Relais: Slight adjusted EBITA miss despite solid top line development - Nordea
Relais reported Q2 adjusted EBITA of EUR 4.8m, 3% below Refinitiv consensus and 13% below our estimate. Net sales were EUR 64.1m (up 9% y/y), 1% above Refinitiv consensus and 2% above our estimates. EBITA was burdened by EUR 0.3m by weak SEK and NOK. Q2 sales growth was driven by both repair and maintenance business (+11% y/y organic growth) and technical wholesale and products business (+10% y/y organic growth). Sales increased 7% y/y in Scandinavia, while sales were up 12% y/y in Finland-Baltics, reflecting acquisitions. Sluggish consumer demand in on-line business continued.
Gross margin came in line with consensus expectations. Operating cash flow improved substantially and was EUR 6.7m (EUR 2.9m a year ago), driven by net working capital changes. Inventories were down 9% y/y and the company notes good level of inventories. Relais does not give short-term outlook.
On initial take, we believe consensus to make only limited estimate revisions on the back of the Q2 for 2023E-25E.
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