Elanders: Cash will be king in 2023 - ABG

Higher net financials weigh on '23e-'24e net profit...
... but NWC release to take '23e lease adj. FCFY to 15%
Trading at 11.5x '23e EV/EBITA (8.0x lease adj. EV/EBITA)


Q4: A solid quarter as Bergen continues its strong run

Elanders' Q4 report came in 6% above ABGSCe and 5% above FactSet consensus on adj. EBITA, driven by Supply Chain Solutions, where Bergen Logistics had yet another strong quarter. Meanwhile, automotive and industrial customers continued to struggle due to component shortage issues, but to a lesser extent than in Q3, according to the company. Print & Packaging Solutions undershot expectations with high paper prices still hurting margins, but the negative effect is increasingly being mitigated by raising prices to customers. Financial expenses were up more than expected, and as a result net profit was in line with our expectations despite the EBITA beat.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/elanders/Equity-research/2023/1/elanders---cash-will-be-king-in-2023/