We raise our 2026-28 adjusted EBITA estimates by 3% following a solid Q2 report from Elanders, showing robust organic growth of 3% and a 70bp adjusted EBITA margin improvement y/y to 6.2% on the group level. Structural measures within Supply Chain Solutions (SCS) continue to bear fruit, with margins improving by 120bp y/y. Positively, Elanders saw improving demand in the FMCG market, which has been a drag in recent quarters. Combined with stable development within Automotive, solid momentum in Electronics and the upcoming exit from several lease agreements, we believe our ~10% adjusted EBITA CAGR estimate for 2026-28 is well within reach. Overall, Q2 confirmed the picture of gradually improving demand and further margin improvements, leaving us cautiously optimistic heading into H2 and 2027. We derive a higher fair value range of SEK 46-103 (44-95), implying ~9-11x 2027E EV/EBITA.
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