Relais: M&A pace could pick up again - Nordea

Ahead of its Q1 report due on 12 May, Relais announced the acquisition of a Swedish company, Skeppbrons Jönköping AB. The deal will further strengthen Relais's position within the heavy commercial vehicle repair and maintenance market. We believe the overall demand for the company's products will remain robust in 2022 but that its organic growth will be moderate. We take a slightly more cautious view on top-line development, despite expected price increases, as volume development might be dented in the current environment. We believe Relais will continue its active M&A agenda with compelling acquisition multiples and clear top line and cost synergies. We derive a fair value range of EUR 22.0-26.9 (22.1-27.0) per share. Marketing material commissioned by Relais Group Oyj.

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