We trim 2026E adjusted EBITA by 1% while leaving 2027E-28E largely unchanged following Elanders’ Q3 report. Encouragingly, organic growth was strong at 6%, with Supply Chain Solutions (SCS) the key driver, while Print and Packaging Solutions (PPS) remained softer, with additional cost measures taken to mitigate lower volumes. Looking ahead, we expect the solid underlying momentum in SCS to continue. Combined with the exit of several larger lease contracts in late 2026 and 2027, which could generate annual savings of SEK 80-90m, and an otherwise lean cost base, we forecast 6-10% adjusted EBITA growth in 2027-28. We see further upside from stronger-than-expected operating leverage should volumes continue to recover. Elanders is trading at a lease-adjusted EV/EBITA of ~7.5x for 2027E. We keep our fair value range unchanged at SEK 44-100.
