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
            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
    }
  }
}


relais-cfo-stepping-down-recruitment-process-has-started-nordea

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

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.

I agree that future profitability development will play a major role in whether Relais will be an excellent investment going forward or something below that. On the other hand, if the company moves forward in that regard, I’d rather own the stock already before the profitability improvement happens. Because you don’t really have to pay much for that option right now. And Relais has been quite a decent investment already, even if it isn’t yet as polished in all respects as the top serial acquirers. (as long as you didn’t buy during the COVID hype when almost everything was really expensive). If you calculate the CAGR including dividends since the listing, it gets comfortably into double-digit percentages.

It might be that I’m looking at this too narrowly, but I personally like Relais as an investment because its business operations should keep humming along quite nicely even in this type of situation. The fact that fuel is more expensive doesn’t in any way remove the need for vehicle maintenance. A vehicle needs to get back on the road as quickly as possible when problems arise. Of course, this will likely have an impact on certain additional sales in this industry too, if we are talking about products that aren’t essential for the vehicle’s operation. There is also the fact that as transport companies’ costs rise, it could certainly lead to insolvency. There isn’t much joy in sales if the money doesn’t eventually end up in the cash flow.

Unfortunately, the recent rapid rise in diesel prices is hitting the transport sector hard and, through it, the entire Finnish economy, whose “promising” start is once again being shot down  From an investment case perspective, the transport sector and Relais experienced a similar situation in 2022, so at least we are not facing the completely unknown again, unless the situation escalates significantly from here.                   SalkunRakentaja – 13 Mar 26              SKAL:n toimitusjohtaja: "Dieselin hintakriisi"    Suomi on erityisen haavoittuvainen liikennepolttoaineiden hinnannousulle, varoittaa kuljetusalan etujärjestö.

ilmarinen.fi              Ilmarisen suhdanneindeksi    Ilmarisen suhdanneindeksi antaa ajantasaista tietoa Suomen talouden kehityksestä. Tutustu suhdanneindeksiin täältä!                             Transport is the strongest performer among the sectors, with the headcount growing by more than 2% in January–February compared to 2025. Industry is also in the positive.

My current thesis is that investors are currently placing a bit too much weight on the figures of a single quarter. As has been noted, weather and extreme cold have a significant impact on Relais. Q4 was warm; the severe frosts essentially began at the turn of the year and lasted for a long time. I assume these will be clearly reflected in the Q1 figures, at which point the sentiment may shift again, leading to too much weight potentially being given to the strong Q1 results. These weather variations have no significance for the long-term story, but investors seem to sometimes overemphasize short-term fluctuations, which is reflected in the share price movements. Time will tell how right I am with this view.

Good pushback! Responding quickly during my lunch break. I agree regarding the return on capital metrics; they are drifting in the wrong direction! These are the kinds of blemishes of an early-stage serial acquirer that a long-term investor has to look past  In my opinion, the weak returns on capital are largely explained by the brisk pace of acquisitions so far. In these cases, capital employed shows up immediately on the balance sheet, but the impact on the earnings/cash flow side is reflected with a lag! For example, in 2025, a massive €116 million in revenue was acquired. For comparison, the 2024 revenue was approx. €322 million.  Indebtedness is admittedly somewhat high, but in the inherently very defensive commercial vehicle aftermarket, one can sustain more leverage than in a typical business. Relais didn’t blow up during the 22-23 interest rate shock like many others did  There aren’t many sensible arguments against the criticism of dividends and the hybrid [bond]  The hybrid itself was quite a sensible option for financing that large Norwegian acquisition (Team Verksted), if the alternative would have been a share issue or calling off the deal. Generally speaking, however, it has been very questionable to distribute massive dividends over the years—from memory, cumulatively nearly €40 million between 2020–2025!  Even if they say they only distribute a small dividend, only 30% of EPS or something like that, the impact accumulates over the years. Underneath all this “clutter,” however, I believe there is a very good serial acquirer engine that buys decent defensive businesses at 6-8x EBITA, which translates into a quite nice double-digit return. I hope the new strategy, to be published before summer, will have a particular focus on return on capital and efficiency. Relais now has quite good platforms across the Nordics to develop and can make slightly smaller acquisitions here and there as suitable opportunities arise. Let’s say that on a 2-3+ year horizon, the return on capital and efficiency metrics should be in much better shape. Perhaps at the same time, indebtedness could be made a bit more moderate and the dividend could be cut. The investment case is interesting because the company might attract broader interest once the aforementioned metrics are comparable to peers and growth can continue to be generated by reinvesting cash flows  EDIT: I want to emphasize that returns on capital were already trending clearly upwards in 2024, for example, but the massive acquisitions in 2025 caused a setback. A massive amount of capital was tied up, but the earnings/cash flow will follow with a lag.

I have also been keeping an eye on Relais for a few years, but every time I look closer, I decide to leave the ownership to others for now. Relais’s return on invested capital doesn’t seem to be edging upwards. For a fast-growing serial acquirer, it might be lower at first, sure, but I would expect it to improve by this stage. Instead, in 2025, it dropped back to 10.5%. In addition, the company’s capital efficiency declined as working capital swelled much faster than revenue. This is supposedly partly explained by acquisitions, but still. Return on net working capital, a profitability metric favored by the Swedes, was below 45% in 2025, which is considered the benchmark for quality in Sweden.  I think I also challenged the previous CEO regarding profitability in the ROAST.                   Inderes              ROAST Relais 16.5.2025 - Inderes    Aika: 16.05.2025 klo 14.00 Kieli: fi Relaisin toimitusjohtaja Arni Ekholm saapuu Pulkkisen vieraaksi ROASTiin.                             The company also has a significant amount of debt. I’m wary of hybrids, as well as dividends. And especially when the company is simultaneously utilizing an expensive hybrid loan AND paying dividends.  The new CEO writes in the annual report that  “With a broader field of operation and increased scale, we see clear opportunities to further improve our efficiency and profitability across the portfolio… In 2026, we will also focus strongly on operational excellence throughout the group, which will increase efficiency and profitability as well as accelerate organic growth.”  which suggests that they are trying to adjust profitability to a more respectable level, which from my perspective is exactly the right move. Growing revenue can be nice, but it’s no joy for shareholders if it isn’t very profitable.

Relais Group

Relais’ CFO Pekka Raatikainen is stepping down by the end of June to pursue career outside the company. Relais has started the recruitment process for a new CFO. We were left with impression...

Relais’ CFO Pekka Raatikainen is stepping down by the end of June to pursue career outside the company. Relais has started the recruitment process for a new CFO. We were left with impression that there is no drama behind the change of CFO, more of a natural step after the IPO in 2019 and recent transfer of the company to the main list of Nasdaq Helsinki. Relais will report its Q4 on 2 March. For Q4, we are in line with Refinitiv consensus on sales and adjusted EBITA. We expect 2% y/y sales growth (-1% on LFL basis) and virtually flat adjusted EBITA development (-30 bp EBITA margin). Although there is uncertainty over consumer sales, we expect repair and maintenance operations to support development in Q4.