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Elanders presented a decent Q2 2024 report with flat organic sales y/y, partly supported by easier comps. While the overall demand outlook remains hazy, there are several bright spots, with Fashion in Europe turning positive, coupled with Electronics and Healthcare showing 6% and 16% y/y organic growth, respectively. Elanders reiterated its outlook of improved demand for H2 2024. Along with easier comps and additional margin-enhancing activities, we expect margins to continue recovering and double-digit y/y earnings growth for Q3 and Q4. After acquiring the last 20% of Bergen Logistics, Elanders' lease-adjusted net debt/EBITDA is now close to 3.6x for 2024E. We believe the earnings decline has bottomed out, however, and continue to argue that the company is likely to better capitalise on the returning demand. Marketing material commissioned by Elanders.
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