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Elanders will present its Q2 report on 12 July. We expect a solid Q2 report with 4.5% group organic growth and EBIT up by 21% y/y. Recently, we have seen a fair amount of end-market news, with on the positive side Automotive production rates starting to normalise but on the other hand weaker consumer sentiment that might hamper its Fashion & Lifestyle segment. Our current base estimates imply that the Automotive recovery should offset a more muted Fashion & Lifestyle market, which together with normalised production rates should expand group margins by 40% y/y in 2022 and drive earnings growth of 23%. We marginally cut our multiples-based equity fair value range to SEK 152-209 (153-209). Marketing material commissioned by Elanders.
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