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Elanders will present its Q3 report on 17 October. We expect solid Q3 results, with a ~5% y/y increase in group organic sales, driven by broad-based price increases, along with the new contract and easier comparables within Supply Chain solutions. We find Elanders' increased consumer exposure to Fashion & Lifestyle (27% of Q2 LTM sales versus 18% in 2019) as less favourable today, due to worsening consumer sentiment amid higher interest rates, inflation and energy prices. We therefore expect increased pressure on consumers heading into Q4 and 2023, and subsequently lower 2023E-24E EBIT by 3% and marginally cut our multiples-based equity fair value range to SEK 144-208 (149-212). Marketing material commissioned by Elanders.
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