
FUTURE 0 · sector 1
PAST 67 · sector 21
HEALTH 52 · sector 92
DIVIDEND 7 · sector 42

Insider activity: 45/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Packaging & Containers stocks, each showing price versus our Fair Value estimate (as of Jul 18, 2026).

Stock Price Fair Value vs Fair Value
Stora Enso Oyj STER kr 101.90 kr 126.39 +24%
ShenZhen YUTO Packaging Technology Co 002831 ¥29.10 ¥20.88 -28%
SCG Packaging Public Company SCGP 29.00 THB 16.12 THB -44%
AblePrint Technology Co 7734 2,850 TWD 661.69 TWD -77%
PT Fajar Surya Wisesa Tbk, FASW 5,312 IDR 1,194 IDR -78%
Taiwan Hon Chuan Enterprise Co 9939 132.50 TWD 127.06 TWD -4%
Time Technoplast Limited TIMETECHNO ₹206.82 ₹161.42 -22%
EPL Limited 500135 ₹222.25 ₹111.65 -50%
Ton Yi Industrial Corp 9907 15.15 TWD 23.17 TWD +53%
Dongwon Systems Corporation 014820 19,330 KRW 31,473 KRW +63%

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Frequently asked questions

Is Elopak ASA (ELO) overvalued or undervalued?
As of Jul 18, 2026, our model estimates a fair value of kr 42.96 versus a price of kr 37.10, about +16% (undervalued).
What is the fair value of ELO?
Our model-based fair value for Elopak ASA is kr 42.96 (as of Jul 18, 2026), built from audited fundamentals. The current price is kr 37.10.
What is the quality score of ELO?
Elopak ASA has a Quality Score of 60/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Elopak ASA (ELO)?
Elopak ASA reported trailing-twelve-month revenue of about 1.2B NOK (latest available figure, as of Jul 18, 2026).
What is the net profit margin of ELO?
The net profit margin of Elopak ASA is about 5.2%, meaning it keeps roughly 5.2% of revenue as net income. Based on the latest reported figures.
Does Elopak ASA pay a dividend?
Elopak ASA currently shows a dividend yield of about 0.39% relative to its recent price (as of Jul 18, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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