Ahead of Relais' Q2 results, we incorporate its latest acquisitions into our estimates and adjust for FX and slightly softer-than-anticipated market conditions. Relais has continued with active M&A execution; we believe the impact will become visible mainly in H2. We note tough comps for Q2, owing to harsh winter conditions in 2024, while cautiousness of workshop customers might be visible in Q2. We derive a slightly lower DCF- and multiples-based fair value range of EUR 18.3-22.4 (18.7-22.8). Marketing material commissioned by Relais Group Oyj.
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