contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
      researchContentUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


relais-group-vehicle-aftermarket-consolidator

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Co. Head of Research

Petri Gostowski

Relais Group is an importer and wholesaler for the automotive industry. The group focuses mainly on the development of automotive electronic equipment for trucks. Examples of products that the company supplies include lighting products, applications for warning lights, camera systems, and other spare parts for heavy vehicles. The largest operations are found in the Nordic and Baltic markets, with customers in the aftermarket industry.

Analyst Group              Intervju med Relais Groups VD Christian Gebauer - Analyst Group    Ett analyshus med fokus på små- och microcap-bolag i Norden                             Analyst Group interviewed Gebauer. Promises a roadshow for the summer to go over the new strategy; the company is currently relatively unknown to investors.

Since there aren’t too many serial acquirers in the Finnish stock market, how have people here viewed Auroora? I have to note immediately that I haven’t seen many people compare Auroora to Relais at all; the comparison seems to be made only with Boreo. For example, Esa Juntunen evaluated Auroora in his new “Omavaraisuushaaste” (Self-Sufficiency Challenge) blog, and it was mentioned there that the only comparable company in the Finnish stock market would be Boreo. Things like this always remind me that even though I probably follow Relais most closely out of my own holdings, it seems we are still very much under the radar of the general public. Of course, this is a bit of a wild interpretation based on perhaps one blog, but maybe this also tells something. However, I must correct what I just mentioned: @JP199 mentioned Relais in Auroora’s own thread, and I thought the perspective was excellent, i.e., how companies calculate certain key figures differently. I personally really like the serial acquirer concept, and because of this, I have often compared Auroora to Relais in my own head. In my calculations, the EV/EBITA for both companies is roughly 10. Looking at the return on invested capital, Auroora seems slightly more efficient (15% vs. 11%). Of course, the companies calculate this differently (Auroora adjusts lease liabilities out), so in reality, the difference is smaller, and in my opinion, Relais’s return last year has been penalized by large acquisitions. All in all, the valuation of these companies is, in my opinion, on roughly the same playing field, and since Relais does have a track record of several years to show, I certainly won’t be subscribing to Auroora. However, I wouldn’t be surprised if I join their story at some point. It would be nice to hear others’ thoughts if anyone else has compared these two companies. I guess this message could have been posted in the Auroora thread, but as a Relais man, it ended up here

Last week, the serial acquirers’ festival was held in Stockholm, organized by Redeye. Here is Christian’s presentation. The video sheds some light on the topic of capital efficiency, which has recently been discussed constructively in the thread.                   redeye.se              Relais Group: Group CEO Christian Gebauer presents at the Redeye Serial...                              At the end of the video, in the Q&A section, Christian states that he will bring the following to Relais:  and  One must truly hope that the new CEO’s stronger focus on capital returns genuinely materializes in the group’s companies.

I agree that future profitability development will play a major role in whether Relais will be an excellent investment going forward or something below that. On the other hand, if the company moves forward in that regard, I’d rather own the stock already before the profitability improvement happens. Because you don’t really have to pay much for that option right now. And Relais has been quite a decent investment already, even if it isn’t yet as polished in all respects as the top serial acquirers. (as long as you didn’t buy during the COVID hype when almost everything was really expensive). If you calculate the CAGR including dividends since the listing, it gets comfortably into double-digit percentages.

It might be that I’m looking at this too narrowly, but I personally like Relais as an investment because its business operations should keep humming along quite nicely even in this type of situation. The fact that fuel is more expensive doesn’t in any way remove the need for vehicle maintenance. A vehicle needs to get back on the road as quickly as possible when problems arise. Of course, this will likely have an impact on certain additional sales in this industry too, if we are talking about products that aren’t essential for the vehicle’s operation. There is also the fact that as transport companies’ costs rise, it could certainly lead to insolvency. There isn’t much joy in sales if the money doesn’t eventually end up in the cash flow.

Unfortunately, the recent rapid rise in diesel prices is hitting the transport sector hard and, through it, the entire Finnish economy, whose “promising” start is once again being shot down  From an investment case perspective, the transport sector and Relais experienced a similar situation in 2022, so at least we are not facing the completely unknown again, unless the situation escalates significantly from here.                   SalkunRakentaja – 13 Mar 26              SKAL:n toimitusjohtaja: "Dieselin hintakriisi"    Suomi on erityisen haavoittuvainen liikennepolttoaineiden hinnannousulle, varoittaa kuljetusalan etujärjestö.

ilmarinen.fi              Ilmarisen suhdanneindeksi    Ilmarisen suhdanneindeksi antaa ajantasaista tietoa Suomen talouden kehityksestä. Tutustu suhdanneindeksiin täältä!                             Transport is the strongest performer among the sectors, with the headcount growing by more than 2% in January–February compared to 2025. Industry is also in the positive.

Relais Group

Relais' value creation model is based on owning and developing businesses, and consolidating the vehicle aftermarket. The company's track record of this is good for the past few years and we...

<p>Relais' value creation model is based on owning and developing businesses, and consolidating the vehicle aftermarket. The company's track record of this is good for the past few years and we expect capital allocation to be a key value driver for the company also in the future. In our view, the current share valuation is moderate from several different angles. Thus, we consider the share’s risk/return ratio good.</p> 

	2022	23e	24e
Revenue	260.7	277.5	289.6
growth-%	9.6 %	6.4 %	4.4 %
EBIT (adj.)	23.0	29.8	31.9
EBIT-% (adj.)	8.8 %	10.7 %	11.0 %
EPS (adj.)	0.80	1.00	1.12
Dividend	0.40	0.42	0.44
Dividend %	3.9 %	3.1 %	3.3 %
P/E (adj.)	12.7	13.6	12.1
EV/EBITDA	9.0	8.6	8.0

Relais Group: Vehicle aftermarket consolidator

Key Estimate Figures2023-05-29

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