Relais' H2 was in line with our expectations on sales and profitability. The company now expects to reach its 2024 turnover target of EUR ~240m substantially earlier than previously expected and aims to redefine the target at a later stage this year. We forecast 2023 sales of EUR 239m. The M&A pipeline remains healthy and we think Relais is in a good position for further market consolidation. After the Strands and Raskone acquisitions, a large part of Relais' organic growth should come from commercial vehicles and lighting solutions; the latter should offer Relais good global growth potential. We derive a fair value range of EUR 15.8-19.4 per share.
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