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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. 

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Trade. (Relais Group)