Relais Group Oyj: Strong organic growth supported by acquisitions – Nordea


Relais released its Q4 2021 results on 3 March, reporting EBITA of EUR 8.8m and net sales of EUR 73.5m. According to management, Relais was able to grow faster than the market with low double-digit organic growth. It aimed to secure delivery capacity in 2022 by increasing inventory levels significantly during 2021. The company will continue its active M&A strategy in 2022 and sees a solid pipeline of relevant target companies in the Nordic markets. For both Q1 and FY 2022, we expect organic growth of 2%. We derive a multiples- and DCF-based fair value range of EUR 22.1-27.0 (24.4-29.9) per Relais share. Marketing material commissioned by Relais Group Oyj.

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