Q4 outcome
Sales came in at SEK 3,574xm (+3% vs. ABGSCe SEK 3,461m, +2% vs. FactSet cons. 3,492m), and adj. EBITA was SEK 289m (-3% vs. ABGSCe 299m, +3% vs. cons 281m), for a margin of 8.1% (ABGSCe 8.6%, cons 8.0%), with acquisition-related NRI of -25m (ABGSCe -20m). Net profit was SEK 95m (-10% vs. ABGSCe 106m, -15% vs. cons 112m). On top line, all customer segments, except for Automotive, came in above our expectations. The EBITA miss vs. ABGSCe was driven by a lower margin in Supply Chain Solutions. Print & Packaging Solutions had another strong quarter, with an EBITA of SEK 86m, albeit below expectations (-7% vs. ABGSCe and -9% vs. cons). OPCF was strong at SEK 593m, driven by Elanders' active focus on cash flow improvement and a meaningful quarterly NWC reduction. However, this should have been largely expected. Proposed DPS at SEK 4.15/share was flat vs. last year and in line with our estimate (ABGSCe 4.15, cons 4.44).
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