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Elanders presented a decent Q4 report with 16% organic growth for Supply Chain and with group earnings and margins clearly improving sequentially, despite temporary headwinds. Entering 2022, we expect Elanders to gradually improve its margins, as raw material inflations should be offset and fewer supply chain issues should lead to an acceleration of earnings growth, back up to double digits. Through the consolidation of Bergen, Elanders has improved its organic growth profile and made 65% of its group revenue non-cyclical. As such, we lower our multiples-based equity value range to SEK 161-219 (169-223). Marketing material commissioned by Elanders.
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