Elanders has deleveraged its balance sheet nicely over the past three years; at year-end 2020 its net debt/EBITDA was 2.0x including IFRS 16, which gives good headroom to its financial objective of <2.5x. As such, we believe that M&A yet again will become an important growth driver in the coming years and we have already seen two bolt-on acquisitions closed over the past six months, both with good profitability and in the nicely growing niche of value recovery services.
We lower our multiples-based SOTP valuation range to SEK 144-172 (152-181).
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