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Elanders will present its Q1 report on 21 April. We expect a somewhat muted quarter with a 13% y/y EBIT contraction owing to elevated sick leave rates and inefficient production. 2022 will inevitably be a challenging year for Elanders – rapidly increasing fuel and paper prices will temporarily hamper margins while accelerated component issues for its automotive customers will lead to further production shutdowns. Luckily, Elanders has diluted its Automotive exposure significantly over the past few years, down to less than 20% of group sales, and thus should still manage to deliver low single-digit organic growth for 2022E. Owing to the earnings cuts, we lower our multiples-based equity value range to SEK 136-188 (161-219). Marketing material commissioned by Elanders.
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