Relais: Small bolt-on acquisition in Helsinki region - Nordea

Relais acquires Adita Oy, a local distributor of spare parts and equipment for cars and marine use in the Helsinki region. In 2022, Adita had net sales of EUR 5.6m, while based on FAS accounting, EBIT margin was 3% in 2021. Adita has 14 employees and will be consolidated from the beginning of March. To our understanding, Adita has been long-term partner for Relais and has been selling Startax products. Hence, positive top line impact on a group level is limited (we believe around 1%). Relais will report its Q1 on 4 May. For Q1, we are in line with Refinitiv consensus on sales and 13% ahead on adjusted EBITA. We note easy comps due to warm winter and COVID-19 impact in Q1 2022, while we are not overly worried about demand situation in the market as Relais is mainly exposed to heavy and commercial traffic. We model 4% y/y sales growth and 5% y/y adjusted EBITA growth for Q1 2023.

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