Elanders

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. Overcapacity is likely to remain a margin drag, especially in the North American Fashion business, and we foresee continued weakness...

We raise adjusted EBITA by 2% for 2026E-27E, following the stronger-than-expected profitability in Q4, with adjusted EBITA increasing 8% y/y despite a 19% y/y sales decline. Although Q4 marked an inflection point in earnings, we look for this to take...

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 recovery over the short term. Following four quarters of double-digit y/y declines in adjusted EBITA, we expect flat ...

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...

We trim adjusted EBITA by 2% for 2025E-27E on the back of recent FX movements. We take a slightly more cautious view on short-term demand, pencilling in a 15% y/y adjusted EBITA decline for Q3. Although there is clearly demand uncertainty, exacerbated...