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
  createdAt
  changedAt
  isPremium
  authors {
    __typename
    name
    pageUrl
    id
  }
  companies {
    name
    id
  }
  tags {
    name
    id
  }
  ... 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-cold-winter-to-support-earnings-nordea

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

changedAt

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.

Here are Petri’s pre-commentary notes, as Relais reports its Q1 results on Wednesday, May 13th  – that is, next Wednesday.  In connection with this report, we have accounted for the company’s reporting change and a small acquisition in our forecasts, but overall the forecast changes were moderate. The stock’s valuation has drifted low, leading us to upgrade our recommendation to Buy (prev. Accumulate) and reiterate our target price of EUR 18.0. Relais Q1’26: Acquisition-driven (earnings) growth expected

An earnings preview and a target price hike from Nordea, increased from 17.7 to 21.6. They are expecting a strong Q1 and full year, as well as ambitious targets from the Capital Markets Day. https://research.nordea.com/api/reportfileapi?id=7484aa8a-19b6-4368-afae-5b50b59c70f7

@Turskapilkki summarized my own thoughts well. So far, Relais’ acquisitions seem to have been very well-considered; they don’t buy just for the sake of buying or regardless of the price. More deals like this, please! Personally, I don’t mind the (small) dividends either, although I do understand the criticism in a way.

Since the focus of Relais’s operations has shifted westward in recent years, what kind of move would it be to relocate the headquarters to Sweden and list the company on our western neighbor’s stock exchange? Serial acquirers are valued there, and generally, the world values keeping some distance from Russia. I would be surprised if the new CFO isn’t Swedish.

Relais              Tiedotteet ja julkaisut - Relais    Tiedotteet  [...]Read More... from Tiedotteet ja julkaisut         Est. reading time: 1 minuutti                               CFO Ekström to leave the company by October at the latest

I see it this way: a moderate, preferably growing, dividend is a guiding factor for discipline in growth. Paying a dividend steers acquisitions toward the best targets. In my opinion, this is a good setup considering the nature of serial acquisition and the position of shareholders. Without a dividend, management might be incentivized, consciously or unconsciously, to prioritize growth above all else and with a small margin of safety. If there were also a performance bonus tied to growth, I would certainly be sweating as a minority shareholder. To pay a dividend, operations must generate cash flow even while pursuing growth. It might feel like a drag on growth, but it keeps feet on the ground during good years and ensures a margin of safety for leaner years. Mathematically, it might be most rational not to pay a dividend, but personally, I skip those kinds of serial acquirers. That is when acquisitions might start going through with lower hurdle rates, and risk appetite grows too quickly during good years when money is easy. As a minority shareholder, I find it impossible to know management’s mindset well enough to feel at ease on such a ride. Unless we are talking about the greatest and most powerful acquirer. Additionally, it occurs to me that if someone were selling their company to Relais, the seller might value the dividend from their own perspective. This can also be a mutual benefit if the sellers are in no hurry to get rid of their shares.

Indeed, in those cases, the more important reason is management commitment. The sizes of the directed share issues have been so small that they have almost no impact on the big picture through this channel. They certainly have an even greater impact on the actions of the acquired company’s management, though.

Relais Group

Ahead of Relais' Q1 report, we make only minor estimate revisions and derive a higher DCF- and multiples-based fair value range of EUR 17.7-21.6 (17.3-21.1). We note the cold winter in the Nordics...

Ahead of Relais' Q1 report, we make only minor estimate revisions and derive a higher DCF- and multiples-based fair value range of EUR 17.7-21.6 (17.3-21.1). We note the cold winter in the Nordics in Q1, which we expect to have supported the top line and earnings, especially within Technical Wholesale. The underlying market has likely remained challenging, while the integration of Team Verksted and Matro could provide the company with synergy benefits in 2026. The company will hold a CMD event in two weeks' time, at which we expect it to release ambitious targets for the next strategy period.