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 70b...
We trim 2026E-28E adjusted EBITA by 2% ahead of the Q2 report due on 15 July, mainly due to persistent weakness in the European printing mar...
We raise adjusted EBITA by 4-6% for 2026E-28E, following the strong margin development in Q1, with adjusted EBITA increasing 29% y/y, taking...
We cut 2026E adjusted EBITA by 9% and 2027E-28E by 4-6% ahead of the Q1 report, due to FX and an ongoing muted market.
We raise adjusted EBITA by 2% for 2026E-27E, following the stronger-than-expected profitability in Q4, with adjusted EBITA increasing 8% y/y...
Ahead of Elanders' Q4 report, we lower 2025E adjusted EBITA by 2% and 2026E-27E by 6%, due to FX and a slightly more cautious demand recover...
We raise adjusted EBITA by 1% for 2026E-27E, following the impressive 80bp y/y margin uplift in Supply Chain Solutions (SCS), supported by p...
We trim adjusted EBITA by 2% for 2025E-27E on the back of recent FX movements.
We lower adjusted EBITA by a mere 1% following the Q2 report, which saw adjusted EBITA drop by 22% y/y owing to weakness across most segment...
Ahead of Elanders' Q2 2025 report, we lower adjusted EBITA by 2-5% for 2025E-27E, as we take a slightly more cautious view on our short-term...
We lower adjusted EBITA by 6-13% for 2025E-27E following the Q1 report, which was weaker than expected, with adjusted EBITA declining 26% y/...
We lower adjusted EBITA by 6-11% for 2025E-27E, owing to recent FX movements, while we take a somewhat more cautious short-term view on dema...
We lower adjusted EBITA by 5% for 2025E-27E following the Q4 report.
Ahead of Elanders' Q4 report, we lower 2024E adjusted EBITA by 2%, while we raise 2025E-26E by 2%.
Today (16 December), Elanders announced that it has implemented structural measures regarding its road transport operations in Germany – spe...
Elanders presented a solid Q3 2024 report with 4% y/y organic sales growth, primarily due to the stronger European fashion market.
Q3 weaker than expected... ...but overall outlook is intact Well positioned for market recovery Encouraging demand improvement despite Q3 m...
Adj. EBITA SEK 237m (-9% vs. ABGSCe 261m) Consensus full-year EBITA likely to come down slightly 12x 2024e EBITA on pre-Q3 estimates Q3 out...
We lower adjusted EBITA by 2-4% for 2024E-26E ahead of Elanders' Q3 2024 report.
Elanders har agerat offensivt med förvärv i den tidigare svackan.
Elanders presented a decent Q2 2024 report with flat organic sales y/y, partly supported by easier comps.
- Q2 showed turnaround in organic growth... - ...and confirmed demand trough - Low valuation and in good shape for market recovery Encouragi...
- Adj. EBITA SEK 215m (-3% vs. ABGSCe 222m) - Consensus full-year EBITA likely down marginally - 12x 2024e EBITA on pre-Q2 estimates Q2 outc...
Reasons to be optimistic after slow start to the year We expect Elanders to report Q2 net sales of SEK 3,681m, +7% y-o-y (-4% organic, +1% F...
We make minor changes to adjusted EBITA for 2024E-26E ahead of Q2.
Q1 var utmanande med svag efterfrågan och omsättningen minskade.
Negativ organisk tillväxt… Den organiska tillväxten var -9% i Q1.
Elanders presented a mixed Q1 report, with a high single-digit organic sales decline, as Fashion saw a ~20% y/y drop in Europe and the US.
Q1 weaker than expected... ...but outlook remains bright Low valuation and leverage on market, lower interest rates Slow start to the year ...
Adj. EBITA SEK 180m (-16% vs. ABGSCe 214m) Consensus full-year EBITA should come down by mid-to-high single digits 11x 2024e EBITA on pre-Q1...
Q1e to mark low point amid organic decline... ...but we expect solid earnings development in subsequent quarters Low valuation and in good s...
Despite the recent acquisition of Bishopsgate, we lower adjusted EBIT by 2-3% for 2024E-26E ahead of Elanders' Q1 2024E report.
Q4 blev ett utmanade kvartal och ökade räntenivåer har lagt press resultatet.
Equity analyst interviews Elanders' CEO Magnus Nilsson and CFO Andreas Wikner after their Q4.
Bishopsgate looks highly complementary, ... ...provides diversification, and is accretive We are optimistic about 2024 Bishopsgate strength...
-11% organisk tillväxt… Med volymtillväxt på ca -5% och fallande fraktpriser på 6% var den organiska tillväxten -11% i kvartalet.
Elanders presented a decent Q4 2023 report with 13% lower sales y/y, driven by the cocktail of discontinued businesses, normalising freight ...
Still high uncertainty, but Elanders is making improvements.
Adj. EBITA SEK 289m (-3% vs. ABGSCe 299m) Consensus EBITA should not change much 10x 2024e EBITA on pre-Q4 estimates Q4 outcome Sales came ...
Organic sales decline again... ...but strong margin and FCF development In good shape for eventual market recovery Impressive handling of s...
Encouraged by the acquisition of Kammac, we raise adjusted EBIT by 14-15% for 2024E-25E ahead of Elanders' Q4 2023 report.
Well-run company with proven ability... ...to adapt to changing demand environment In good shape for eventual market recovery Interesting l...
Elanders mötte svag efterfrågan under Q3 och ett högre ränteläge pressar vinsten.
Kammac provides attractive niche exposure... ...and looks highly accretive on multiple and earnings Elanders trades below historical average...
-11% organisk tillväxt… Efterfrågan i Supply Chain Solutions försvagades i alla större kundsegment och marknader samtidigt som de fallande f...
Elanders presented a somewhat soft Q3 2023 report with -11% organic growth, owing to Supply Chain Solutions and augmented by the normalisati...
Markedly softer demand, but margins are improving We lower adj.
Adj. EBITA SEK 211m (-13% vs. ABGSCe 241m) Consensus EBITA likely to come down by 5-7% 10x 2023e EBITA on pre-Q3 estimates Q3 outcome Sales...
We lower adjusted EBIT by 1-2% for 2023E-25E ahead of Elanders' Q3 2023 report.
Lower demand, freight rates, and contract closures.
Kvartalet tyngs av minskad efterfrågan inom Supply Chain Solutions.
-9% organisk tillväxt… Med 5-6% negativ påverkan från pris (fallande fraktpriser), vilket kommer fortsätta påverka under H2, tog den organis...
Elanders presented a somewhat soft Q2 2023 report with -9% organic growth, owing to Supply Chain Solutions, as the Air & Sea operations saw ...
• Adj. EBITA down 5% on lower top-line estimates • Cash flow remains strong despite softer earnings • '23e-'25e cumulative lease adj.
• Adj. EBITA SEK 210m (-9% vs. ABGSCe 231m) • Cons.
We lower adjusted EBIT by 2-3% for 2023E-25E ahead of Elanders' Q2 report – a quarter in which we expect weak demand in Electronics in EMEA ...
Q2 report due on Wednesday, 12 July Demand likely slowing, mainly in Electronics 10x EV/EBITA (adj.
Lönsamheten förbättrades under Q1 och Elanders närmar sig sitt långsiktiga marginalmål.
Q2 kommer vara fortsatt svårt, men vi räknar med återhämtning i H2 Den organiska tillväxten kom in på -2%.
Q1 in line with prel. figures, no surprise Marginally lower adj.
We make only minor estimate revisions following the Q1 report, which was in line with the preliminary numbers presented on 13 April showing ...
On 13 April, Elanders published preliminary Q1 2023 numbers, suggesting a 16% y/y EBITA uplift and margins up 50 bp y/y, with the former on ...
Q1 adj. EBITA SEK 217m (-6% vs. ABGSCe, -4% vs. cons) Cons EBITA likely down 1%, but PTP et income down 4% Found a historical accounting err...
Q1 report due on Friday 21 April We expect margin expansion against easy comps '23e the 'cash flow year', lease adj.
Elanders levererade ett starkt resultat under Q4 och genomför åtgärder för förbättrad lönsamhet men ökade räntekostnader drar i motsatt rikt...
Fortsatt god marknad, marginalerna fortsatte expandera Efterfrågan var generellt god under kvartalet, men skiftade från månad till månad mel...
Higher net financials weigh on '23e-'24e net profit.
Adj. EBITA SEK 331m (+5% vs. cons. 315m) We expect cons.
Elanders presented yet another solid report for Q4 2022, growing adjusted EBIT by 37% y/y.
We raise our adjusted EBIT estimates by 6% for 2023-24, mainly as a consequence of the implementation of structural measures for non-profita...
