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Relais Group's Q3 report fell slightly short of LSEG Data & Analytics consensus. We believ, however, that the miss was purely due to the shift of higher-margin lighting and equipment sales into Q4 due to warm autumn weather. End market demand appears to be holding up well and lighting sales have recovered to more normal levels. Given the seasonality and shift in sales, we expect strong sales growth and margin expansion in Q4. We make only minor estimate revisions and keep our DCF- and multiples-based fair value range intact at EUR 16.6-20.3. Marketing material commissioned by Relais Group Oyj.
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