Relais: Strong Q2 on all fronts - Nordea

Relais reported Q2 adjusted EBITA of EUR 7.3m, 13% above LSEG Data & Analytics consensus. Organic growth was 8% y/y, supported by double-digit growth in Scandinavia. Relais has continued to grow among bigger fleet customers, which we expect to continue during H2. Seasonality of Lighting sales has improved, as the company has been able to increase its export sales. The outlook remains stable for H2, while the M&A pipeline appears to be improving. We derive a slightly higher DCF- and multiples-based fair value range of EUR 16.6-20.3 (15.8-19.3). Marketing material commissioned by Relais Group Oyj.

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