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We lower adjusted EBIT by 2-3% for 2023E-25E ahead of Elanders' Q2 report – a quarter in which we expect weak demand in Electronics in EMEA and APAC to continue, and believe there will be somewhat softer demand from Fashion in the US. Along with lower freight forwarding volumes, we expect the top line in Supply Chain Solutions to be burdened. Despite ~50% y/y adjusted EBIT growth in Print & Packaging solutions amid better cost control and easier comps, we expect flat EBIT growth for the group. We lower our multiples-based fair value range to SEK 125-190 (142-207), implying a valuation range of ~13-16x EV/EBIT for 2023E. Marketing material commissioned by Elanders.
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