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Elanders presented a somewhat soft Q2 2023 report with -9% organic growth, owing to Supply Chain Solutions, as the Air & Sea operations saw a normalisation of freight rates. Diminishing demand was evident in all larger customer segments and the market outlook remains uncertain. Following recent investments, the overcapacity in the US and Europe is weighing on profitability, with group adjusted EBIT declining by 7% y/y. Positively, a slight recovery in demand was seen in Electronics by the end of the quarter, and Elanders is expected to release an additional SEK 250m in working capital during 2023. We lower adjusted EBIT by 4-6% for 2023E-25E and adjust our fair value range to SEK 106-166 (125-190), implying ~13-16x EV/EBIT for 2023E. Marketing material commissioned by Elanders.
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