Elanders AB (publ) (ELAN-B.ST) fair value

ACCE thesis

Elanders is a Swedish supply chain and printed-communications group, running warehousing, e-commerce fulfilment and print-and-distribution services for retail and public-sector clients. Its case rests on the operational side of that business: 5.3% operating margin against an 18.8% gross margin, with 2.1% ROE, shows a cost base that has been managed hard even though returns on capital are thin. Revenue fell 4.0%, so the near-term story depends on volume recovery and on whether the lower forward P/E of 4.8 against a trailing 25.5 reflects a genuine earnings step-up or simply a depressed base year. The gap between those two multiples is the first thing to verify, along with how much of the cost reduction is structural. At 1.8B SEK with no index membership, the stock sits in the coverage gap that often produces mispricing, which justifies a deeper look at the order book and margin bridge but not a conclusion yet.