Elanders: Weaker Q3 but outlook a relief - ABG

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 outcome

Sales came in at SEK 3,598m (-3% vs. ABGSCe SEK 3,709m, +1% vs. FactSet cons. 3,551m), and adj. EBITA was SEK 237m (-9% vs. ABGSCe 261m, -4% vs. cons 247m), for a margin of 6.6% (ABGSCe 7.0%, cons 7.0%), with NRI of 138m (ABGSCe 0m) resulting from Kammac not living up to 2024 expectations. Net profit was SEK 186m (ABGSCe 71m, cons 61m). On top line, all segments came in below our expectations, except for Electronics and Other. The EBITA miss was driven by misses in both Supply Chain Solutions and Print & Packaging. The margin in Supply Chain Solutions (7.2% vs. ABGSCe 7.4%) was slightly disappointing. Print & Packaging EBITA was SEK 32m (-34% vs. ABGSCe). OPCF was on the low side at SEK 279m (528m) amid NWC build-up. Lease-adj. proforma net debt/EBITDA of 3.7x was a bit higher than we would have liked to see but not of major concern.