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Elanders presented a solid Q3 2024 report with 4% y/y organic sales growth, primarily due to the stronger European fashion market. While the overall demand outlook seems mixed, Elanders stated that it is seeing increased demand for the majority of its business areas, while Supply Chain Solutions (SCS) impressively managed to increase its adjusted EBITA margin by 500bp y/y. Thanks to continued easy comps, we expect solid double-digit earnings growth for the group in the coming three quarters. Following several recent acquisitions, along with the working capital tie-up in Q3, leverage remains elevated. However, amid lower interest rates and increasing earnings, we pencil in lease-adjusted net debt/EBITDA of 3.2x for 2025E. Marketing material commissioned by Elanders.
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