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We make only minor estimate revisions ahead of Relais' Q4 report, due on 7 March. Traffic observations point to a relatively stable end-market demand situation, while the early and cold winter has likely supported electricity-related spare parts sales. Consumer-related lighting sales likely remained under pressure during Q4, but we expect solid cash flows for the quarter, backed by normalised net working capital. Despite the challenging macro environment, we note resilience in end-market demand and FX tailwinds from Q2 onwards. We derive a slightly lower fair value range of EUR 15.4-18.8 (15.9-19.4) based on a DCF model and multiples. Marketing material commissioned by Relais Group Oyj.
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