Relais Group

Relais' Q2 adjusted EBITA of EUR 8m fell 14% short of Modular Finance consensus despite a 2% top-line beat. Q2 organic growth of 4% came in ahead of our forecast, although higher credit loss allowances, organic growth investments and one-off relocation...

Relais Q2 adjusted EBITA of EUR 8m was up 6% y/y and came 14% below Modular Finance consensus of EUR 9.4m. There were EUR 0.6m higher credit loss provisions and if adjusting for these, Q2 EBITA missed by 8%. Organic sales growth was 4% y/y in Q2 (Nordea...

Ahead of Relais' Q2 report, we include the tershine acquisition in our estimates and take a slightly more cautious near-term view on a seasonally slow Q2. We expect solid underlying demand, with 2% y/y organic growth for Q2, while acquisitions in Commercial...

Relais is acquiring 70% of vehicle care company tershine from its founder and entrepreneur who will continue to lead tershine. Closing is expected as of today and Relais will consolidate tershine from the beginning of August. tershine was founded in ...