Relais: Warm winter could weigh on Q4 margins - Nordea

Ahead of Relais' Q4 report, we take a slightly more cautious view on Q4 margins given the warm winter in the Nordics. Traffic observations from Finland point to stable end demand in repair and maintenance, while focus is clearly on the sale of lighting products after some sales were shifted from Q3. We note an increasing average age of cars in Finland, which could support Relais' sales development in coming years. Following an increase in peer multiples, our DCF- and multiples-based fair value range is lifted to EUR 17.7-21.6 (16.6-20.3). Marketing material commissioned by Relais Group Oyj.

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