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Elanders

Elanders

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Elanders operates two business areas: Supply Chain solutions and Print & Packaging. Supply Chain solutions is the largest segment and offers various solutions ranging from logistics solutions to outsourcing of global deliveries, including procurement, warehousing, configuration, production, distribution, order management, payment solutions and after-sales services. Print & Packaging mainly focuses on customised paper solutions.

Sustainability information

The supply chain business is asset-heavy and demand is cyclical. Outsourcing is a competitive market and the margin is in the single digits, making it vulnerable in economic downturns.

Financials

SEKm 2025 2026e 2027e
Sales 15133 15936 N/A
Sales growth (%) 6,8 5,3 -100
EBITDA 2387 2468 N/A
EBITDA margin (%) 15,8 15,5 N/A
EBIT adj. 991 1072 0
EBIT adj. margin (%) 6,5 6,7 N/A
Pretax profit 552 664 0
EPS 10,69 12,92 N/A
EPS growth (%) 23,7 20,8 -100
EPS adj. 12,91 15,14 N/A
DPS 5,5 6 N/A
EV/EBITDA (x) 4,9 4,5 N/A
EV/EBIT adj. (x) 11,8 10,4 N/A
P/E (x) 8,3 6,9 N/A
P/E adj. (x) 6,9 5,9 N/A
EV/sales (x) 0,77 0,7 N/A
FCF yield (%) 51,6 52,7 0
Le. adj. FCF yld. (%) 21,4 22,5 0
Dividend yield (%) 6,2 6,7 0
Net IB debt/EBITDA (x) 3,6 3,2 N/A
Le. adj. ND/EBITDA (x) 2,8 2,3 N/A
SEKm 2025 2026e 2027e
Sales 15133 15936 N/A
COGS -12489 -13203 N/A
Gross profit 2643 2733 0
Other operating items -257 -265 0
EBITDA 2387 2468 N/A
Depreciation and amortisation -1284 -1284 0
of which leasing depreciation -1080 -1080 N/A
EBITA 1103 1184 N/A
EO Items 0 0 N/A
Impairment and PPA amortisation -112 -112 0
EBIT 991 1072 N/A
Net financial items -439 -408 N/A
Pretax profit 552 664 0
Tax -165 -199 N/A
Net profit 386 465 0
Minority interest -8 -8 N/A
Net profit discontinued 0 0 N/A
Net profit to shareholders 378 457 0
EPS 10,69 12,92 N/A
EPS adj. 12,91 15,14 N/A
Total extraordinary items after tax 0 0 0
Leasing payments -950 -950 N/A
Tax rate (%) 30 30 N/A
Gross margin (%) 17,5 17,2 N/A
EBITDA margin (%) 15,8 15,5 N/A
EBITA margin (%) 7,3 7,4 N/A
EBIT margin (%) 6,5 6,7 N/A
Pre-tax margin (%) 3,6 4,2 N/A
Net margin (%) 2,6 2,9 N/A
Sales growth (%) 6,8 5,3 -100
EBITDA growth (%) 3,7 3,4 -100
EBITA growth (%) 8,8 7,4 -100
EBIT growth (%) 9,4 8,2 -100
Net profit growth (%) 24,3 20,4 -100
EPS growth (%) 23,7 20,8 -100
Profitability N/A N/A N/A
ROE (%) 9,2 10,6 0
ROE adj. (%) 12 13,1 0
ROCE (%) 6,9 7,4 0
ROCE adj. (%) 7,7 8,2 0
ROIC (%) 6 6,6 N/A
ROIC adj. (%) 6 6,6 N/A
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 2387 2468 0
EBITDA adj. margin (%) 15,8 15,5 N/A
EBITDA lease adj. 1437 1518 N/A
EBITDA lease adj. margin (%) 9,5 9,5 N/A
EBITA adj. 1103 1184 0
EBITA adj. margin (%) 7,3 7,4 N/A
EBIT adj. 991 1072 0
EBIT adj. margin (%) 6,5 6,7 N/A
Pretax profit Adj. 664 776 0
Net profit Adj. 498 577 0
Net profit to shareholders adj. 490 569 0
Net adj. margin (%) 3,3 3,6 N/A
SEKm 2025 2026e 2027e
EBITDA 2387 2468 N/A
Goodwill 4829 4828 N/A
Net financial items -439 -408 N/A
Other intangible assets 1217 1147 0
Paid tax -165 -199 N/A
Tangible fixed assets 1880 1841 N/A
Non-cash items 0 0 N/A
Right-of-use asset 3904 3774 N/A
Cash flow before change in WC 1782 1861 0
Total other fixed assets 459 459 0
Change in working capital 38 2 0
Fixed assets 12289 12049 0
Operating cash flow 1820 1863 N/A
Inventories 545 558 N/A
Capex tangible fixed assets -197 -207 N/A
Receivables 2119 2199 N/A
Capex intangible fixed assets 0 0 N/A
Other current assets 575 606 N/A
Acquisitions and Disposals 0 1 0
Cash and liquid assets 1607 2046 N/A
Free cash flow 1623 1657 0
Total assets 17135 17458 0
Dividend paid -177 -194 N/A
Shareholders equity 4196 4459 0
Share issues and buybacks 0 0 0
Minority 41 49 N/A
Leasing liability amortisation -950 -950 N/A
Total equity 4237 4508 0
Other non-cash items 0 0 8394
Long-term debt 4879 4805 N/A
Pension debt N/A N/A N/A
Convertible debt N/A N/A N/A
Leasing liability 4536 4536 0
Total other long-term liabilities 408 408 0
Short-term debt 691 691 N/A
Accounts payable 2383 2510 N/A
Other current liabilities 0 0 0
Total liabilities and equity 17135 17458 0
Net IB debt 8499 7986 0
Net IB debt excl. pension debt 8499 7986 0
Net IB debt excl. leasing 3963 3450 0
Capital employed 14343 14540 0
Capital invested 12736 12494 0
Working capital 855 853 0
Market cap. diluted (m) 3147 3147 0
Net IB debt adj. 8499 7986 N/A
Market value of minority 41 49 N/A
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 11687 11182 0
Total assets turnover (%) 88,8 92,1 0
Working capital/sales (%) 5,8 5,4 N/A
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 200,6 177,2 N/A
Net debt / market cap (%) 270,1 253,8 N/A
Equity ratio (%) 24,7 25,8 N/A
Net IB debt adj. / equity (%) 200,6 177,2 N/A
Current ratio 1,58 1,69 N/A
EBITDA/net interest 5,4 6 N/A
Net IB debt/EBITDA (x) 3,6 3,2 N/A
Net IB debt/EBITDA lease adj. (x) 2,8 2,3 N/A
Interest coverage 2,5 2,9 N/A
SEKm 2025 2026e 2027e
Shares outstanding adj. 35 35 N/A
Diluted shares adj. 35 35 0
EPS 10,69 12,92 N/A
Dividend per share 5,5 6 N/A
EPS adj. 12,91 15,14 N/A
BVPS 118,68 126,1 N/A
BVPS adj. -52,31 -42,88 N/A
Net IB debt/share 240,37 225,87 N/A
Share price 89 89 89
Market cap. (m) 3147 3147 0
P/E (x) 8,3 6,9 N/A
EV/sales (x) 0,77 0,7 N/A
EV/EBITDA (x) 4,9 4,5 N/A
EV/EBITA (x) 10,6 9,4 N/A
EV/EBIT (x) 11,8 10,4 N/A
Dividend yield (%) 6,2 6,7 0
FCF yield (%) 51,6 52,7 0
Le. adj. FCF yld. (%) 21,4 22,5 0
P/BVPS (x) 0,75 0,71 N/A
P/BVPS adj. (x) -4,98 -8,51 89
P/E adj. (x) 6,9 5,9 N/A
EV/EBITDA adj. (x) 4,9 4,5 N/A
EV/EBITA adj. (x) 10,6 9,4 N/A
EV/EBIT adj. (x) 11,8 10,4 N/A
EV/CE (x) 0,8 0,8 N/A
Investment ratios N/A N/A N/A
Capex/sales (%) 1,3 1,3 N/A
Capex/depreciation 1 1 N/A
Capex tangibles / tangible fixed assets 10,5 11,3 N/A
Capex intangibles / definite intangibles N/A N/A N/A
Depreciation on intang / def. intang N/A N/A N/A
Depreciation on tangibles / tangibles 10,85 11,08 N/A

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Media

Elanders - Company presentation with President & CEO Magnus Nilsson
Elanders - Company presentation with CEO Magnus Nilsson

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Main shareholders - Elanders

Main shareholders Share capital % Voting shares % Verified
Carl Bennet 50.2 % 65.9 %
Carnegie Fonder 8.5 % 5.8 %
Didner & Gerge Fonder 7.2 % 4.9 %
Lannebo Fonder 7.1 % 4.9 %
Fjärde AP-fonden 3.3 % 2.2 %
Protector Forsikring ASA 1.6 % 1.1 %
Tredje AP-fonden 1.2 % 0.8 %
Canaccord Genuity Wealth Management 0.9 % 0.6 %
Dan Olsson 0.8 % 0.6 %
Per Anders Bendt 0.6 % 0.4 %