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Relais Group Oyj: Building a base for international growth - Nordea

Relais announced on 31 March that it will acquire Lumise, one of Europe's leading e-commerce operators providing lighting solutions for vehicles and work machinery. We think the acquisition will create a good online platform for Relais and accelerate the growth of Relais' own brands within the lighting business. After the latest acquisitions, Relais has become one of the leading aftermarket lighting solutions providers in the world, while Lumise's expertise within online channels should offer a good growth path for coming years. We would not be surprised to see more M&A in 2021. We derive a fair value range of EUR 17.5-21.4 (15.8-19.4) per share. Marketing material commissioned by Relais Group Oyj.

Relais announced on 31 March that it will acquire Lumise, one of Europe's leading e-commerce operators providing lighting solutions for vehicles and work machinery. We think the acquisition will create a good online platform for Relais and accelerate the growth of Relais' own brands within the lighting business. After the latest acquisitions, Relais has become one of the leading aftermarket lighting solutions providers in the world, while Lumise's expertise within online channels should offer a good growth path for coming years. We would not be surprised to see more M&A in 2021. We derive a fair value range of EUR 17.5-21.4 (15.8-19.4) per share. Marketing material commissioned by Relais Group Oyj.
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