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Elanders presented a decent Q4 2023 report with 13% lower sales y/y, driven by the cocktail of discontinued businesses, normalising freight rates in the Air & Sea business and broad-based weaker demand. While the demand outlook remains hazy, we are encouraged by Elanders ramping up larger customers in Fashion & Lifestyle for H1 2024, along with its margin-accretive acquisition of Kammac – which ought to make the group more robust, given Kammac's complementary characteristics. Strong cash flow in Q4, supported by a solid working capital release, leads us to pencil in lease-adjusted net debt/EBITDA of 2.5x for 2024. Our fair value range for the share increases to SEK 94-157 (90-154). Marketing material commissioned by Elanders.
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