Relais: Testing market resilience - Nordea

Relais will for the first time report in accordance with IFRS standards in its Q3 results on 10 November. After a weak spring, we believe market demand has returned to close to normal ahead of the important H2. Given supply chain issues for new vehicles, we believe aftermarket demand will remain robust in Q4 too, while low consumer confidence and high inflation create some uncertainty over the important lighting sales, which should drive inventories to more normal levels. In addition, we believe Relais might announce a profitability-improvement programme in conjunction with the report. We derive a fair value of EUR 15.9-19.5 (16.4-20.0) per share. Marketing material commissioned by Relais Group Oyj.

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