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Relais Group Oyj: Sets ambitious top-line target, transfers to quarterly reporting and investigates transfer to main list - Nordea

Relais was this morning out with a new long-term sales target of EUR 500m by the end of 2026 (on pro-forma basis). Based on our M&A simulations, we had expected above EUR 300m top line target by 2024 and hence the EUR 500m target by 2026 is ambitious, although reachable, we think. On organic basis, we have expected EUR 265m sales in 2024. The new sales target is based on recalibrated strategy for 2021-26; the strategy continues to rely on a combination of strong growth through acquisitions and a faster than market average organic growth, while the company aims to accelerate and reinforce its M&A activities.

Relais has chosen to expand its potential acquisition targets to include the entire mobility-related aftermarket, with the main focus remaining on the Nordic vehicle aftermarket. In addition, the company is transferring to quarterly reporting from Q3 onwards and is investigating the possibility of transferring its shares to Nasdaq Helsinki Main Market during 2022 at the earliest.

Relais is currently reporting under FAS, and hence the main list transfer would trigger IFRS transition, which we view positively (large goodwill amortisation burdening EBIT and earnings currently).

We expect only limited underlying consensus estimate revisions as new top-line target is clearly M&A driven. However, given the new target, we expect the company to continue acquisitions already in 2021.

Finwire / Börsvärlden

Publicerad 17 May 2021, 09:45

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