Relais: Another interesting acquisition
Relais’ Lumise acquisition is an interesting addition to the corporate family and opens up new growth opportunities in the lighting business. The deal price is reasonable, and we interpret it generates added value for shareholders. We believe the post-acquisition price reaction considered this and the share is still quite correctly priced.
Relais Group
Relais Group is an importer and wholesaler for the automotive industry. The Group focuses mainly on the development of vehicle electronic equipment for trucks. Examples of products that the company delivers include lighting products, applications for warning lights, lighting and camera systems, as well as other spare parts for heavy vehicles. The largest operations are in the Nordic and Baltic markets, with customers in the aftermarket industry.
Read more on company pageKey Estimate Figures01.04.2021
2020 | 21e | 22e | |
---|---|---|---|
Revenue | 128.9 | 222.7 | 239.4 |
growth-% | 30.30 % | 72.75 % | 7.49 % |
EBIT (adj.) | 18.7 | 29.0 | 33.2 |
EBIT-% (adj.) | 14.51 % | 13.03 % | 13.87 % |
EPS (adj.) | 0.87 | 1.21 | 1.34 |
Dividend | 0.30 | 0.40 | 0.45 |
Dividend % | 2.04 % | 3.36 % | 3.78 % |
P/E (adj.) | 16.98 | 9.87 | 8.89 |
EV/EBITDA | 14.41 | 9.62 | 8.06 |