Relais Group Oyj: Strong top line growth, EBITA missed slightly due to higher personnel costs - Nordea

Relais reported Q4 adjusted EBITA of EUR 8.8m, 5% below Refinitiv consensus estimates and 8% below Nordea estimates, respectively. Net sales were EUR 73.5m, 7% and 5% above consensus and Nordea, respectively. Reported EBIT was EUR 5.3m, 15% below both consensus and Nordea. The deviation to our estimates was mainly due to higher personnel costs, which are related to recent acquisitions. The company continues with active M&A strategy also in 2022 and sees a solid pipeline of relevant target companies in the Nordic markets.The company changed to quarterly reporting in Q3 2021 and aims to transfer to Nasdaq Helsinki main list earliest during H2 2022. Our initial take is that consensus EBITA estimates could come slightly down after the Q4 report.

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