Aktuellt
SENASTE
Elanders presented yet another solid quarter, beating our expectations, with adjusted EBIT up by 91% y/y driven by strong Fashion & Lifestyle growth together with a good automotive market recovery. Its cost savings are materialising nicely, which together with a pickup in organic growth will fuel EBIT growth of 28% and 11% in 2021E and 2022E, respectively. On top of that, the company will likely continue to close bolt-on acquisitions, as we have already seen in two of the past six months. Its leverage is back at the pre-LGI acquisition level of 1.5x (excluding IFRS 16), which gives plenty of headroom. We raise our multiples-based SOTP valuation range to SEK 169-198 (144-172). Marketing material commissioned by Elanders.
LÄS MER
