On our estimates, the share is trading at 10x ’22e EV/EBITA, offering a lease adj. FCF yield of 8-10% for ’21-’23e. Historically, the share has traded at 11x f12m EV/EBITA (3Y avg.). The current valuation is 42% below our segment-weighted peer group average. Operationally speaking, Elanders’ respective ’20-’23e sales and EBITA CAGR forecasts of 4% and 13% are relatively in line with peers (6% and 12%). Finally, we add that the current supply chain issues could mean that more companies may start looking to sourcing and procurement experts such as Elanders to manage their supply chains in the future.
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