contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


dnb-carnegie-access-relais-group-we-expect-profitability-to-improve-q4-review

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Relais Group is an importer and wholesaler for the automotive industry. The group focuses mainly on the development of automotive electronic equipment for trucks. Examples of products that the company supplies include lighting products, applications for warning lights, camera systems, and other spare parts for heavy vehicles. The largest operations are found in the Nordic and Baltic markets, with customers in the aftermarket industry.

Thanks for pointing that out! What a confusing bug, I have no idea how that ended up there

Apparently Boreo also made it into Relais’s report  @Petri_Gostowski

Petri completed a new company report on Relais late Sunday evening  Relais’ Q4 figures clearly fell short of our forecasts, as organic revenue development in particular was sluggish in both businesses. In our estimation, the cost structure was partly burdened by non-recurring items, so the Q4 sluggishness was not fully reflected in our forecasts for the coming years. Reflecting the lower forecasts, we are however lowering our target price to EUR 18.0 (previously EUR 19.0), but we reiterate our Accumulate recommendation for the moderately valued stock. The Q4 interview with Relais’ CEO can be viewed at this link. Quoted from the report: Financial position is in good shape In 2025, Relais generated EUR 33.9 million in operating cash flow, while the company’s investments grew alongside business growth to EUR 5.2 million (EUR 2.9 million in 2024). Consequently, after the payment of lease liabilities, free cash flow settled at EUR 12.7 million. The company used significantly more funds than this for acquisitions, so at the end of 2025, the company’s net debt (excluding lease liabilities) was EUR 105.7 million. This corresponds to a 2.3x multiple relative to our 2026 EBITA forecast, which fully considers the completed acquisitions. However, this figure does not include the most recent acquisitions, but considering the forecasted cash flow for the current year, the leverage ratio will remain at approximately the current level. Based on the company’s comments, it will focus in the short term on reducing debt levels to strengthen capacity for future acquisitions and on improving the efficiency of current operations.                   Inderes              Relais Q4'25: Uudella kaudella keskitytään tehokkuuteen - Inderes    Relaisin Q4-luvut alittivat ennusteemme selvästi, kun etenkin orgaaninen liikevaihdon kehitys oli tahmeaa molemmissa liiketoiminnoissa. Kulurakennetta rasitti arviomme mukaan osin ei toistuvat erät, joten Q4:n tahmeus ei heijastunut täysimääräisesti...

I’ll post my own scattered thoughts on the results in this thread as well. It was a somewhat soft quarter in terms of profitability, there’s no getting around that. However, a quarter is too short a timeframe to draw significant conclusions in one direction or the other. After Q3, investor expectations were clearly higher, as the market gave a bit of a slap after the result. Though, the closing price on the earnings day was only about -5%, so there was probably some of that famous margin of safety in the valuation, as a worse thrashing was avoided despite the slight disappointment. The weaker profitability was explained by, among other things, low (workshop?) capacity utilization, and apparently, the earnings contribution from the Norwegian workshops acquired in the spring was poor. The numbers weren’t opened up in more detail regarding that. As maintenance/workshop services increase their share of the group’s net sales, profitability also decreases structurally slightly when measured by profit margin, but on the other hand, the return on capital should be better in that business.  In the Q&A, it was said about the Norwegian workshops that they are currently implementing best practices and lessons from Finland and Sweden to improve profitability, etc. This was successfully done in Finland with Raskone back in the day, where the absolute result was more than doubled very quickly. Raskone Oy:   There will always be fluctuation between quarters. Q1 has been very good for Relais so far in terms of weather; utilization rates have definitely risen from the Q4 situation, as the freezing weather has lasted for weeks and there’s no end in sight yet. There might even be a positive surprise in store. The CFO at least couldn’t keep a straight face when asked about this. Then to the more interesting and essential part, i.e., long-term matters. The new strategy/financial targets haven’t been published yet, but the new CEO’s speeches gave some hints. It strongly seems that we will get what you would expect from a Swedish CEO, i.e., the familiar tricks and metrics from Swedish serial acquirers operating with decentralized business models.  How many times did we hear the word decentralized or capital allocation or capital efficiency in the presentation?  Additionally, it seemed that the Profit/Working Capital ratio (return on working capital %) or similar, familiar from those same serial acquirers in our western neighbor, would be introduced into the new strategy as a key mindset and metric. All in all, sensible thoughts from the new CEO: focusing on core operations, aiming to encourage every business unit to improve return on capital, and allocating capital where it yields the best returns. Of course, the main owners will continue to decide if part of this capital goes back into the owners’ pockets. It will be interesting to hear before summer what the new strategy and targets actually contain.  Momentum Group’s capital allocation, for example, is built around this P/WC, which was just discussed in the serial acquirer thread. In itself an obvious concept, but effective when implemented with discipline. Summarized from Momentum’s annual report:

I noticed that the presentation wasn’t quite as natural yet as, for example, Arni’s. Some slight stiffness was noticeable, but I’m sure it will relax over the coming quarters . Waiting with interest to see what kind of financial targets will be set and for what timeframe. The Q4 report itself wasn’t exactly a “home run”, but the market’s sharp reaction was overdone in my opinion, so I added more at the 14.8 levels. The dividend cut was a good decision. More capital to be channeled into growth (as long as the return is reasonable).

I got really good first vibes from the new CEO based on that interview. The man talked a lot about capital allocation. In his view, Relais is already a good company where the basics are being done correctly. However, things can still be improved so that the company reaches its full potential as a value creator. Time will of course tell how successful this will be, but at this stage, a big  from here for these remarks.

Here is Juho Toratti’s analysis of Relais following Q4.   After a strong Q3 result, market expectations for the final quarter of the year had risen high. Expectations were certainly also increased by announcements of new acquisitions, as well as the cold weather, which was expected to have a positive impact on Relais Group’s demand. Falling short of these expectations caused a negative initial reaction in the stock market to the Q4 results.   Although the main focus this year is on improving profitability and key performance indicators, according to management, Relais still has an appetite for new acquisitions. A taste of this has already been seen, as the company has completed two acquisitions by mid-February. According to Gebauer, Relais Group still has relevant acquisition opportunities in the pipeline, but potential acquisitions will be made with careful consideration.   IR Monitoring is a channel for corporate partners of SalkunRakentaja and Sijoittaja.fi for background and analytical articles as well as other interesting investor information. The article is part of a commercial collaboration with the company. The article does not contain investment recommendations.                   Sijoittaja.fi – 13 Feb 26              Analyysi: Relais Group kasvoi 29 % - vuonna 2026 fokus kannattavuudessa    Relais Group jatkoi Q4:llä vahvaa kasvua, mutta tulos jäi odotuksista. Vuonna 2026 yhtiön tavoitteena on kannattavuuden parantaminen. Nälkää Relaisilla riittää myös uusiin yrityskauppoihin.

Relais Group

DNB Carnegie has published a new commissioned research report on Relais Group.To access the full report and subscribe to future updates, visit https://access.dnbcarnegie.com/companies/1488Information...

<div class="mfn-preamble"><p><strong>DNB Carnegie has published a new commissioned research report on Relais Group.</strong></p></div><div class="mfn-body"><p>To access the full report and subscribe to future updates, visit <a rel="noopener" href="https://access.dnbcarnegie.com/companies/1488">https://access.dnbcarnegie.com/companies/1488</a></p></div><div class="mfn-footer mfn-6fcd5977fc3f"><p><strong class="mfn-heading-1">Information</strong><br>This is a press release from DNB Carnegie. For information about DNB Carnegie commissioned research, see <a rel="noopener" href="https://access.dnbcarnegie.com/">https://access.dnbcarnegie.com/</a>, or contact our commissioned research team at <a rel="noopener" href="mailto:cr@carnegie.se">cr@carnegie.se</a>.</p></div><div class="mfn-footer mfn-about mfn-f597257b14ff"><p><strong class="mfn-heading-1">About Us</strong><br>DNB Carnegie is the leading and independent Nordic investment and private bank. Our operations within Corporate Finance, Securities and Research, Private Banking and Wealth Management are among the market leaders within their respective sectors. Together, they build an unbeatable combination of integrated knowledge, guiding our clients towards better business. DNB Carnegie operates in six countries and has more than 800 employees.</p></div>