11x '23e EV/EBITA (9x lease adj. EV/EBITA)
All eyes on online print in Q4
We expect Elanders to report Q4 sales of SEK 4,148m, up 23% y-o-y (7% org, 10% FX, 7% M&A) and an adj. EBITA of SEK 313m, for a margin of 7.5% (7.3%). For Q4 the most important variable is the high-margin online print business, which has a seasonally strong quarter due to a Christmas boost. Since Elanders has flagged for a new sizeable online print customer, we expect this to support solid organic growth in online print, which in turn is the main reason we expect a y-o-y margin improvement. We also should start seeing some easing on input costs (mainly fuel and paper prices for Elanders), but component issues still remain, primarily in the Automotive and Industrial customer segments
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