Ahead of Relais' Q2 report, due on 15 August, we make only minor underlying estimate revisions and incorporate the latest announced acquisition into our estimates. Road traffic figures from Finland point to stable end market demand in seasonally small Q2. We expect Relais to continue to gain new repair and maintenance customers and to outperform overall market performance. Given the healthy M&A pipeline, we believe the company will continue to conduct bolt-on acquisitions in H2. We derive an unchanged DCF- and multiples-based fair value of EUR 15.8-19.3. Marketing material commissioned by Relais Group Oyj.