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We raise our adjusted EBIT estimates by 6% for 2023-24, mainly as a consequence of the implementation of structural measures for non-profitable parts connected to LGI in Germany, along with favourable FX movements. We expect a solid quarter with high single-digit organic growth in both its segments, and an adjusted EBIT margin uplift of ~60 bp to 7.3%, driven by a firmer margin in Supply Chain Solutions following an improved business environment with fewer headwinds as well as support from Bergen Logistics. As such, we slightly raise our multiples-based fair value to SEK 159-229 (150-216), implying ~11.5-14x EV/EBIT for 2023E. Marketing material commissioned by Elanders.
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