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Elanders will present its Q2 report on 15 July. We expect a decent report with a ~7% y/y increase in group organic sales. We assume that Q2 to some extent will be impacted by the global component shortages, especially within Automotive and Electronics. However, on the positive side, given its exposure to Daimler's prioritised car models, we expect a minor full-year impact. In the longer term, we see Elanders as well-positioned to capitalise on the healthy underlying market growth in the next two years from a strong automotive market and robust Fashion & Lifestyle growth. We assume group EBIT growth of 31% and 11% in 2021 and 2022, respectively. On top of that, the company will likely continue to close bolt-on acquisitions, as seen in two of the past six months. We raise our multiples-based SOTP valuation range to SEK 173-203 (169-198). Marketing material commissioned by Elanders.
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