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Elanders presented a strong Q3 report, with group organic growth of 12% y/y and 81% adjusted EBIT growth, which we find impressive given the cost inflation and general weakening in consumer sentiment seen in Q3. The softer demand for certain product groups in Electronics was partly offset by stronger demand for heat pumps, highlighting the strengths in Elanders' broad end-market exposure. In addition, we view the positive commentary from management on the demand situation in Fashion & Lifestyle (both in North America and Europe) as encouraging and an indication that demand is holding up better than feared. We therefore raise adjusted EBIT by 2-3% for 2022E-24E and adjust our multiples-based equity fair value range to SEK 150-216 (144-208). Marketing material commissioned by Elanders.
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