Aktieanalys

Relais: Strong organic growth ahead of the high season - Nordea

Nordea Publicerad: 05 Nov 2021 07:38

Relais released its first quarterly results, reporting Q3 EBITA of EUR 8.3m and net sales of EUR 58.6m. Q3 organic growth was in the high single digits and the company was able to grow faster than the market. The availability of goods has been secured thanks to advanced deliveries ahead of the high season and the company appeared confident about growth outlook for Q4 and the long term. The M&A pipeline remains healthy and we expect more action in 2022. For Q4, we expect organic growth of 8% y/y, while we model reported sales growth of 88% y/y, given multiple acquisitions in 2021. We derive a fair value range of EUR 24.4-29.9 (24.2-29.6) per Relais share. Marketing material commissioned by Relais Group Oyj.

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