Relais: Serial consolidator component included in valuation
In terms of profitability Relais’ Q4 figures fell short of our expectations. Given the constant structural arrangements, visibility to the result was not that good in the first place. Our net sales growth estimate is unchanged, but the specified cost structure resulted in us cutting 2022-2024 operating profit estimates by some 10%.
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 Figures03.03.2022
2021 | 22e | 23e | |
---|---|---|---|
Revenue | 237.9 | 273.9 | 283.8 |
growth-% | 84.55 % | 15.11 % | 3.61 % |
EBIT (adj.) | 29.3 | 31.6 | 33.1 |
EBIT-% (adj.) | 12.30 % | 11.55 % | 11.65 % |
EPS (adj.) | 1.11 | 1.29 | 1.36 |
Dividend | 0.36 | 0.50 | 0.52 |
Dividend % | 1.37 % | 4.31 % | 4.48 % |
P/E (adj.) | 23.62 | 8.97 | 8.54 |
EV/EBITDA | 17.97 | 8.64 | 7.92 |