Aktieanalys

Elanders: Expecting margins to trough in Q1 - Nordea

Nordea Publicerad: 10 Apr 07:36

Despite the recent acquisition of Bishopsgate, we lower adjusted EBIT by 2-3% for 2024E-26E ahead of Elanders' Q1 2024E report. We continue to struggle to find short-term data points that indicate rebounding demand. Visibility is low, but we look for margins to reach a trough in Q1 2024E, and successively increase from here – supported by recent margin-accretive M&A, new customer contracts, and the phase-out of the buy-and-sell operations. As such, we remain highly encouraged that Elanders will be well suited to better capitalise on the returning demand with a solid margin trajectory in the longer term. We now pencil in a lease-adjusted net debt/EBITDA of 2.9x for 2024E, and lower our multiples-based fair value range to SEK 90-150 (94-157).

Länk till analysen i sin helhet: https://research.nordea.com/api/reportfileapi?id=922204

Nyheter om Elanders

Läses av andra just nu

Innehåller annonslänkar. Investeringar innebär risk (se här)

Tips: 50% rabatt hos fondroboten Opti

Dags att komma igång med sparande? Fondroboten Opti erbjuder en populär spartjänst som är perfekt för regelbundet månadssparande. Just nu får nya kunder som använder Börskollens unika kampanjkod BORSKOLLEN50 automatiskt 50 % rabatt på Optis avgift i 3 månader!