Redeye updates its estimates and valuation after Relais' Q3 2026 report. Sales were 4% below our estimate as organic growth slowed to 2%, but adjusted EBITA of EUR11.5m was 21% above our estimate and 5% above consensus. We raise our adjusted EBITA estimates for 2026–2028e, while our fair value falls from EUR24.9 to EUR20.5.
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