Copyright © Inderes 2011 - present. All rights reserved.
  • Latest
  • Markets
    • Stock Comparison
    • Financial Calendar
    • Dividends Calendar
    • Research
    • Articles
    • Transcripts
  • inderesTV
  • Forum
  • About Us
    • Our Coverage
    • Team
Third party research

Elanders: Approaching a period with stronger earnings growth - Nordea

Elanders

This is a third party research report and does not necessarily reflect our views or values

Download report (PDF)
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 earnings for Q4. However, looking into 2026, we look for more favourable comps, while the recent margin-enhancing structural measures should support group profitability. Thus we expect Elanders to enter a period of more positive earnings growth; we pencil in 40% y/y growth for H1 2026 and a 140bp group margin uplift by 2027, equivalent to a 2025E-27E adjusted EBITA CAGR of 12%. Despite 2026E lease-adjusted net debt/EBITDA of 3.2x, we continue to argue that Elanders is emerging with a more asset-light business model and better able to capitalise on rebounding demand going forward. We lower our multiples-based fair value range to SEK 49-89 (52-95), implying 2026E EV/EBITA of ~10-12x.
Find us on social media
  • Inderes Forum
  • Youtube
  • Facebook
  • X (Twitter)
Get in touch
  • info@hcandersencapital.dk
  • Bredgade 23B, 2. sal
    1260 København K
Inderes
  • About us
  • Our team
  • Careers
  • Inderes as an investment
  • Services for listed companies
Our platform
  • FAQ
  • Terms of service
  • Privacy policy
  • Disclaimer
Inderes’ Disclaimer can be found here. Detailed information about each share actively monitored by Inderes is available on the company-specific pages on Inderes’ website. © Inderes Oyj. All rights reserved.