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
    }
  }
}


redeye-relais-q4-review-stable-performance-despite-challenges

__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 comments on Relais’s Norwegian acquisition  Relais announced on Thursday that it has acquired the entire share capital of the Norwegian Service-Ekspressen AS (SE). The acquisition is a typical strategic add-on purchase, through which Relais strengthens its position in the Norwegian workshop equipment business. SE is small in size relative to the Relais Group, which is why the impact of the transaction on our group-level forecasts is marginal. We will take the acquisition into account in our forecasts in connection with the next company report.                   Inderes – 17 Apr 26              Relais vahvistaa Norjan korjaamopalveluitaan täsmäostolla - Inderes    Relais tiedotti torstaina ostaneensa norjalaisen Service-Ekspressen AS:n (SE) koko osakekannan.

It would certainly be most optimal to pay for acquisitions entirely with cash flow. But if 1/3 or 1/4 is paid in shares, the majority is cash, and thus the dilution isn’t particularly massive. Let’s see how Relais’s capital allocation develops in the future in this regard. The new CEO has promised some sort of trimming.  It’s good that there are acquisition targets available for Relais.

9.9 million Norwegian kroner of the purchase price will be paid in Relais Group shares. Relais Group’s Board of Directors will make a separate share issue decision. The subscription price of the shares will be determined based on the volume-weighted average price (VWAP) of the Relais Group share during the 20 trading days preceding the closing date.  A bit of dilution expected from this as well. It’s somewhat unappealing at the current valuation. On the other hand, there wouldn’t be a huge amount of room left on the balance sheet, and based on these figures, the acquisition target seems quite profitable. Using one’s own shares is indeed a double-edged sword  The true cost of printing shares in the long run can be harsh, as Verneri also demonstrated well in today’s ‘Vartti’ (market wrap). On the other hand, with Relais being in the early stages of its journey as a serial acquirer in the big picture, using its own shares enables more aggressive growth, essentially building the foundation and seizing opportunities quickly that wouldn’t otherwise be possible. Still, one always wonders if one’s own shares are used more loosely than cold hard cash  In the long run, I would sleep best as a shareholder if the company used only cash flow and a suitable amount of debt for growth while keeping the number of shares constant. For now, I’m turning a bit of a blind eye since the company is still building that foundation for the coming decades  At this rate, we won’t be seeing Relais in @Verneri_Pulkkinen’s portfolio  Admittedly, I have to justify this and the hybrid to myself in a somewhat roundabout, politician-like way… Waiting for Q1 and the new strategy

The deal-making continues;                   Inderes              Relais Group Oyj: Relais Group ostaa Service-Ekspressen AS:n - Inderes    Relais Group Oyj Lehdistötiedote 16.4.2026 kello 13.00Relais Group on tänään 16. huhtikuuta 2026 sopinut ostavansa 100 prosenttia Service-Ekspressen AS:n ("SE") osakkeista yhtiön yrittäjäomistajilta...                             In the financial year ended in December 2025, SE’s revenue was NOK 28.6 million and adjusted operating profit was approximately NOK 5.0 million (unaudited figures, Norwegian accounting standards).

ilmarinen.fi              Ilmarisen suhdanneindeksi: Työntekijämäärien kehitys kääntyi vihdoin...    Työntekijämäärä nousi maaliskuussa Ilmarisen suhdanneindeksiin kuuluvissa yrityksissä +0,1 prosenttia verrattuna edelliseen vuoteen. Plusmerkkinen tulos on ensimmäinen lähes kolmeen vuoteen.                             The transport sector remained firmly in the positive in March as well. I don’t know if there was any discussion or audience questions at yesterday’s AGM regarding how the impact of diesel prices (approx. 20-25% of transport sector costs) has been reflected in Relais’s customer base. This increase can, however, be passed on to prices within a 1-week to 3-month timeframe.

Analyst Group              Intervju med Relais Groups VD Christian Gebauer - Analyst Group    Ett analyshus med fokus på små- och microcap-bolag i Norden                             Analyst Group interviewed Gebauer. Promises a roadshow for the summer to go over the new strategy; the company is currently relatively unknown to investors.

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

Relais Group

Redeye’s analyst just published a Research Update on Relais.Click here to read the articleMake sure to add Relais to your Watchlist at Redeye and our analysts will notify you if anything relevant...

<div class="mfn-body"><p>Redeye’s analyst just published a Research Update on Relais.</p><p><strong><a rel="noopener" href="https://www.redeye.se/research/1151583/relais-q4-review-stable-performance-despite-challenges?utm_source=MFN&amp;utm_medium=pmcour">Click here to read the article</a></strong></p><p>Make sure to add Relais to your Watchlist at Redeye and our analysts will notify you if anything relevant happens regarding your companies.</p><p>This is a press release from Redeye - Research Powered Investment Banking.&nbsp;<a rel="noopener" href="http://www.redeye.se/">www.redeye.se</a></p></div><div class="mfn-footer mfn-attachment mfn-attachment-general"><p><strong class="mfn-heading-1">Attachments</strong></p><hr><p><a rel="noopener" href="https://storage.mfn.se/8a58aafc-8b02-4a98-b324-f7e0db47c264/relais-q4-review-stable-performance-despite-challenges.pdf" class="mfn-generated mfn-primary">Relais (Q4 review): Stable performance despite challenges</a></p></div>