Relais: New CFO appointed - Nordea

Relais announced today that it has found a successor for its long-standing CFO. Thomas Ekström will take over CFO position at latest during August 2023. Mr. Ekström is joining from Atoy Oy where he serves as CFO. Prior to that, Mr. Ekström has been CFO in several companies, such as Rettig Group Ltd, Algol Oy and Marimekko Oyj. Additionally, he has a broad experience from financial administration and investment banking. Positive that the company was able to find an experienced CFO shortly after announcing the leave of the current CFO (13 January). Mr. Raatikainen will act as a CFO until end of June 2023. Relais will report its Q4 on 2 March. We are in line with Refinitiv consensus on sales and adjusted EBITA for Q4, while we are 2% above on sales for 2023E-24E and 9-10% above on adjusted EBITA. We note that Finnish Transport Workers’ Union has today started a strike, widely affecting logistics in Finland. If prolonged, the strike could have a slightly negative impact on Relais’s repair and maintenance business, we believe.