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SENASTE
Q4 2022 adjusted EBITA was slightly below our expectations despite sales and gross profit being in line. Sales mix was burdened by weak consumer demand in Finland, while B2B lighting sales remained stable. Online business operating costs also increased y/y. More importantly, Relais targets EUR 50m adjusted EBITA by 2025 on a pro forma basis. The company has accelerated its growth plans, as it previously targeted a top line of EUR 500m by 2026. Based on DCF- and multiples based valuation, we derive a fair value range of EUR 16.1-19.7 (15.7-19.2). Marketing material commissioned by Relais Group Oyj.
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