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SENASTE
Elanders presented yet another solid report for Q4 2022, growing adjusted EBIT by 37% y/y. Entering 2023, we believe that the nearshoring trend, coupled with new customer contracts in Print and exposure to heat pumps, should partly offset a weakening macroeconomic situation. Furthermore, management's guidance for a potential SEK 400m working capital release could help, yielding FCF of roughly SEK 800m, corresponding to 14% of the market cap, which is a solid cushion for the share. As such, we lower our multiples-based fair value range to SEK 158-226 (159-229). Marketing material commissioned by Elanders.
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