Aktuellt
SENASTE
Relais reported Q4 adjusted EBITA of EUR 10.6m, 10% above LSEG Data & Analytics consensus. Organic sales growth was 9% y/y in Q4, while we anticipated 3% growth. Net sales were EUR 90.7m (up 12% y/y), 4% above consensus expectations. Gross margin came 45.9bp largely in line with expectations and was up 230bp y/y to 45.9%. Operating cash flow almost doubled to EUR 16.4m (EUR 8.4m a year ago) taking leverage down to 2.7x (3.0x at the end of Q3). DPS proposal is EUR 0.50 versus consensus of EUR 0.47. Relais does not give short-term outlook for 2025 but sees stable market situation in operating countries and aims to increase the pace of acquisitions. We note the company has target to reach EUR 50m adjusted EBITA on pro forma basis by 2025. On initial take, we believe consensus to take up estimates to the tune of low-single-digits.
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