Relais Group Oyj: Fairly in line H1 - Buy & Build story continues in line with expectations - Nordea

Relais reported H1 adjusted EBITA of EUR 12.2m, 4% below our expectations (no consensus). Net sales were EUR 105.8m, 2% / 3% above Nordea and Refinitiv consensus, respectively. Reported EBIT was EUR 6.1m, -8% / -16% versus Nordea and consensus, respectively. The company will change to quarterly reporting from Q3 onwards. The integrations of recently acquired business have proceeded according to the plans and the company expects substantial synergies, both on top line and profitability going forward. Purchasing synergies will be visible with a short notice, while top line synergies should be visible within next 24-months. The company continues with active M&A strategy and sees a solid pipeline of relevant target companies in the Nordic markets. We would not be surprised if the company would announce further acquisitions already in H2.

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