Relais Group: Profitability improves faster than we expected
The Q3 figures reported by Relais yesterday were better than we expected, as the company's profitability improved faster than we anticipated after the softness earlier in the year and exceeded our estimate. Considering this we made positive changes to our estimates for both 2022 and 2023. We find the valuation of the share attractive.
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 Figures10.11.2022
2021 | 22e | 23e | |
---|---|---|---|
Revenue | 237.8 | 260.9 | 265.2 |
growth-% | 84.47 % | 9.68 % | 1.65 % |
EBIT (adj.) | 25.7 | 23.5 | 25.8 |
EBIT-% (adj.) | 10.82 % | 9.02 % | 9.72 % |
EPS (adj.) | 0.95 | 0.74 | 0.93 |
Dividend | 0.36 | 0.30 | 0.32 |
Dividend % | 1.37 % | 2.51 % | 2.68 % |
P/E (adj.) | 27.66 | 16.18 | 12.83 |
EV/EBITDA | 16.99 | 9.62 | 8.65 |