On our estimates, the share is trading at 10x ’22e EV/EBITA, offering 8-10% lease-adjusted FCF yields for ’21e-’23e. The current valuation is 41% below our segment-weighted peer group while Elanders is expected to deliver ’20-’23e sales and EBITA CAGRs of 5% and 13%, respectively (peers expected to have 6% and 12%, respectively). In conclusion, while Q3 was a weaker quarter, we see it as positive that the company is already seeing improvements in the supply chain disturbances affecting its customers.
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