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Relais' Q3 2023 adjusted EBITA of EUR 8.6m fell slightly short of Refinitiv consensus expectations, likely due to FX headwinds and a slight y/y decline in lighting sales. Q3 organic sales growth was 5% y/y and the company remains confident about Q4, despite a more challenging macro environment. We make only minor estimate revisions and believe Relais can continue to grow and improve margins towards its 2025 targets, thanks to resilient end-market demand. We calculate a slightly lower fair value range of EUR 15.9-19.4 (16.1-19.7) based on a DCF model and multiples. Marketing material commissioned by Relais Group Oyj.
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