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Research

Fast and furious

By Petri GostowskiCo. Head of Research
Relais Group
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Relais' Q1 figures beat our forecasts by a wide margin, driven by a much better-than-expected organic growth in the Technical Wholesale and Products business. The better-than-expected Q1 figures, combined with the recent acquisition, have boosted our forecasts for the current and coming years.

Relais Group

12.5EUR08.05.2024, 18.00
15EURTarget price
Buy
Changed from:Buy
Recommendation updated:08.05.2024

Relais Group is an importer and wholesaler for the automotive industry. The Group focuses mainly on the development of vehicle electronic equipment for trucks. Examples of products that the company delivers include lighting products, applications for warning lights, lighting and camera systems, as well as other spare parts for heavy vehicles. The largest operations are in the Nordic and Baltic markets, with customers in the aftermarket industry.

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Key Estimate Figures08.05.2024

202324e25e
Revenue284.3317.1322.4
growth-%9.0 %11.6 %1.7 %
EBIT (adj.)28.633.933.5
EBIT-% (adj.)10.0 %10.7 %10.4 %
EPS (adj.)0.951.091.16
Dividend0.440.450.46
Dividend %3.3 %2.9 %3.0 %
P/E (adj.)14.314.213.3
EV/EBITDA9.18.68.5
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