companyName

extensiveId

feedTypes

includeDividend

includeEstimates

includeOverview

includeOwnership

includeResearchContent

researchId

snapshotDate

CompanyName_Query

companySlug

CompanyMetaData

Company_query

company

query CompanyName_Query(
  $companyName: String!
  $extensiveId: ID
  $snapshotDate: String
  $researchId: ID
  $includeResearchContent: Boolean!
  $feedTypes: [ContentType!]!
  $includeEstimates: Boolean!
  $includeOverview: Boolean!
  $includeOwnership: Boolean!
  $includeDividend: Boolean!
) {
  ...CompanyMetaData_Ux1x9
  ...Company_query_1TiJKa
}

fragment AnalystData on Analyst {
  name
  pageUrl
  jobTitle
  imgUrl
}

fragment AuthorList on Content {
  __isContent: __typename
  id
  authors {
    __typename
    id
    name
    pageUrl
  }
}

fragment ChangePercentBlock_Company on Company {
  defaultInstrument {
    isin
    symbol
    priceData {
      diff1mPercentage
      diff1yPercentage
      diff3yPercentage
      diffFromStartPercentage
    }
    id
  }
}

fragment CompactFeed_3NXCcw on Query {
  compactFeed: feedContent(companySlug: $companyName, filter: {types: $feedTypes}) {
    edges {
      node {
        __typename
        id
        ...TeaserExtraCompact_content
        createdAt
        companies {
          viewerIsFollowing
          id
        }
      }
      cursor
    }
    pageInfo {
      endCursor
      hasNextPage
    }
  }
}

fragment CompanyAnalystQuery on Company {
  analysts {
    ...AnalystData
    name
    pageUrl
    jobTitle
    imgUrl
    id
  }
}

fragment CompanyCoverage_Company on Company {
  analysts {
    name
    id
  }
  isPayingCustomerOf
  isFormerCustomerOf
  isCorporateCustomer
  ...CompanyAnalystQuery
  defaultInstrument {
    ...TargetAndRecommendation_Company
    id
  }
}

fragment CompanyDescription_Company on Company {
  description
  websiteUrl
  name
}

fragment CompanyDisclaimer_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    name
    isPayingCustomerOf
    isFormerCustomerOf
    id
  }
}

fragment CompanyDividendER_query on Company {
  name
  defaultInstrument {
    estimateData {
      reportingCurrency
    }
    dividendTransactions: estimateTransactions(first: 1, includeQuarters: false) {
      actualized {
        year
        dividend
        dividendYield
        payoutPercentage
        sharePrice
      }
      estimates {
        year
        dividend
        dividendYield
        payoutPercentage
        sharePrice
      }
    }
    id
  }
}

fragment CompanyDividendNonER_query on Company {
  name
  defaultInstrument {
    nonERDividendSet: nonERCompanyNumberSet(includeQuarters: false) {
      year
      dividend
      dividendYield
      epsReported
      sharePrice
      currency
    }
    id
  }
}

fragment CompanyDividend_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    ...CompanyDividendER_query
    ...CompanyDividendNonER_query
    defaultInstrument {
      coreId
      id
    }
    id
  }
}

fragment CompanyFinancials_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    ...NonERCompanyNumbers_query
    ...CompanyNumbers_query
    defaultInstrument {
      coreId
      id
    }
    id
  }
}

fragment CompanyHeader_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    id
    companyInsref
    name
    viewerIsFollowing
    followersCount
    isCorporateCustomer
    hasPinpointData
    hasDividendHistory
    sector {
      sectorname
      industry
    }
    regions
    extensiveExists
    researchContentExists
    defaultInstrument {
      symbol
      priceData {
        tradeCurrency
        lastPrice
        diff1dPercentage
      }
      marketplace {
        name
      }
      estimates: estimateTransactions(first: 1, includeQuarters: false) {
        date
      }
      nonERCompanyNumberSet(first: 1, includeQuarters: false) {
        year
      }
      id
    }
    topOwners {
      holders {
        name
      }
    }
    transactions: insiderTransactions(filter: {types: [BUY, SELL, SUBSCRIPTION]}) {
      edges {
        node {
          date
          id
        }
      }
    }
  }
}

fragment CompanyInsiderTransactions on Company {
  name
  regions
  insiderTransactions(filter: {types: [BUY, EXERCISE_OF_SHARE_OPTION, PLEDGE, RECEPTION_OF_SHARE_PREMIUM, SELL, SUBSCRIPTION]}) {
    edges {
      node {
        insider
        position
        volume
        price
        date
        unit
        type
        relatedParty
        id
      }
    }
  }
}

fragment CompanyInvestorConsensus_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    name
    companyInsref
    id
  }
}

fragment CompanyMetaData_Ux1x9 on Query {
  company(companySlug: $companyName) {
    name
    description
    pageUrl
    defaultInstrument {
      estimateData {
        modelType
      }
      id
    }
    id
  }
}

fragment CompanyName_Slug on Company {
  slug
}

fragment CompanyNumbers_query on Company {
  name
  defaultInstrument {
    estimateData {
      modelType
      reportingCurrency
    }
    estimateTransactions(first: 1, includeQuarters: true) {
      comparisonIndexName
      actualized {
        year
        quarter
        revenue
        revenueGrowth
        ebitda
        ebitAdjusted
        ebitReported
        preTaxProfit
        netEarnings
        epsReported
        epsAdjusted
        dividend
        payoutPercentage
        roePercent
        roiPercent
        enterpriseValue
        bookValue
        marketCap
        gearingPercent
        equityRatio
        dividendYield
        totalCosts
        loanLosses
        balanceSheetTotal
        tangibleBook
        cet1
        rwa
        sharePrice
        sharesTotal
        nav
        navPerShare
        opexOfNav
        totalShareholderReturn
        comparisonIndexReturn
        netDebtTotalAsset
        quarterlySharePrice
      }
      estimates {
        year
        quarter
        revenue
        revenueGrowth
        ebitda
        ebitAdjusted
        ebitReported
        preTaxProfit
        netEarnings
        epsReported
        epsAdjusted
        dividend
        payoutPercentage
        roePercent
        roiPercent
        enterpriseValue
        bookValue
        marketCap
        gearingPercent
        equityRatio
        dividendYield
        totalCosts
        loanLosses
        balanceSheetTotal
        tangibleBook
        cet1
        rwa
        sharePrice
        sharesTotal
        nav
        navPerShare
        opexOfNav
        totalShareholderReturn
        comparisonIndexReturn
        netDebtTotalAsset
        quarterlySharePrice
      }
    }
    id
  }
}

fragment CompanyOverviewGraphs_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      companyTransactions: estimateTransactions(first: 1, includeQuarters: false) {
        actualized {
          year
          revenue
          ebitAdjusted
          epsAdjusted
          dividendYield
          navPerShare
          totalShareholderReturn
        }
        estimates {
          year
          revenue
          ebitAdjusted
          epsAdjusted
          dividendYield
          navPerShare
          totalShareholderReturn
        }
      }
      id
    }
    id
  }
}

fragment CompanyOwners on Company {
  regions
  topOwners {
    recordDate
    compareDate
    source
    holders {
      name
      capitalPercent
      votingPowerPercent
      totalShares
      positionChange
      totalSharesChange
      shareChange
      isNew
      isRemoved
    }
  }
}

fragment CompanyOwnership_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    name
    ...CompanyOwners
    ...CompanyInsiderTransactions
    id
  }
}

fragment CompanyPageBottom_query_2bVJwf on Query {
  ...GeneralFeed_data_3NXCcw
  ...CompactFeed_3NXCcw
  ...UpcomingEventsQuery_Ux1x9
  ...RiskRecommendMatrix_query_Ux1x9
  ...CompanyOverviewGraphs_query_Ux1x9
  ...NonERCompanyOverviewGraphs_query_Ux1x9
  company(companySlug: $companyName) {
    companyInsref
    ...ForumUpdates_Company
    defaultInstrument {
      coreId
      id
    }
    id
  }
  allFeed: feedContent(first: 1, companySlug: $companyName, filter: {hideUpcomingVideos: true}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  main: feedContent(first: 1, companySlug: $companyName, filter: {hideUpcomingVideos: true, types: [COMPANY_REPORT, EXTENSIVE_COMPANY_REPORT, ANALYST_COMMENT, VIDEO, ARTICLE]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  webcasts: feedContent(first: 1, companySlug: $companyName, filter: {hideUpcomingVideos: true, types: [WEBCAST]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  thirdPartyResearch: feedContent(first: 1, companySlug: $companyName, filter: {types: [THIRD_PARTY_COMPANY_REPORT]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  releases: feedContent(first: 1, companySlug: $companyName, filter: {types: [STOCK_EXCHANGE_RELEASE, PRESS_RELEASE]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
}

fragment CompanyPageTop_query_Ux1x9 on Query {
  ...StockChart_ChartQuery_Ux1x9
  ...LatestReports_query_Ux1x9
  company(companySlug: $companyName) {
    isFund
    name
    ...CompanyCoverage_Company
    ...CompanyName_Slug
    ...CompanyDescription_Company
    ...FundNumbers_Company
    ...ChangePercentBlock_Company
    ...KeyEstimateFigures_Company
    ...InvestmentCompanyKeyFigures_Company
    defaultInstrument {
      id
      estimateData {
        modelType
      }
    }
    analysts {
      name
      id
    }
    id
  }
  extensiveReport: feedContent(first: 1, companySlug: $companyName, filter: {types: [EXTENSIVE_COMPANY_REPORT]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  analysis: feedContent(first: 1, companySlug: $companyName, filter: {types: [COMPANY_REPORT, EXTENSIVE_COMPANY_REPORT], tagNames_nin: ["Mallisalkku", "Arvonluojat"]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  analysisArvonluojat: feedContent(first: 1, companySlug: $companyName, filter: {types: [COMPANY_REPORT, EXTENSIVE_COMPANY_REPORT], tagNames_nin: ["Mallisalkku"]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
}

fragment CompanyTagList on Company {
  pageUrl
  name
  viewerIsFollowing
}

fragment Company_query_1TiJKa on Query {
  ...CompanyHeader_query_Ux1x9
  ...CompanyOwnership_query_Ux1x9 @include(if: $includeOwnership)
  ...CompanyFinancials_query_Ux1x9 @include(if: $includeEstimates)
  ...CompanyDividend_query_Ux1x9 @include(if: $includeDividend)
  ...CompanyInvestorConsensus_query_Ux1x9
  ...CompanyPageTop_query_Ux1x9 @include(if: $includeOverview)
  ...CompanyPageBottom_query_2bVJwf @include(if: $includeOverview)
  ...CompanyDisclaimer_query_Ux1x9
  ...Extensive_query_3u4Ry5
  ...ResearchContent_query_14bL89
}

fragment Extensive_query_3u4Ry5 on Query {
  company(companySlug: $companyName) {
    extensive(extensiveId: $extensiveId, snapshotDate: $snapshotDate) {
      publishedAt
      pageUrl
      pdfUrl
      content {
        id
        title
        lang
        slug
        htmlBody
        publishedAt
        createdAt
        changedAt
        isOutdated
      }
    }
    id
  }
}

fragment ForumUpdates_Company on Company {
  name
  forum {
    threadUrl
    highlightedPosts {
      url
      author
      authorImgUrl
      text
      postedAt
      likesCount
    }
  }
}

fragment FundNumbers_Company on Company {
  defaultInstrument {
    isin
    symbol
    priceData {
      lastPrice
      ath
    }
    id
  }
}

fragment GeneralFeed_data_3NXCcw on Query {
  generalFeed: feedContent(first: 20, companySlug: $companyName, filter: {types: $feedTypes}) {
    edges {
      node {
        __typename
        id
        ...Teaser_content
        ...TeaserCompact_content
      }
      cursor
    }
    pageInfo {
      endCursor
      hasNextPage
    }
  }
}

fragment InvestmentCompanyKeyFigures_Company on Company {
  marketData {
    marketCap
  }
  defaultInstrument {
    priceData {
      tradeCurrency
      dailyTurnover
    }
    estimateData {
      modelType
    }
    estimateTransactions(first: 1, includeQuarters: true) {
      actualized {
        year
        quarter
        sharesTotal
        marketCap
        nav
        navPerShare
        dividendYield
        quarterlySharePrice
      }
      estimates {
        year
        quarter
        dividendYield
      }
    }
    id
  }
}

fragment KeyEstimateFigures_Company on Company {
  marketData {
    marketCap
  }
  defaultInstrument {
    priceData {
      tradeCurrency
      dailyTurnover
      lastPrice
      marketCap
    }
    sector
    fundamentalData {
      ebit
      eps
      sales
      dividend
    }
    estimateData {
      modelType
      estimates {
        firstEstimateYear {
          year
          bookValue
          netSales
          dividendA
          epsAdjusted
          ebitAdjusted
          hybridLoan
          noOfShares
          netDebt
          mvMinorities
          mvAssociated
          roePercent
        }
      }
    }
    estimatesSharePrice: estimateTransactions(first: 1) {
      estimates {
        sharePrice
      }
    }
    id
  }
}

fragment LatestReports_query_Ux1x9 on Query {
  extensiveReport: feedContent(first: 1, companySlug: $companyName, filter: {types: [EXTENSIVE_COMPANY_REPORT]}) {
    edges {
      node {
        __typename
        createdAt
        pageUrl
        id
      }
    }
  }
  analysis: feedContent(first: 1, companySlug: $companyName, filter: {types: [COMPANY_REPORT, EXTENSIVE_COMPANY_REPORT], tagNames_nin: ["Mallisalkku", "Arvonluojat"]}) {
    edges {
      node {
        __typename
        createdAt
        pageUrl
        id
      }
    }
  }
  analysisArvonluojat: feedContent(first: 1, companySlug: $companyName, filter: {types: [COMPANY_REPORT, EXTENSIVE_COMPANY_REPORT], tagNames_nin: ["Mallisalkku"]}) {
    edges {
      node {
        __typename
        createdAt
        pageUrl
        id
      }
    }
  }
}

fragment NonERCompanyNumbers_query on Company {
  name
  defaultInstrument {
    nonERNumberSet: nonERCompanyNumberSet(includeQuarters: true) {
      year
      quarter
      revenue
      ebitda
      ebitReported
      epsReported
      dividend
      sharesTotal
      roe
      roi
      enterpriseValue
      marketCap
      gearingRatio
      equityRatio
      dividendYield
      sharePrice
      currency
      evSales
      evEbitda
      evEbit
      pb
      netIncome
      ptp
    }
    id
  }
}

fragment NonERCompanyOverviewGraphs_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    defaultInstrument {
      overviewGraphsData: nonERCompanyNumberSet(includeQuarters: false) {
        year
        revenue
        ebitReported
        epsReported
        dividend
        dividendYield
        currency
      }
      id
    }
    id
  }
}

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

fragment ResearchContent_query_14bL89 on Query {
  company(companySlug: $companyName) {
    slug
    researchContentFeed @include(if: $includeResearchContent) {
      __typename
      id
      ...Teaser_content
    }
    researchContentIds @include(if: $includeResearchContent)
    researchContent(researchId: $researchId) @include(if: $includeResearchContent) {
      researchId
      researchTitle
      publishedAt
      pageUrl
      content {
        id
        title
        lang
        slug
        htmlBody
        publishedAt
        createdAt
        changedAt
        isOutdated
      }
    }
    id
  }
}

fragment RiskRecommendMatrix_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    defaultInstrument {
      riskData: estimateTransactions(first: 1) {
        businessRisk
        valuationRisk
      }
      id
    }
    id
  }
}

fragment StockChart_ChartQuery_Ux1x9 on Query {
  company(companySlug: $companyName) {
    isFund
    defaultInstrument {
      coreId
      id
      marketOpen
      marketClose
      marketplace {
        region
      }
      priceData {
        lastPrice
      }
      returns {
        day
        week
        month
        threeMonths
        sixMonths
        year
        threeYears
        fiveYears
        tenYears
        ytd
        total
      }
    }
    id
  }
}

fragment TargetAndRecommendation_Company on Instrument {
  estimateData {
    modelType
    researchCurrency
    estimates {
      date
      recommendation
      targetPrice
    }
  }
}

fragment TeaserCompact_content on Content {
  __isContent: __typename
  __typename
  id
  type
  title
  createdAt
  isPremium
  pageUrl
  lang
  companies {
    ...CompanyTagList
    id
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
  ...AuthorList
}

fragment TeaserExtraCompact_content on Content {
  __isContent: __typename
  id
  title
  createdAt
  pageUrl
  lang
  companies {
    name
    pageUrl
    viewerIsFollowing
    id
  }
}

fragment Teaser_content on Content {
  __isContent: __typename
  __typename
  id
  type
  title
  createdAt
  pageUrl
  imgUrl
  isPremium
  lang
  companies {
    ...CompanyTagList
    id
  }
  publishers {
    imgUrl
  }
  authors {
    __typename
    id
  }
  ... on AnalystComment {
    preview
  }
  ... on Article {
    preview
  }
  ... on CompanyReport {
    preview
  }
  ... on ThirdPartyCompanyReport {
    preview
  }
  ... on QA {
    preview
  }
  ... on Video {
    preview
    liveTime
    videoDuration
  }
  ... on Webcast {
    preview
    liveTime
  }
  ...AuthorList
  ...Reactions
}

fragment UpcomingEventsQuery_Ux1x9 on Query {
  company(companySlug: $companyName) {
    defaultInstrument {
      calendarEvents(first: 10) {
        edges {
          node {
            date
            type
            period
            id
          }
        }
      }
      id
    }
    id
  }
}


name

description

pageUrl

defaultInstrument

companyInsref

viewerIsFollowing

followersCount

isCorporateCustomer

hasPinpointData

hasDividendHistory

sector

regions

extensiveExists

researchContentExists

topOwners

insiderTransactions

isPayingCustomerOf

isFormerCustomerOf

extensive

slug

feedContent

Relais Group

Relais Group Oyj: Resolutions of Relais Group Plc's Annual General Meeting and the organizational meeting of the Board of Directors

Relais Group Oyj: Notice of the Annual General Meeting 2026 of Relais Group Plc

Relais Group Oyj: Relais Group Plc's Annual Report 2025 has been published

Relais Q4’25: Reasonable valuation

Relais Group Oyj: Relais Group Plc: Flagging notification in accordance with Chapter 9, Section 10 of the Securities Markets Act

Relais Group Oyj: Relais Group Plc: Managers' Transactions - Christian Johansson Gebauer

Redeye: Relais (Q4 review): Stable performance despite challenges

Redeye: Correction: Relais Group (Q4 interview): Redeye speaks with CEO Christian Gebauer

Redeye: Relais Group (Q4 interview): Redeye speaks with CEO Christian Gebauer

Relais Group: We expect margins to rebound in H1 - Nordea

DNB Carnegie Access: Relais Group: We expect profitability to improve – Q4 review

Relais Q4'25: New period will focus on efficiency

Redeye: Relais (Q4 initial take): Solid profitability, softer organic growth

DNB Carnegie Access: Relais Group: Q4 initial comment: Earnings lower than expected

Relais Group: Soft demand visible in Q4 earnings - Nordea

Relais Financial Statements Review 2025

Relais Group Oyj: Relais Group transitions to three business areas to strengthen strategic focus, transparency and value creation, with corresponding changes to Group Management Team

Relais Group Oyj: Relais Group Plc Financial Statements Review January-December 2025 (Unaudited): Strong cash flow from operations and slightly improved comparable EBITA in the fourth quarter

Relais Group Oyj: Relais Group Plc's new shares registered in the trade register

Relais Group Oyj: The Board of Directors of Relais Group has resolved on a directed share issue following an acquisition completed by group company Team Verkstad

Relais: Weather impacting near-term earnings - Nordea

Relais Q4'25 preview: Strategy update and new targets in focus

Relais Group Oyj: Relais Group Plc will publish its Financial Statements Review 2025 on 13 February 2026 at 9:00 a.m. EET, webcast at 10:00 a.m.

Relais Group Oyj: Relais Group's Swedish group company Team Verkstad has completed the acquisition of Landströms Bygg & Plåt i Gällivare AB

DNB Carnegie Access: Relais Group: Expecting M&A to drive strong sales – Q4 preview

Co. Head of Research

Petri Gostowski

NASDAQ Helsinki

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.

I have also been keeping an eye on Relais for a few years, but every time I look closer, I decide to leave the ownership to others for now. Relais’s return on invested capital doesn’t seem to be edging upwards. For a fast-growing serial acquirer, it might be lower at first, sure, but I would expect it to improve by this stage. Instead, in 2025, it dropped back to 10.5%. In addition, the company’s capital efficiency declined as working capital swelled much faster than revenue. This is supposedly partly explained by acquisitions, but still. Return on net working capital, a profitability metric favored by the Swedes, was below 45% in 2025, which is considered the benchmark for quality in Sweden.  I think I also challenged the previous CEO regarding profitability in the ROAST.                   Inderes              ROAST Relais 16.5.2025 - Inderes    Aika: 16.05.2025 klo 14.00 Kieli: fi Relaisin toimitusjohtaja Arni Ekholm saapuu Pulkkisen vieraaksi ROASTiin.                             The company also has a significant amount of debt. I’m wary of hybrids, as well as dividends. And especially when the company is simultaneously utilizing an expensive hybrid loan AND paying dividends.  The new CEO writes in the annual report that  “With a broader field of operation and increased scale, we see clear opportunities to further improve our efficiency and profitability across the portfolio… In 2026, we will also focus strongly on operational excellence throughout the group, which will increase efficiency and profitability as well as accelerate organic growth.”  which suggests that they are trying to adjust profitability to a more respectable level, which from my perspective is exactly the right move. Growing revenue can be nice, but it’s no joy for shareholders if it isn’t very profitable.

Good pushback! Responding quickly during my lunch break. I agree regarding the return on capital metrics; they are drifting in the wrong direction! These are the kinds of blemishes of an early-stage serial acquirer that a long-term investor has to look past  In my opinion, the weak returns on capital are largely explained by the brisk pace of acquisitions so far. In these cases, capital employed shows up immediately on the balance sheet, but the impact on the earnings/cash flow side is reflected with a lag! For example, in 2025, a massive €116 million in revenue was acquired. For comparison, the 2024 revenue was approx. €322 million.  Indebtedness is admittedly somewhat high, but in the inherently very defensive commercial vehicle aftermarket, one can sustain more leverage than in a typical business. Relais didn’t blow up during the 22-23 interest rate shock like many others did  There aren’t many sensible arguments against the criticism of dividends and the hybrid [bond]  The hybrid itself was quite a sensible option for financing that large Norwegian acquisition (Team Verksted), if the alternative would have been a share issue or calling off the deal. Generally speaking, however, it has been very questionable to distribute massive dividends over the years—from memory, cumulatively nearly €40 million between 2020–2025!  Even if they say they only distribute a small dividend, only 30% of EPS or something like that, the impact accumulates over the years. Underneath all this “clutter,” however, I believe there is a very good serial acquirer engine that buys decent defensive businesses at 6-8x EBITA, which translates into a quite nice double-digit return. I hope the new strategy, to be published before summer, will have a particular focus on return on capital and efficiency. Relais now has quite good platforms across the Nordics to develop and can make slightly smaller acquisitions here and there as suitable opportunities arise. Let’s say that on a 2-3+ year horizon, the return on capital and efficiency metrics should be in much better shape. Perhaps at the same time, indebtedness could be made a bit more moderate and the dividend could be cut. The investment case is interesting because the company might attract broader interest once the aforementioned metrics are comparable to peers and growth can continue to be generated by reinvesting cash flows  EDIT: I want to emphasize that returns on capital were already trending clearly upwards in 2024, for example, but the massive acquisitions in 2025 caused a setback. A massive amount of capital was tied up, but the earnings/cash flow will follow with a lag.

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.

My current thesis is that investors are currently placing a bit too much weight on the figures of a single quarter. As has been noted, weather and extreme cold have a significant impact on Relais. Q4 was warm; the severe frosts essentially began at the turn of the year and lasted for a long time. I assume these will be clearly reflected in the Q1 figures, at which point the sentiment may shift again, leading to too much weight potentially being given to the strong Q1 results. These weather variations have no significance for the long-term story, but investors seem to sometimes overemphasize short-term fluctuations, which is reflected in the share price movements. Time will tell how right I am with this view.

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.

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

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.

Salmivuori Ari Mika Petteri

Nordic Industry Development Ab

Isa Hudd

Relais Group

14.40 EUR

+1.05 %