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
  ... 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
    }
    ... 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
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
        }
      }
      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
    }
  }
}


relais-group-vehicle-aftermarket-consolidator

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Co. Head of Research

Petri Gostowski

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.

This may be somewhat off-topic regarding the most essential aspects of the Relais investment case, but Raskone has an interesting ongoing collaboration with Windrose, a Chinese electric truck manufacturer. Apparently, Windrose is pushing hard into the European market and is currently partnering up with aftermarket needs in mind, for instance, regarding maintenance. Fundamentally, I think the Chinese will have a very tough time in heavy commercial vehicles in the Nordic markets against traditional manufacturers, such as Volvo or Scania. Furthermore, among current technologies, diesel will remain the only viable power source for a very long time (decades) in most sectors where distances are long and utilization rates are high, not to mention special requirements like timber transport. Of course, new inventions/technologies can change this picture quickly; after all, there has been a lot of noise about solid-state batteries lately. Not to mention the hydrogen hype of years past  In any case, it’s quite interesting to follow the challenging of traditional vehicle manufacturers and power sources in this field as well. Raskone can then maintain these brand-new Chinese electric trucks just as well as those over 20-year-old diesel Sisus

Kaleva              Pakkaset ruuhkauttivat Oulun akkuliikkeet – Jonossa ollut pahimmillaan 30 autoa    Pakkaset ruuhkauttivat Oulun akkuliikkeet, joissa vaihdetaan kymmeniä akkuja päivässä. Jonot ovat jatkuvia.                             Batteries are starting to wear out . Bodes well for a good start to Q1.

Here is the updated company report on Relais from Petri, following the company’s active end to the year.  Relais was active on the M&A front at the end of 2025, as the company announced three corporate transactions. The transactions are small in size, and as a result, the changes to near-term forecasts remained slight. In our view, these transactions and the overall level of activity in 2025 indicate that Relais has succeeded in decentralizing its transaction expertise within the group. This is critical for the long-term execution of the company’s strategy and value creation. With the stock’s valuation remaining moderate, we reiterate our Accumulate recommendation and our target price of EUR 19.0. Quoted from the report: Valuation multiples are reasonable The several acquisitions already made by Relais will only be fully reflected in the results for the current year, so we no longer consider the earnings-based valuation multiples for 2025 to be particularly relevant. Based on 2026 forecasts, the IFRS 16-adjusted EV/EBITA multiple is approximately 10x and the corresponding adjusted P/E multiple is approximately 11x. In our view, these are reasonable for the current operations and offer slight upside potential. As we see it, Relais’s value creation potential consists of two components, following its business model. These are the current operations, while the other component is the value creation potential of the M&A strategy. We consider the current valuation to be reasonable for the current operations alone, and thus the current valuation does not place any expectations on value creation from capital reallocation. Therefore, in our view, the current valuation provides an attractive opportunity for additional purchases in Relais’s long-term growth story.                   Inderes              Relais Group: Koneisto toimittaa ja kauppa käy - Inderes    Relais oli aktiivinen yritysostorintamalla loppuvuodesta 2025, kun yhtiö tiedotti kolmesta yritysjärjestelystä.

If December was almost trouble-free for motorists, except for the inconvenience caused by the darkness, the beginning of January has been anything but. One can easily conclude from this that the spare parts trade has surely been brisk… and the freezing temperatures continue. Wrong diesel in the tank – Lapland’s extreme cold has stalled the journeys of over 400 motorists | Lapland | Yle Väärää dieseliä tankissa – Lapin paukkupakkaset ovat hyydyttäneet yli 400 autoilijan matkanteon | Lappi | Yle Hundreds of tourists being towed from Lapland’s snowbanks – professional reveals a surprising tip that saves the car’s bumper | Lapland | Yle Satoja turisteja hinataan Lapin lumipenkoista – ammattilainen paljastaa yllättävän vinkin, joka säästää auton puskurin | Lappi | Yle                   Yle Uutiset – 3 May 23              Pakkanen on monin paikoin kireää    Pakkanen on monin paikoin kireää

Relais’s December shareholder listing showed no extraordinary events, but nominee-registered holdings increased mainly through SEB by +24k shares. Helander Holding, conversely, decreased by -20k shares. If looking at the whole of last year, nominee-registered ownership in the company rose from  8.85% → 14.89% Of course, the biggest driver here was likely the Portuguese fund, but others have also increased their weight. One of my own investment theses for Relais is raising the valuation to the level of international peers. I would venture to say that for this to materialize, foreign capital is needed in the shareholder base. We are on the right trend

Here are Petri’s comments on Relais’s new acquisition. In the transaction, Relais’s subsidiary Strands Group is acquiring 70% of Qpax AB. The acquired company focuses on the design and manufacture of auxiliary light brackets installed on light commercial vehicles. In our view, the small acquisition is fully in line with Relais’s strategy and value creation model.                   Inderes              Relais kasvattaa tuoteliiketoimintaa yritysostolla Ruotsissa - Inderes    Yrityskaupassa Relaisin tytäryhtiö Strands Group ostaa 70 % Qpax AB:sta.

There are likely opportunities in Jällivaara to expand into maintenance services in addition to damage repairs. Margins there might also be better than in cities where there is more competition

Relais Group

Relais' value creation model is based on owning and developing businesses, and consolidating the vehicle aftermarket. The company's track record of this is good for the past few years and we...

<p>Relais' value creation model is based on owning and developing businesses, and consolidating the vehicle aftermarket. The company's track record of this is good for the past few years and we expect capital allocation to be a key value driver for the company also in the future. In our view, the current share valuation is moderate from several different angles. Thus, we consider the share’s risk/return ratio good.</p> 

	2022	23e	24e
Revenue	260.7	277.5	289.6
growth-%	9.6 %	6.4 %	4.4 %
EBIT (adj.)	23.0	29.8	31.9
EBIT-% (adj.)	8.8 %	10.7 %	11.0 %
EPS (adj.)	0.80	1.00	1.12
Dividend	0.40	0.42	0.44
Dividend %	3.9 %	2.4 %	2.6 %
P/E (adj.)	12.7	17.3	15.4
EV/EBITDA	9.0	10.1	9.4

Relais Group: Vehicle aftermarket consolidator

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Key Estimate Figures29.05.2023

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