Relais: Expanding the platform - Nordea

On 1 August, Relais announced the acquisition of NDS Group's Norwegian workshop equipment unit, which includes its AutoMateriell business and shares in Nordic Lift. The acquisition will expand Relais' platform and should allow for future bolt-on acquisitions in the Nordics. We believe the company is seeking to enhance its EV offering through the deal. While we do not expect any significant short-term synergies, we do expect the margin improvement trend to continue, thanks to improved repair and maintenance performance. Relais will likely continue making acquisitions, although not likely before 2024 due to its current leverage level. We calculate a slightly higher DCF- and multiples-based fair value range of EUR 16.4-20.1 (16.2-19.8). Marketing material commissioned by Relais Group Oyj.

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