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Elanders presented a somewhat weak Q3 report with EBIT down by 37% y/y and missing our estimate by 22%. However, we argue that it was due to extraordinary and temporary circumstances, such as customers' production stops, which should luckily sequentially ease going into Q4. As such, we view this effect as temporary and continue to argue that one should focus on Elanders' appealing organic profile with its strong exposure to the fast-growing fashion & lifestyle market. Together with a recovery for Industry and Automotive in 2022 and lowered SG&A, we forecast this should drive 22% EBIT growth for 2022. We lower our multiples-based SOTP valuation range to SEK 121-146 (142-169). Marketing material commissioned by Elanders.
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