Relais Group Oyj: Mileage could start to deteriorate - Nordea

Q1 was characterised by unfavourable weather conditions, cautious customers and a high level of sick leave. We believe the situation normalised during Q2 and expect the company to return to positive organic growth. However, high inflation and low consumer confidence could lead to lower economic activity, which could negatively affect mileage and equipment sales for new vehicles. We believe the company is relatively well positioned with its offering and note that the current environment could present new M&A opportunities. We derive a fair value range of EUR 17.8-21.8 (19.9-24.3) per Relais share. Marketing material commissioned by Relais Group Oyj.

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