Relais: Resilience visible in top-line development - Nordea

Q2 adjusted EBITA fell slightly short of Refinitiv consensus expectations despite solid top-line growth. Organic growth was ~10% y/y, and all product lines showed growth on a reported basis. Workshop capacity utilisation remained healthy, while sluggish consumer demand is still visible in online sales. Relais is entering an important lighting season with a good inventory situation, and recent acquisitions in Norway should offer a good growth platform for upcoming years. We calculate a slightly lower DCF- and multiples-based fair value range of EUR 16.1-19.7 (16.4-20.1). Marketing material commissioned by Relais Group Oyj.

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