Elanders

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...

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 segments. Although short-term sentiment remains weak, particularly given the sequential drop in Industrial, along with...