Relais updated its financial targets in May, with a EUR 500m top-line target by 2026 on a pro forma basis. The recalibrated strategy relies on a combination of strong growth through acquisitions and faster than market average growth. In order to boost acquisition-driven growth, the company has reinforced its M&A team, and we would be surprised if it does not announce further acquisitions in the near future. Relais has expanded its potential acquisition target area to include the entire mobility-related aftermarket, which should secure a long-term growth path through acquisitions and organic growth. In addition, the company is investigating a transfer to the Nasdaq Helsinki main list, which we view positively. We derive a fair value range of EUR 20.8-25.4 per Relais share. Marketing material commissioned by Relais Group Oyj.

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