Q1 outcome
Sales came in at SEK 3,268m (+1% vs. ABGSCe SEK 3,238m, +4% vs. FactSet cons. 3,143m), and adj. EBITA was SEK 180m (-16% vs. ABGSCe 214m, -10% vs. cons 199m), for a margin of 5.5% (ABGSCe 6.6%, cons 6.3%), with acquisition-related NRI of -25m (ABGSCe -20m). Net profit was SEK 8m (-76% vs. ABGSCe 34m, -71% vs. cons 28m). On top line, Fashion and Health Care missed our expectations, while the other segments beat our estimates. The EBITA miss was driven by a weaker margin in Supply Chain Solutions (5.4% vs. ABGSCe 7.3%). According to Elanders, the lower demand in mainly Fashion in combination with overcapacity put pressure on profitability. Customers with exposure to durable and consumable goods are facing weak demand. Meanwhile, Print & Packaging Solutions had another strong quarter, with an EBITA of SEK 51m (+52% vs. ABGSCe). On another positive note, OPCF was strong at SEK 641m (512m), partly driven by reduced working capital. Lease-adj. proforma net debt/EBITDA of 3.2x was in line with our anticipated development.
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