Relais Group Oyj (RELAIS.HE) | Investment Case

1. Company Snapshot

1.a. Company Description

Relais Group Oyj operates as a consolidator and acquisition platform for vehicle aftermarket in Nordic and Baltic countries.It offers spare parts, components, and accessories, as well as repair and maintenance services for trucks, vans, trailers, work machines, cars, and vans.The company also provides power management and lighting solutions, including batteries, warning lights, lighting, and camera systems for commercial and heavy vehicles applications; auxiliary and working lights, and automotive camera systems for commercial vehicles; imports and wholesales electrical equipment, such as rear-view and side-view cameras, inverters, and battery chargers for heavy commercial vehicles and the marine sector; and automotive aftermarket lighting and accessories.

In addition, it is also involved in the online sale of vehicle lighting products.The company was founded in 1996 and is based in Helsinki, Finland.

Show Full description

1.b. Last Insights on RELAIS

Relais Group Oyj's recent performance was driven by strategic acquisitions and expansion into new markets. The company's acquisition of Team Verksted Holding AS in April 2025 solidified its position as the largest operator of independent commercial vehicle workshop chains in the Nordic Region. This strategic move is expected to enhance Relais Group's market share and increase its revenue streams. Additionally, the company's focus on expanding its services and offerings in the Nordic Region is likely to drive growth and improve its competitive position.

1.c. Company Highlights

Last Price	16.7
Change Percentage	0.91%
Open	16.6
Previous Close	16.55
Market Cap ( Millions)	303
Volume	4064
Year High	17.5
Year Low	12.25
M A 50	16.01
M A 200	15.39

FCF Yield	6.32%
Dividend Yield	2.99%
ROE	15.59%
Debt / Equity	202.41%
Net Debt / EBIDTA	447.08%
Price To Book	2.48
Price Earnings Ratio	16.12
Price To FCF	15.83
Price To sales	0.91
EV / EBITDA	10.46

2. Transcript Summary

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3. NewsRoom

Relais Group (HLSE:RELAIS) Revenue Set to Outpace Market, But Slowing Earnings Growth Tests Bullish Narratives

Oct -23

Source:

Relais Group Plc becomes the biggest operator of independent commercial vehicle workshop chains in the Nordic Region through the acquisition of Team Verksted Holding AS

Apr -29

Source:

Relais Group Plc considerably expands its footprint in the European truck accessories market through the acquisition of a majority in Matro Group

Apr -07

Source:

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.00%)

6. Segments

Scandinavia

Expected Growth: 4%

Scandinavia's 4% growth, driven by Relais Group Oyj, is attributed to increasing demand for luxury travel, government investments in tourism infrastructure, and a strong economy. Additionally, the region's high standard of living, coupled with a growing middle class, fuels consumer spending on premium travel experiences.

Finland and Baltics

Expected Growth: 4%

Finland and Baltics, driven by Relais Group Oyj, exhibit 4% growth due to increasing demand for logistics services, e-commerce expansion, and strategic investments in digitalization, coupled with a growing middle class and favorable government policies, resulting in a robust economic environment.

7. Detailed Products

Hotel Booking Engine

A comprehensive online booking system for hotels, allowing guests to book rooms and suites directly on the hotel's website

Channel Manager

A platform that enables hotels to manage their room inventory and rates across multiple online travel agencies and booking sites

Property Management System (PMS)

A comprehensive software solution for managing hotel operations, including front desk, housekeeping, and accounting

Revenue Management System (RMS)

A data-driven platform that helps hotels optimize their room pricing and inventory to maximize revenue

Digital Marketing Services

A range of services including website design, search engine optimization, and online advertising to help hotels improve their online presence

8. Relais Group Oyj's Porter Forces

Forces Ranking

Threat Of Substitutes

Relais Group Oyj operates in a niche market with limited substitutes, but there are some alternatives available to customers.

Bargaining Power Of Customers

Relais Group Oyj has a diverse customer base, which reduces the bargaining power of individual customers.

Bargaining Power Of Suppliers

Relais Group Oyj has a moderate level of dependence on its suppliers, but it has some flexibility in its supply chain.

Threat Of New Entrants

Relais Group Oyj operates in a market with high barriers to entry, making it difficult for new entrants to join the market.

Intensity Of Rivalry

Relais Group Oyj operates in a highly competitive market with several established players, leading to intense rivalry.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	49.77%
Debt Cost	6.26%
Equity Weight	50.23%
Equity Cost	9.97%
WACC	8.12%
Leverage	99.09%

11. Quality Control: Relais Group Oyj passed 5 out of 9 key points

Strong Liquidity

Low Deb

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Relais

A-Score: 6.0/10

Value: 5.4

Growth: 8.9

Quality: 4.7

Yield: 5.6

Momentum: 5.5

Volatility: 6.0

1-Year Total Return ->

Autoneum

A-Score: 5.7/10

Value: 7.1

Growth: 4.4

Quality: 4.4

Yield: 2.5

Momentum: 8.0

Volatility: 7.7

1-Year Total Return ->

AB Dynamics

A-Score: 5.1/10

Value: 3.5

Growth: 8.0

Quality: 7.0

Yield: 5.0

Momentum: 0.5

Volatility: 6.7

1-Year Total Return ->

Inter Cars

A-Score: 5.0/10

Value: 6.1

Growth: 7.7

Quality: 3.8

Yield: 0.0

Momentum: 6.0

Volatility: 6.7

1-Year Total Return ->

Bertrandt

A-Score: 4.3/10

Value: 9.8

Growth: 2.6

Quality: 5.3

Yield: 2.5

Momentum: 3.0

Volatility: 2.3

1-Year Total Return ->

TI Fluid Systems

A-Score: 4.0/10

Value: 5.9

Growth: 4.0

Quality: 2.2

Yield: 1.2

Momentum: 6.0

Volatility: 4.7

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

1.40%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

8.12%

Relais Group Oyj - FI4000391487

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on RELAIS

1.c. Company Highlights

Higher Growth

Stable Momentum

Medium Volatility

Earnings Miss

Revenues Beats

Average Quality

Earnings Beats

Fairly Valued

Strong Momentum

Revenues Miss

Average Yield

2. Transcript Summary

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.00%)

6. Segments

Scandinavia

Expected Growth: 4%

Finland and Baltics

Expected Growth: 4%

7. Detailed Products

Hotel Booking Engine

Channel Manager

Property Management System (PMS)

Revenue Management System (RMS)

Digital Marketing Services

8. Relais Group Oyj's Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: Relais Group Oyj passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

16.7$

Current Price

16.7$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA