Press the button and be introduced to a new random company!

Introduce me >

Social media

facebook   Follow us on Twitter

Coverage

Elanders

Elanders

Send subscription Close

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 2023 2024e 2025e
Sales 13867 14174 15133
Sales growth (%) -7,4 2,2 6,8
EBITDA 1967 2302 2387
EBITDA margin (%) 14,2 16,2 15,8
EBIT adj. 830 840 991
EBIT adj. margin (%) 6 5,9 6,5
Pretax profit 398 398 552
EPS 7,01 8,65 10,69
EPS growth (%) -47,2 23,3 23,7
EPS adj. 10,72 9,59 12,91
DPS 4,15 5 5,5
EV/EBITDA (x) 5,9 5,4 5
EV/EBIT adj. (x) 13,9 14,7 12
P/E (x) 13,4 10,9 8,8
P/E adj. (x) 8,8 9,8 7,3
EV/sales (x) 0,83 0,87 0,78
FCF yield (%) 10,1 8,6 48,7
Le. adj. FCF yld. (%) -17,8 -19,8 20,2
Dividend yield (%) 4,4 5,3 5,8
Net IB debt/EBITDA (x) 4,2 3,9 3,6
Le. adj. ND/EBITDA (x) 3,2 3,5 2,8
SEKm 2023 2024e 2025e
Sales 13867 14174 15133
COGS -11519 -11717 -12489
Gross profit 2348 2456 2643
Other operating items -381 -154 -257
EBITDA 1967 2302 2387
Depreciation and amortisation -1147 -1289 -1284
of which leasing depreciation -942 -1063 -1080
EBITA 820 1013 1103
EO Items -106 65 0
Impairment and PPA amortisation -96 -108 -112
EBIT 724 905 991
Net financial items -326 -507 -439
Pretax profit 398 398 552
Tax -140 -87 -165
Net profit 258 311 386
Minority interest -10 -5 -8
Net profit discontinued 0 0 0
Net profit to shareholders 248 306 378
EPS 7,01 8,65 10,69
EPS adj. 10,72 9,59 12,91
Total extraordinary items after tax -69 51 0
Leasing payments -929 -945 -950
Tax rate (%) 35,2 21,9 30
Gross margin (%) 16,9 17,3 17,5
EBITDA margin (%) 14,2 16,2 15,8
EBITA margin (%) 5,9 7,1 7,3
EBIT margin (%) 5,2 6,4 6,5
Pre-tax margin (%) 2,9 2,8 3,6
Net margin (%) 1,9 2,2 2,6
Sales growth (%) -7,4 2,2 6,8
EBITDA growth (%) 1,4 17 3,7
EBITA growth (%) -12,7 23,5 8,8
EBIT growth (%) -14,7 25 9,4
Net profit growth (%) -46,9 20,4 24,3
EPS growth (%) -47,2 23,3 23,7
Profitability N/A N/A N/A
ROE (%) 6,5 7,8 9,2
ROE adj. (%) 10,7 9,3 12
ROCE (%) 5,7 6,6 6,9
ROCE adj. (%) 7,3 6,9 7,7
ROIC (%) 4,6 6,3 6
ROIC adj. (%) 5,2 5,9 6
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 2073 2237 2387
EBITDA adj. margin (%) 14,9 15,8 15,8
EBITDA lease adj. 1144 1292 1437
EBITDA lease adj. margin (%) 8,2 9,1 9,5
EBITA adj. 926 948 1103
EBITA adj. margin (%) 6,7 6,7 7,3
EBIT adj. 830 840 991
EBIT adj. margin (%) 6 5,9 6,5
Pretax profit Adj. 600 441 664
Net profit Adj. 423 368 498
Net profit to shareholders adj. 413 363 490
Net adj. margin (%) 3 2,6 3,3
SEKm 2023 2024e 2025e
EBITDA 1967 2302 2387
Goodwill 4452 4829 4829
Net financial items -326 -507 -439
Other intangible assets 1361 1290 1217
Paid tax -242 -87 -165
Tangible fixed assets 1127 1927 1880
Non-cash items 12 0 0
Right-of-use asset 4152 4034 3904
Cash flow before change in WC 1411 1708 1782
Total other fixed assets 459 459 459
Change in working capital 371 19 38
Fixed assets 11551 12538 12289
Operating cash flow 1782 1726 1820
Inventories 349 468 545
Capex tangible fixed assets -178 -184 -197
Receivables 2038 2055 2119
Capex intangible fixed assets 0 0 0
Other current assets 586 567 575
Acquisitions and Disposals -1268 -1255 0
Cash and liquid assets 1107 1311 1607
Free cash flow 337 287 1623
Total assets 15630 16939 17135
Dividend paid -165 -147 -177
Shareholders equity 3836 3995 4196
Share issues and buybacks 0 0 0
Minority 28 33 41
Leasing liability amortisation -929 -945 -950
Total equity 3864 4028 4237
Other non-cash items -294 0 0
Long-term debt 4070 5079 4879
Pension debt N/A N/A N/A
Convertible debt N/A N/A N/A
Leasing liability 4536 4536 4536
Total other long-term liabilities 408 408 408
Short-term debt 691 691 691
Accounts payable 2061 2197 2383
Other current liabilities 0 0 0
Total liabilities and equity 15630 16939 17135
Net IB debt 8191 8995 8499
Net IB debt excl. pension debt 8191 8995 8499
Net IB debt excl. leasing 3655 4459 3963
Capital employed 13161 14334 14343
Capital invested 12055 13023 12736
Working capital 912 893 855
Market cap. diluted (m) 3331 3331 3331
Net IB debt adj. 8191 8995 8499
Market value of minority 28 33 41
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 11549 12359 11871
Total assets turnover (%) 91,8 87 88,8
Working capital/sales (%) 7,2 6,4 5,8
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 212 223,3 200,6
Net debt / market cap (%) 245,9 270,1 255,2
Equity ratio (%) 24,7 23,8 24,7
Net IB debt adj. / equity (%) 212 223,3 200,6
Current ratio 1,48 1,52 1,58
EBITDA/net interest 6 4,5 5,4
Net IB debt/EBITDA (x) 4,2 3,9 3,6
Net IB debt/EBITDA lease adj. (x) 3,2 3,5 2,8
Interest coverage 2,5 2 2,5
SEKm 2023 2024e 2025e
Shares outstanding adj. 35 35 35
Diluted shares adj. 35 35 35
EPS 7,01 8,65 10,69
Dividend per share 4,15 5 5,5
EPS adj. 10,72 9,59 12,91
BVPS 108,49 112,99 118,68
BVPS adj. -55,91 -60,06 -52,31
Net IB debt/share 231,64 254,41 240,37
Share price 94,2 94,2 94,2
Market cap. (m) 3331 3331 3331
P/E (x) 13,4 10,9 8,8
EV/sales (x) 0,83 0,87 0,78
EV/EBITDA (x) 5,9 5,4 5
EV/EBITA (x) 14,1 12,2 10,8
EV/EBIT (x) 16 13,7 12
Dividend yield (%) 4,4 5,3 5,8
FCF yield (%) 10,1 8,6 48,7
Le. adj. FCF yld. (%) -17,8 -19,8 20,2
P/BVPS (x) 0,87 0,83 0,79
P/BVPS adj. (x) -5,41 -4 -5,27
P/E adj. (x) 8,8 9,8 7,3
EV/EBITDA adj. (x) 5,6 5,5 5
EV/EBITA adj. (x) 12,5 13 10,8
EV/EBIT adj. (x) 13,9 14,7 12
EV/CE (x) 0,9 0,9 0,8
Investment ratios N/A N/A N/A
Capex/sales (%) 1,3 1,3 1,3
Capex/depreciation 0,9 0,8 1
Capex tangibles / tangible fixed assets 15,8 9,6 10,5
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 18,17 11,73 10,85

Equity research

Read earlier research

Media

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

View more media

Main shareholders - Elanders

Main shareholders Share capital % Voting shares % Verified
Carl Bennet 50.2 % 65.9 % 29 Oct 2024
Svolder 12.1 % 8.3 % 29 Oct 2024
Fjärde AP-fonden 8.5 % 5.8 % 29 Oct 2024
Carnegie Fonder 5.0 % 3.4 % 31 Oct 2024
Protector Forsikring ASA 2.3 % 1.6 % 29 Oct 2024
Tredje AP-fonden 2.1 % 1.5 % 29 Oct 2024
Söderberg & Partners Asset Management SA 1.5 % 1.1 % 31 Oct 2024
Avanza Pension 1.3 % 0.9 % 29 Oct 2024
Dimensional Fund Advisors 1.0 % 0.7 % 31 Oct 2024
Provobis Holding AB 0.7 % 0.5 % 29 Oct 2024
Source: Holdings by Modular Finance AB