Elanders will present its Q4 numbers on 28 January. We expect a strong Q4 report with 17% y/y adjusted EBIT growth fuelled by cost savings within LGI and healthy operating leverage on the expected 6% organic growth. Longer term, we argue that Elanders is well-positioned as a financially strong partner for its customers in supply chain and Print & Packaging, which should lead to market share gains and organic growth of ~5% in 2021. Together with SG&A reductions, we expect a 16% adjusted EBITA CAGR for 2020-23. We lift our multiples-based SOTP valuation range to SEK 136-163 (97-121) due to our estimate revisions and the strong performance of its peer group. Marketing material commissioned by Elanders.

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