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Elanders: Beats cons. by 5% on adj. EBITA - ABG

Adj. EBITA SEK 331m (+5% vs. cons. 315m)
We expect cons. adj. EBITA to come up by ~3%
11x '23e EV/EBITA on pre Q4 numbers


Q4 outcome

Elanders reported Q3 sales of SEK 4,099m (-1% vs. ABGSCe 4,148m, -1% vs. FactSet cons. 4,143m). Adj. EBITA was SEK 331m (+6% vs. ABGSCe 313m, +5% vs. cons. 315m), for a margin of 8.1% (ABGSCe 7.5%, cons. 7.6%). This included NRIs of SEK -58m (ABGSCe -50m, cons. 0m), and thus reported EBITA was 273m (+4% vs. ABGSCe 263m, -13% vs. cons. 315m). Supply Chain Solutions adj. EBITA was 12% above cons., largely on another solid quarter for Bergen Logistics, while automotive and industrial customers saw continued struggles with component shortages. Print & Packaging Solutions was 7% below cons. as high paper prices still are hurting profitability.
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