Relais Group Oyj Equity Research

Nordea has increased its fair value range for Relais Group Oyj to EUR 17.7-21.6 ahead of a Q1 report expected to show strong organic growth driven by a cold Nordic winter. The focus remains on the May 20 Capital Markets Day for new strategic targets.

Key Takeaways

• 1.Nordea has raised the fair value range for Relais Group Oyj to EUR 17.7-21.6, up from EUR 17.3-21.1.
• 2.A cold winter in the Nordics during Q1 2026 is expected to have significantly supported top-line and earnings, particularly in the Technical Wholesale segment.
• 3.The upcoming Capital Markets Day (CMD) on May 20, 2026, is a key catalyst where the company is expected to release ambitious strategy targets, potentially including an EBITA target above EUR 70m.

Table of Contents

• Key Data
• Performance
• Valuation Approach
• Estimate Changes
• Cold winter to support earnings
• We are above consensus for Q1E
• Minor estimate revisions – focus on new strategy
• Fair value range of EUR 17.7-21.6
• Summary Table - Key Figures
• Estimate revisions
• Valuation
• Background
• EV/EBITDA-based valuation of EUR 19.5-23.8 per share
• P/E-based valuation of EUR 16.6-20.3 per share
• DCF-based valuation of EUR 17.1-20.9 per share
• DCF valuation sensitivity
• Valuation conclusion
• Detailed estimates
• Quarterly Segment Estimates
• Risk factors
• Reported numbers and forecasts
• Disclaimer and legal disclosures

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