Elanders: - 9% lower on adj. EBITA, driven by top-line - ABG

• Adj. EBITA SEK 210m (-9% vs. ABGSCe 231m)
• Cons. EBITA likely to come down by 2-3%
• 10x '23e EV/EBITA on pre-Q2 estimates

Q2 outcome
Sales were SEK 3,450m (-9% vs. ABGSCe SEK 3,778m, -7% vs. FactSet cons. 3,705m), and adj. EBITA was SEK 210m (-9% vs. ABGSCe 231m,-7% vs. cons 226m), for a margin of 6.1% (ABGSCe 6.1%, cons 6.1%), which included NRIs SEK 15m (ABGSCe/cons 0m) from provisions for additional earn-outs. Adj, net profit was SEK 64m (-9% vs. ABGSC 87m, -8% vs. cons 86m). The miss on adj. EBITA was entirely top-line driven, while margins were in line, and the company cites lower freight rates that mainly affected Supply Chain Solutions (which came in -14% vs. ABGSCe/cons on EBITA). Meanwhile, Print & Packaging Solutions was +16% vs. ABGSCe and +6% vs. cons on EBITA, with the high-margin online print business developing positively

Länk till analysen i sin helhet: https://cr.abgsc.com/contentassets/1e399979d65646cf8cdebbdeb47b1dde/pdf/9-lower-on-adj.-ebita-driven-by-top-line.pdf