Relais: Focus on growth initiatives - Nordea

Relais' Q1 results were well in line with LSEG Data and Analytics consensus expectations, while the focus was clearly on the latest acquisitions and future opportunities in the market. The company expects to close the acquisitions of Matro and Team Verksted in June, while it sees potential for further acquisitions during 2025. The Matro acquisition opens up the continental Europe market for Relais, with clear cross-selling potential, while the Team Verksted acquisition further fortifies Relais' strong market position in the Nordic independent repair and maintenance market. We incorporate the acquisitions into our estimates, and increase our DCF- and multiples-based fair value range to EUR 18.7-22.8 (18.3-22.3). Marketing material commissioned by Relais Group Oyj.

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