We raise adjusted EBITA by 1% for 2026E-27E, following the impressive 80bp y/y margin uplift in Supply Chain Solutions (SCS), supported by previously announced cost savings in LGI. Although underlying markets remain fairly muted, Elanders commented that it saw increased demand during the latter part of Q3. Added to this the additional cost savings in LGI presented in the Q3 report, we find further support for the company's positive margin trajectory from here – we pencil in a 150bp margin uplift between 2025 and 2027. In the short term, we expect a positive earnings inflection point in Q4 2025. However, given 2026E lease-adjusted net debt/EBITDA of 3.1x, leverage remains elevated. We raise our multiples-based fair value range to SEK 52-95 (SEK 49-91), implying 2026E EV/EBITA of 10-11x.
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