Relais: Solid starting point for 2024 - Nordea

Relais' Q4 EBITA fell short of LSEG Data & Analytics consensus, most likely due to soft lighting sales. The Repair and Maintenance business continued to gain customers, while spare parts sales could see an uptick in Q1 due to the cold start to the year. Management appeared fairly confident that profitable growth will continue, although it expects the Finnish market to remain challenging in 2024. M&A is still on the table, but we believe any major acquisition would require the use of own shares or equity-like financing. We make only minor estimate revisions and derive a slightly lower DCF- and multiples-based fair value of EUR 15.0-18.4 (15.4-18.8). Marketing material commissioned by Relais Group Oyj.

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