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Elanders presented a strong Q2 report, with 11% organic growth for Supply Chain Solutions, driven by new businesses and higher shipping rates. Despite facing significant headwinds in the quarter, Elanders managed to achieve an impressive adjusted EBIT margin of 5.7%, with another strong contribution from Bergen Logistics. As such, we upgrade adjusted EBIT by 10-11% for 2022E-24E. Owing to weaker consumer sentiment, we are only cautiously optimistic heading into H2, although we continue to view Elanders's business model as much more resilient today. Given the recent peer multiple contractions, we adjust our multiples-based equity fair value range to SEK 149-212 (152-209). Marketing material commissioned by Elanders.
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