Relais’ Q2 figures published yesterday were unsurprising, as the company issued a profit warning and preliminary data on H1 development earlier in the week. We already updated our estimates for 2022 and the next few years but after the Q2 report we revised our estimate especially for H2 organic growth downwards. This also hurt our short-term earnings estimate, while our estimates for the next few years remained largely unchanged.
Relais Group
Relais Group is an importer and wholesaler for the automotive industry. The Group focuses mainly on the development of vehicle electronic equipment for trucks. Examples of products that the company delivers include lighting products, applications for warning lights, lighting and camera systems, as well as other spare parts for heavy vehicles. The largest operations are in the Nordic and Baltic markets, with customers in the aftermarket industry.
Read more on company pageKey Estimate Figures2022-08-11
2021 | 22e | 23e | |
---|---|---|---|
Revenue | 237.9 | 260.7 | 265.0 |
growth-% | 84.55 % | 9.56 % | 1.65 % |
EBIT (adj.) | 29.3 | 22.3 | 24.3 |
EBIT-% (adj.) | 12.30 % | 8.54 % | 9.18 % |
EPS (adj.) | 1.15 | 0.76 | 0.91 |
Dividend | 0.36 | 0.30 | 0.32 |
Dividend % | 1.37 % | 2.61 % | 2.78 % |
P/E (adj.) | 22.94 | 15.14 | 12.62 |
EV/EBITDA | 17.97 | 12.66 | 11.16 |