Report published August 14, 2026
Relais Group Oyj: Organic Growth Initiatives & Near-Term Earnings Analysis
Source and citation context
- Issuer
- Nordea
- Report date
- August 14, 2026
- Analysis as of
- Not stated in source
Authors / editors: Joni Sandvall (Analyst), Sanna Perälä (Analyst)
Finvaulta summarizes Nordea's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Nordea lowered its fair value range for Relais Group Oyj to EUR 16.8–20.6 (from EUR 17.6–21.5) following Q2 adjusted EBITA of EUR 8m that missed consensus by 14%. Despite higher organic growth of 4%, near-term earnings face pressure from organic growth investments, workshop relocation costs, and increased credit loss provisions.
Key Takeaways
- 1.Relais delivered 4% organic growth in Q2 (vs. 2% forecast), but adjusted EBITA of EUR 8m missed Modular Finance consensus by 14% due to organic growth investments, relocation costs, and higher credit loss allowances.
- 2.Nordea derived a lower DCF- and multiples-based fair value range of EUR 16.8–20.6 per share (down from EUR 17.6–21.5).
- 3.2026E–2028E revenue is revised upward by 2% due to acquisitions like Tershine, while adjusted EBITA is trimmed by 1–3% due to a higher cost base and Finnish pricing competition.
Table of Contents
- KEY DATA
- PERFORMANCE
- VALUATION APPROACH (EUR/SHARE)
- ESTIMATE CHANGES
- Organic growth initiatives visible in near-term earnings
- Strong Q2 organic growth
- Minor negative earnings revisions
- Intensified focus on capital returns
- SUMMARY TABLE - KEY FIGURES
- Estimate revisions
- Detailed estimates
- DETAILED QUARTERLY ESTIMATES (EURm; EPS IN EUR)
- DETAILED ANNUAL ESTIMATES (EURm; EPS AND DPS IN EUR)
- QUARTERLY ESTIMATES BY SEGMENT (EURm)
- ANNUAL ESTIMATES BY SEGMENT (EURm)
- Valuation
- Background
- PEER VALUATION TABLE
- EV/EBIT-based valuation of EUR 17.6-21.5 per share
- P/E-based valuation of EUR 15.9-19.4 per share
- DCF-based valuation of EUR 17.1-20.8 per share
- DCF valuation sensitivity
- SENSITIVITY OF OUR DCF MODEL (EUR PER SHARE)
- Valuation conclusion
- VALUATION RANGE (EUR)
- Risk factors
- Reported numbers and forecasts
- INCOME STATEMENT
- VALUATION RATIOS
- REPORTED EARNINGS
- BALANCE SHEET
- CASH FLOW STATEMENT
- Disclaimer and legal disclosures
Report data
ESTIMATE CHANGES
| Metric | Estimate | Context |
|---|---|---|
| Q2 Organic Sales Growth | 4.0% | Came ahead of Nordea forecast of 2% |
| Q2 Adjusted EBITA | 8.0 EURm | Fell 14% short of Modular Finance consensus |
| Fair Value Range | 16.8-20.6 EUR | DCF- and multiples-based fair value range per share |
| Q2 Operating Cash Flow | 6.8 EURm | Cash conversion was close to 100% |
| Share Price | 14.6 EUR | Closing share price as of report date |
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Commissioned Equity Research is shown in chronological order through this edition, published on August 14, 2026.
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Authors / Editors
Reported Data Context
- Q2 Organic Sales Growth: 4.0 % (Q2 2026) · Source: Company data
- Q2 Adjusted EBITA: 8.0 EURm (Q2 2026) · Source: Modular Finance
- Fair Value Range: 16.8-20.6 EUR (2026) · Source: Nordea estimates
- Q2 Operating Cash Flow: 6.8 EURm (Q2 2026) · Source: Company data
- Share Price: 14.6 EUR (Close) · Source: Company data
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