Relais: Weather impacting near-term earnings - Nordea

Relais outperformed the market in Q3 and we expect a similar performance for Q4. However, the warm start to winter in the Nordics likely burdened the top-line and margin development in Q4, which we expect to reverse in H1, thanks to a long, cold period. The company continued its active M&A agenda in Q4 and we expect it to release new ambitious growth targets in H1. We derive a slightly lower DCF- and multiples-based fair value range of EUR 18.3-22.4 (18.7-22.9).

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