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Elanders presented strong Q3 numbers. Organic growth was 3% while adjusted EBITA grew 19% y/y, primarily through temporary and permanent savings but also through a solid volume recovery. We argue that Elanders is well-positioned as a financially strong partner for its customers in supply chain and Print & Packaging, which should lead to market share gains. The company also took the opportunity to make permanent cost reductions, primarily within LGI, which has historically been somewhat challenging. These measures should drive a 10% adjusted EBITA CAGR for 2019-22E. We lift our multiples-based SOTP valuation range to SEK 97-121 (81-103) due to our estimate revisions. Marketing material commissioned by Elanders.
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