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We make only minor estimate revisions following the Q1 report, which was in line with the preliminary numbers presented on 13 April showing y/y adjusted EBITA growth of 16%. Positively, Bergen Logistics continues to enjoy double-digit sales growth, while LGI in Europe is likely to see improvements throughout 2023. However, we note the somewhat softer commentary about overall end-market uncertainties and worsening consumer sentiment, specifically impacting the customer segment Electronics. Given its broad end-market exposure, we expect Elanders to handle this weakness relatively well. As such, we adjust our multiples-based fair value to SEK 142-207 (157-225). Marketing material commissioned by Elanders.
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