Elanders AB Class B (ELAN.B) AI Stock Analysis

• Market Cap: kr1.70B
• Dividend Yield: 6.6%
• Average Volume (3M): 14.83K
• Price to Earnings (P/E): 13.1
• Beta (1Y): 0.55
• Revenue Growth: -7.32%
• EPS Growth: -139.66%
• Country: SE
• Employees: 6,983
• Sector: Industrials
• Sector Strength: 72
• Industry: Specialty Business Services
• EPS (TTM): 1.75
• Shares Outstanding: 33,542,940
• 10 Day Avg. Volume: 13,403
• 30 Day Avg. Volume: 14,830
• PEG Ratio: 0.34
• Price to Book (P/B): 0.69
• Price to Sales (P/S): 0.20
• P/FCF Ratio: 2.31
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 7.54
• Revenue Forecast (FY): kr11.93B

• Rating: 50 Neutral
• Price Target: kr47.00 ▼(-29.11% Downside)
• Action: Reiterated Date: 01/30/26
• Date: Action: Reiterated 01/30/26

The score is held back primarily by deteriorating financial performance (revenue decline and a shift to a net loss) and elevated leverage, which increases risk if profitability stays weak. Technicals are also negative with the stock trading below key moving averages. A relatively high dividend yield and solid free cash flow provide partial support, but do not fully offset the profitability and balance-sheet concerns.

Positive Factors

Strong cash generation

Even in a year with a small net loss, Elanders converted substantial cash (SEK 1.17bn OCF, SEK 1.04bn FCF). Durable cash generation supports near-term operations, funds capex or restructuring, funds working capital and provides a buffer to stabilize the business while management executes recovery plans.

Diversified integrated business model

Elanders combines 3PL logistics, warehousing and value-added services with print and packaging, creating cross-sell opportunities and recurring contract revenue. This integrated model spreads operational risk across segments and geographies, helping revenue resilience and client stickiness over the medium term.

Demonstrated historic profitability & stable gross margin

The company has a track record of positive net income pre-2025 and a steady gross margin (~17.8%), indicating underlying unit economics and pricing that can support recovery. This history suggests management can restore operating leverage when volumes recover or cost initiatives take hold.

Negative Factors

Revenue decline and recent net loss

A material revenue decline with transition to a net loss signals demand or execution pressures. Sustained revenue weakness reduces retained earnings and limits reinvestment, making it harder to fund growth initiatives, retain customer contracts, or absorb cyclical downturns without structural fixes.

Elevated and rising leverage

High and rising leverage materially reduces financial flexibility, raises refinancing and covenant risks, and amplifies downside if profitability stays weak. Declining equity limits headroom for absorbing losses and constrains strategic options such as M&A or large investments without deleveraging.

Eroding cash coverage & declining free cash flow

Although absolute cash generation is solid, declining FCF and a weakened OCF coverage ratio reduce the margin of safety. Lower coverage limits the firm's ability to service debt, invest in efficiency upgrades or absorb further margin pressure, increasing reliance on operational recovery or external financing.

Elanders AB Class B Business Overview & Revenue Model

Company Description

Elanders AB (publ), a logistics company, provides supply chain management, and print and packaging solutions primarily in Sweden, rest of Europe, Asia, North and South America, and internationally. It offers global order management services; sourcing and procurement services; custom configuration and assembly services; warehousing and inventory management; and print and packaging services. The company also provides fulfillment and distribution services; freight services; after sales services, such as warehousing spare parts, accessories, replacement equipment, and consumables, as well as repairs and service; and e-commerce services. In addition, the company sells photo products under the fotokasten and myphotobook brands. It serves automotive, electronics, fashion and lifestyle, health care and life science, and industrial sectors. The company was incorporated in 1908 and is headquartered in Mölndal, Sweden. Elanders AB (publ) is a subsidiary of Carl Bennet AB.

How the Company Makes Money

Elanders primarily makes money by charging customers for outsourced supply chain and print-related services under contract-based and project-based arrangements. Its largest revenue stream is typically Supply Chain Solutions, where it earns fees for third-party logistics (3PL) activities such as inbound handling, warehousing/storage, inventory management, order fulfillment (pick/pack/ship), transportation management (often procuring freight capacity and billing customers for transport and related management fees), returns handling (reverse logistics), and other value-added logistics services such as kitting, light assembly/configuration, labeling, and packaging. Revenue in this area is generally driven by volumes (e.g., number of orders handled, pallets stored, shipments moved), service complexity (value-added tasks), and contract scope/length with large enterprise customers. The second major revenue stream is Print & Packaging Solutions, where Elanders earns revenue from producing printed materials and packaging products and providing associated services (e.g., prepress, design/production support, and distribution of printed matter). In this segment, earnings are tied to print and packaging production volumes, specifications (paper/board types, formats, finishing), and service add-ons (e.g., fulfillment and distribution of printed items). Across both segments, profitability is influenced by operational efficiency (utilization of warehouses/production sites, automation, labor productivity), procurement costs (transportation, paper/packaging inputs), and the ability to win and retain multi-year contracts with recurring volumes. Information about specific significant partnerships is null.

Elanders AB Class B Financial Statement Overview

Summary

Overall financial quality is pressured: revenue declined (-5.58%) and profitability deteriorated into a small net loss (net margin -0.44%) with lower EBIT margin (~3.86%). Balance sheet risk is elevated with high and rising leverage (debt-to-equity ~2.56x) and declining equity, partially offset by relatively solid operating cash flow (SEK 1.17bn) and free cash flow (SEK 1.04bn) despite a decline in 2025.

Income Statement

Profitability has weakened materially: revenue fell -5.58% in 2025 and the company moved from a 1.24% net margin in 2024 to a small net loss in 2025 (net margin -0.44%). Operating profitability also compressed (EBIT margin down to ~3.86% in 2025 from ~5.53% in 2024), despite relatively steady gross margin (~17.8%). The longer-term picture shows the business can be profitable (net income positive in 2020–2024), but the latest year signals elevated earnings volatility and execution/market pressure.

Balance Sheet

Leverage is high for the current earnings profile: debt-to-equity is ~2.56x in 2025 (and has trended upward from ~1.33x in 2020). Equity has declined from 2024 to 2025 (SEK 4.08bn to SEK 3.48bn), and return on equity turned negative in 2025, reflecting the net loss. While assets remain sizeable, the balance sheet leaves less room for error if profitability remains under pressure.

Cash Flow

Cash generation is a relative strength: operating cash flow remained solid at SEK 1.17bn in 2025 and free cash flow was SEK 1.04bn, indicating good cash conversion even in a loss year. However, free cash flow declined (-14.09% in 2025) and operating cash flow coverage is modest (~0.32 in 2025, down from ~0.76 in 2020), suggesting reduced cash cushion versus obligations and a need to stabilize underlying earnings and working-capital dynamics.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	12.20B	14.14B	13.87B	14.97B	11.73B
Gross Profit	2.17B	2.41B	2.35B	2.23B	1.64B
EBITDA	1.82B	2.19B	1.97B	1.94B	1.47B
Net Income	-54.00M	176.00M	248.00M	470.00M	322.30M
Balance Sheet
Total Assets	15.25B	17.07B	15.63B	14.57B	11.80B
Cash, Cash Equivalents and Short-Term Investments	936.00M	1.14B	1.11B	904.00M	898.10M
Total Debt	8.92B	10.09B	9.23B	8.10B	6.05B
Total Liabilities	11.74B	12.96B	11.77B	10.70B	8.50B
Stockholders Equity	3.48B	4.08B	3.84B	3.83B	3.28B
Cash Flow
Free Cash Flow	1.04B	1.22B	1.58B	868.10M	923.70M
Operating Cash Flow	1.17B	1.42B	1.78B	1.11B	1.06B
Investing Cash Flow	-147.00M	-1.25B	-1.01B	-274.30M	-1.39B
Financing Cash Flow	-1.06B	-207.00M	-532.50M	-897.90M	54.20M

Elanders AB Class B Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 66.30
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:ELAN.B, the sentiment is Negative. The current price of 66.3 is above the 20-day moving average (MA) of 49.83, above the 50-day MA of 57.75, and above the 200-day MA of 58.67, indicating a bearish trend. The MACD of -2.48 indicates Negative momentum. The RSI at 28.79 is Positive, neither overbought nor oversold. The STOCH value of 12.90 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:ELAN.B.

Elanders AB Class B Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SVIK	69 Neutral	kr2.51B	59.05	9.66%	0.82%	3.86%	-28.91%
QAIR	65 Neutral	kr395.25M	10.50	13.38%	―	-5.37%	23.22%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
ELAN.B	50 Neutral	kr1.70B	13.07	-1.46%	6.60%	-7.32%	-139.66%
EOLU.B	49 Neutral	kr917.16M	-3.09	18.63%	5.62%	―	―
ELTEL	48 Neutral	kr1.32B	58.96	0.72%	―	-6.38%	―
SALT.B	46 Neutral	kr888.19M	-12.66	-39.97%	―	11.85%	6.39%

Elanders AB Class B Corporate Events

Elanders Publishes Year-End Report 2025 Highlighting Global Supply Chain Operations

Elanders AB has released its Year-End Report for 2025, providing an overview of its group performance, including consolidated financial statements, quarterly data, a five-year overview, and alternative performance measures. While detailed figures are not disclosed in the provided text, the report underscores the company’s ongoing focus on integrated global logistics and supply chain solutions, highlighting its operational breadth and multi-segment customer base, which are central to its positioning in key international markets.

The most recent analyst rating on ($SE:ELAN.B) stock is a Hold with a SEK73.00 price target. To see the full list of analyst forecasts on Elanders AB Class B stock, see the SE:ELAN.B Stock Forecast page.

Elanders Sets Date for 2025 Year-End Report and Investor Call

Elanders has scheduled the publication of its 2025 year-end report for 28 January 2026 at 07:30 CET, followed by a conference call at 09:30 CET led by President and CEO Magnus Nilsson and Group CFO Åsa Vilsson. The company is inviting fund managers, analysts and media to join the call, during which management will present the results, take questions and provide access to supporting presentation materials, with a recording available until late April, underscoring Elanders’ ongoing emphasis on transparency and engagement with the capital markets.

The most recent analyst rating on ($SE:ELAN.B) stock is a Hold with a SEK70.00 price target. To see the full list of analyst forecasts on Elanders AB Class B stock, see the SE:ELAN.B Stock Forecast page.