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Elanders will present its Q3 2021 report on 20 October. We espect solid group organic growth of 5% but expect margins to take a hit in the short term, owing to volatile volumes related to its customers' component issues. We view this effect as temporary, however, and believe that the focus should be on Elanders' ambitions to improve its organic profile, such as with its strong fashion & lifestyle brand, ITG. Elanders is continuously winning interesting new contracts, most recently RevolutionRace and Stronger. These will not only improve the company's organic growth profile, but also diversify and balance its cyclical automotive exposure. We lower our multiples-based SOTP valuation range to SEK 142-169 (169-198). Marketing material commissioned by Elanders.
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