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Elanders presented a strong Q1 report with 2% group organic growth but EBIT growing by 29% y/y, which is impressive given the end-market uncertainties. Q1 also showed the strength of Elanders' deliberate diversification away from automotive in recent years and its ability to ramp up new customer contracts. As such, we upgrade our 2022-24 EBIT estimates by 9-10%. Despite the large acquisition of Bergen Logistics, Elanders still has a solid balance sheet with net debt/EBITDA of 3.5x LTM and 2.7x excluding IFRS 16 pro forma. Owing to our earnings upgrades, we lift our multiples-based equity fair value range to SEK 153-209 (136-188). Marketing material commissioned by Elanders.
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