First Berlin Equity Research on 14/12/2025 initiated coverage on Cabka N.V. (ISIN: NL00150000S7/ Bloomberg: CABKA NA). Analyst Ellis Acklin placed a BUY rating on the stock, with a EUR 3.10 price target.

Abstract
We start coverage of Cabka NV with a Buy rating and €3.1 target price (upside: 72%). After two-years of disappointing performance, we reckon the Reusable Transport Packaging (RTP) specialist is emerging from an operational and strategic reset primed to participate in a secular upswing in RTP demand. The days of single-use packaging are numbered, thanks to increasingly cost-effective, eco-friendly technologies that make more economic sense for multinationals. Political will to tackle excessive waste is also growing. We thus think the scene is set for Cabka to capitalise on its backwards integrated business that transforms waste into high-value assets.