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SENASTE
Relais issued a profit warning on 8 August, flagging weak profitability in H1. The Q2 headline figures were in line with the pre-released numbers and the focus in the report was on the H2 outlook. Relais has suffered from a lack of mechanics, capping workshop growth, while the wholesale market has recovered to close to last year's level. However, we note the volatile market conditions and do not expect a quick fix for the employee shortage. Lighting sales have now started and will be significant for the H2 performance in terms of higher margins and the currently high inventories. We derive a fair value range of EUR 16.4-20.0 (17.8-21.8) per Relais share. Marketing material commissioned by Relais Group Oyj.
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