Relais’ Q1 adjusted EBITA came in 13% above LSEG Data & Analytics consensus with a strong 12% y/y organic growth. The sales mix was tilted towards wholesale and products, owing to the cold weather in Finland during the quarter, while all product group sales beat our expectations. The outlook remains stable despite the sluggish macro outlook and Relais has been gaining market shares. The M&A pipeline remains healthy and we expect further acquisitions in H2. We derive a slightly higher DCF- and multiples-based fair value of EUR 15.8-19.3 (15.0-18.4). Marketing material commissioned by Relais Group Oyj.

https://research.nordea.com/api/reportfileapi?id=931120

Nordea