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Norwegian maker of liquid paperboard cartons and filling machines for dairy, juice and liquid food products.
Norwegian maker of liquid paperboard cartons and filling machines for dairy, juice and liquid food products.
Places filling machines with dairies and juice makers, then earns repeatedly by selling them the cartons those machines run, so carton sales, not machines, carry most revenue. The installed base of machines is the hook that brings the repeat orders.
In one line: Norway's carton packaging maker for milk/juice, like a smaller Tetra Pak.
Moat: narrow (installed base, switching costs). Filling-machine installed base creates recurring carton material sales, a razor/razorblade model.
Headquarters: Oslo, Norway · Founded: 1957 · Employees: 2,375
Size Elopak (ELO.OL) is a Norway Materials company (Containers/Packaging) with a market value of $1.01B, the 63rd largest of 115 Norway companies the cockpit tracks. Shares closed at NOK 34.70 on 6 Nov 2026.
Performance Over six months the shares fell 11.0%, against -14.1% for the median peer and +2.7% for the Norway market (cap-weighted) — 10th highest of 21 in its peer set.
Growth Revenue grew 0.5% over the last twelve months (peer median +4.3%); the operating margin is 8.6% (peer median 5.9%).
Valuation It trades at 11.8× forward earnings against a peer median of 18.0× (6th cheapest of 18).
Price implies For today's price to make sense, revenue must grow about -8% a year for seven years (Req g). Recent delivered growth is +8%, so the hurdle is -16 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 5.3 points above its cost of capital (5.5% WACC).
Next results Next results expected around 9 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NOK 13.8B | NOK 14.1B | NOK 13.5B | NOK 12.9B | NOK 10.4B |
| Revenue growth | — | +5% | +4% | +25% | — |
| Gross profit | NOK 1.93B | NOK 2.15B | NOK 2.02B | NOK 1.90B | NOK 1.09B |
| EBITDA | NOK 1.95B | NOK 2.03B | NOK 1.88B | NOK 1.83B | NOK 1.07B |
| Net income | NOK 841M | NOK 721M | NOK 709M | NOK 766M | NOK 212M |
| Free cash flow | NOK 693M | NOK 759M | NOK 196M | NOK 1.22B | -NOK 245M |
| Capital expenditure | NOK 979M | NOK 1.03B | NOK 1.27B | NOK 466M | NOK 442M |
| Total debt | NOK 4.93B | NOK 5.06B | NOK 4.66B | NOK 3.87B | NOK 4.38B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Elopak ELO.OL | $1.01B | -11% | 0% | 9% | 11.8× | -8.3% |
| SIG SIGN.SW | $7.07B | +23% | -5% | 5% | 20.5× | 18.4% |
| International Paper IP | $18.3B | +6% | +3% | 3% | 15.8× | 26.4% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | ELO.OL | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +1.2% | -7.7% | 3rd highest of 21 |
| 6-month return | -11.0% | -14.1% | 10th highest of 21 |
| Distance from 52-week high | -38.0% | -39.9% | 10th highest of 21 |
| Revenue growth (TTM) | +0.5% | +4.3% | 7th lowest of 21 |
| Operating margin | 8.6% | 5.9% | 7th highest of 21 |
| Forward P/E | 11.8× | 18.0× | 6th cheapest of 18 |
| Growth the price implies (Req g, 7 yrs) | -8.3% | 6.4% | 2nd least demanding of 10 |
| Growth delivered (Del g) | +7.7% | +3.4% | 3rd highest of 10 |
| Hurdle (Req g minus delivered) | -16.0 pp | +2.5 pp | least demanding of 10 |
| ROIC minus cost of capital | +5.3 pp | -0.8 pp | 5th highest of 21 |
| EV / EBITDA | 7.1× | 7.2× | 4th cheapest of 8 |
| Net debt / EBITDA | 2.2× | 3.4× | 3rd least indebted of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Elopak ELO.OL | Norway | $1.01B | -11% | 0% | 9% | 11.8× | -8.3% | +7.7% |
| Zhejiang Great Shengda Packing 603687.SS | China | $995M | -30% | +1% | 3% | 32.6× | n/a | n/a |
| Huangshan Novel 002014.SZ | China | $1.02B | +5% | +9% | 12% | 15.7× | n/a | n/a |
| Zhejiang Zhongxin Environmental Protection Technology 603091.SS | China | $991M | -20% | +31% | 22% | 14.5× | 7.8% | +4.4% |
| Xiamen Jihong 002803.SZ | China | $956M | -16% | +12% | 6% | 21.3× | 6.4% | +8.8% |
| Taiwan Hon Chuan Enterprise 9939.TW | Taiwan | $1.07B | +7% | 0% | 15% | 10.2× | n/a | n/a |
| Suzhou Hycan 002787.SZ | China | $1.09B | -10% | 0% | 7% | 36.4× | n/a | n/a |
| MYS 002303.SZ | China | $909M | +26% | +1% | 8% | 18.6× | 4.9% | +3.4% |
| Guangzhou Fangbang Electronics 688020.SS | China | $900M | -51% | -2% | -28% | n/a | n/a | n/a |
| Time Technoplast TIMETECHNO.NS | India | $891M | -9% | +16% | 11% | 11.0× | n/a | n/a |
| Cascades CAS.TO | Canada | $1.15B | +49% | +1% | 5% | 9.2× | -1.9% | +3.1% |
| Zhejiang Great Southeast 002263.SZ | China | $871M | -23% | +5% | -1% | n/a | 31.7% | -4.0% |
| Fuji Seal International 7864.T | Japan | $1.18B | +38% | +4% | 9% | 10.8× | -9.5% | +5.9% |
| Quzhou DFP New Material 601515.SS | China | $843M | -36% | +13% | -21% | n/a | n/a | n/a |
| Gerresheimer GXI.DE | Germany | $1.21B | +24% | +9% | -4% | 18.0× | 55.8% | +10.3% |
| Shenzhen Changhong Technology 300151.SZ | China | $1.23B | -12% | -1% | 6% | 59.9× | n/a | n/a |
| Shenzhen Leaguer 002243.SZ | China | $1.27B | -18% | +5% | -3% | 19.9× | 44.6% | +1.6% |
| O-I Glass OI | United States | $796M | -44% | -2% | 9% | 10.1× | n/a | n/a |
| Cheng Loong 1904.TW | Taiwan | $788M | +34% | -3% | 6% | 61.8× | 3.9% | +1.4% |
| Shanghai Baosteel Packaging 601968.SS | China | $785M | -19% | +17% | 4% | 17.3× | n/a | n/a |
| Shantou Wanshun New Material 300057.SZ | China | $784M | -45% | +29% | 1% | 66.5× | n/a | n/a |