Relais Group: Vehicle aftermarket consolidator
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.
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.
Read more on company pageKey Estimate Figures2023-05-29
| 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 % | 3.0 % | 3.1 % |
| P/E (adj.) | 12.7 | 14.2 | 12.6 |
| EV/EBITDA | 9.0 | 8.8 | 8.2 |
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