Relais' Q3 adjusted EBITA came in slightly below LSEG Data & Analytics consensus. Organic growth was 4% y/y in the quarter, clearly above the flat to slightly declining market. The company continues to see tentative positive signs in the market and notes a good start to the important lighting season, which bodes well for Q4. We expect a stable end-market development for Q4, while Relais could benefit from its network investments, cross-selling synergies and cost benefits arising from recent acquisitions. We trim our estimates slightly and derive a slightly lower DCF- and multiples-based fair value range of EUR 18.7-22.9 (19.2-23.4).
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