Elanders will publish its Q2 report on 15 July. We expect a challenging quarter burdened by the COVID-19 lockdown in Europe, especially within the automotive segment. On the positive side, we argue that the easing lockdowns will drive sequentially improved volumes for Q3, with a fast recovery in retail and gradual improvements in automotive volumes. In the longer term, and as we have seen historically, Elanders could benefit from the market turmoil and, as a financially strong partner to its customers, it could gain market share as well as push for consolidation. We raise our multiples-based SOTP valuation range to SEK 60-81 (56-76) per share. Marketing material commissioned by Elanders.

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