First Berlin Equity Research has published a research update on Cabka N.V. (ISIN: NL00150000S7). Analyst Ellis Acklin reiterated his BUY rating and maintained his EUR 3.40 price target.

Abstract
Q1 sales rose 7% YoY to €47m putting Cabka on track to hit our 2026 sales target of €188m. Sales and earnings are rebounding on the back of self-help initiatives, mix, better utilisation, and tighter cost discipline. Demand has so far remained steady despite the flare-up in Middle East hostilities, although tensions have driven virgin resin prices sharply higher. Cabka is relatively well insulated by its backward-integrated circular model. The company sources only ~15% of plastic inputs on the open market but remains exposed to higher energy and logistics costs. That said, Cabka’s circular model makes it better equipped than many rivals to absorb market volatility, while it continues to exploit internal drivers already underpinning the turnaround story. We remain Buy-rated on Cabka with a €3.4 TP (upside: 70%).