contentSlug

type

ContentPage_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentPage_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
  createdAt
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
    forum {
      threadUrl
    }
    defaultInstrument {
      symbol
      id
    }
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  createdAt
  changedAt
  isPremium
  authors {
    __typename
    name
    pageUrl
    id
  }
  companies {
    name
    pageUrl
    id
  }
  tags {
    name
    id
  }
  ... on Video {
    liveTime
    videoUrl
    videoEmbedUrl(location: "inderes")
  }
  ... on Webcast {
    liveTime
    videoUrl
    videoEmbedUrl(location: "inderes")
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        threadUrl
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        symbol
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
      researchContentUrl
      researchContent {
        title
        lang
        pdfUrl
        relatedContent {
          __typename
          ...PublishingDetails
          ...Reactions
          id
        }
        content {
          title
          lang
          htmlBody
          publishedAt
          createdAt
          changedAt
          isOutdated
          isPremium
        }
      }
    }
    ... 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
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
}

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
    }
  }
}


modular-finance-ir-consensus-relais-group-consensus-estimates-q3-2026

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

changedAt

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.

Updates from Nordea and Carnegie as well. They are also expecting slightly softer momentum, with interest rates posing a headwind too. But all of this is already more or less priced in. https://research.nordea.com/api/reportfileapi?id=3769f692-125f-44ac-9da2-a09e2ad1902d                   access.dnbcarnegie.com              DNB Carnegie Access:

Chief Analyst Petri, hoping for evening and night shift differentials, finished an extensive report on Relais late last night  Extensive reports are always available for everyone to read.  Relais’s value creation model is based on owning and developing businesses and consolidating the vehicle aftermarket through acquisitions. The company’s track record is strong, and we believe it is well-positioned to continue creating value going forward. In our view, the share’s current valuation is quite reasonable, and the business risk profile is lower than average. Therefore, we consider the risk/reward ratio of the stock attractive and reiterate our Accumulate recommendation, although we lower our target price to EUR 15.5 (previously EUR 17.0), reflecting forecast adjustments and a slightly increased required rate of return.                    Inderes – 21 Oct 26              Relais laaja raportti: Arvonluontia ajoneuvojen jälkimarkkinoilla - Inderes    Relaisin arvonluontimalli pohjautuu liiketoimintojen omistamiseen, kehittämiseen ja ajoneuvojen jälkimarkkinoiden konsolidointiin yritysostoilla.                             Quotes from the report:  In our assessment, the long-term organic growth potential of Relais’s current business is built on the growth of the registered vehicle fleet, which is roughly in line with the long-term outlook for general economic growth. Thus, we estimate that long-term market growth will roughly fall in the 0–3% range. Over the short to medium term, however, the company’s organic growth rate may continue to outpace this slightly—as seen in recent years—driven by potential internal synergies and market share gains. Consequently, given its M&A strategy, we do not foresee overall market growth acting as a constraint on the company’s growth potential—generated through a combination of organic and inorganic growth—under any realistic scenario. We believe the overall market offers the company substantial growth potential.   Considering the ongoing nature of demand in the service business and the low share of discretionary spending, we assess that Relais’s longer-term demand risks should remain limited despite uncertainties surrounding the operating environment and economic growth rate. On the other hand, demand for some of the companies’ products is affected by winter weather conditions, which creates a recurring two-way seasonal demand risk. Furthermore, in the short term, high fuel prices accentuate demand risks, particularly for Commercial Vehicle Services, although this impact may ripple across the broader automotive market and value chain to some extent. From this perspective, it is particularly noteworthy that the profitability of Commercial Vehicle Services is sensitive to changes in demand, as personnel costs make up a significant portion of its cost structure. Consequently, fluctuations in revenue have a marked impact on the segment’s profitability.

Here are Jani Järvinen’s highlights on Relais  https://x.com/jjamber0/status/2106313548687143081    In the tweet above, he quoted this “old” video of his (Sep 29):  https://x.com/STNXfi/status/2104865397878964571

The situation with Relais is a double-edged sword anyway. Looking purely at the P/S ratio, the company is priced like some basic cyclical like Outokumpu. P/S is ~0.5, whereas Swedish serial acquirers can trade at a P/S of 4. Granted, the reason for this is clear: high debt and lower returns on capital. Of course, part of these return-on-capital comparisons is artificial, as the book value of older acquired companies tilts the scales. It’s easier to achieve an ROE of 30% with a 20-year-old business versus one acquired just last year. ROIC is certainly more comparable in this sense. At the same time, fuel prices and inflation aren’t doing any favors. Trucks simply have to be repaired, so repair shops can push through price increases to some degree. However, academic research shows that not even defensive companies are entirely immune to this. Yet, there is a little contrarian living inside me. Could there be a scenario in the future where some of the wars have ended and data centers have hit saturation? In parallel, the company could have deleveraged its balance sheet and cleared its expensive hybrid bond. Fuel prices might settle at a more tolerable level for the transport sector. Would a P/S of 1 be an impossible price to pay for Relais? Add a bit of organic growth on top of that, and voilà, the share price could easily double from here.

The shareholder lists showed that foreign investors are dumping shares onto the bid. SEB -60,531 shares/month. Foreign money is surely spooked by the rising cost of capital. Operating with this kind of leverage isn’t fun in the current interest rate environment. The stock’s stagnation is unlikely to end before this cycle is broken. On the other hand, the new CEO arrived just in the nick of time. A focus on cash flow and EBITA margins is needed                    Relais              Suurimmat osakkeenomistajat - Relais    Osakkeenomistajat         Est. reading time: 1 minuutti

Relais CEO Christian Gebauer was presenting their company

Hi @JP199, I am getting back to you regarding the questions you raised. Christian’s answers are below [Edit: there was some issue with the formatting, hopefully it’s better now]:  First question: After six months, I am convinced that decentralization is the right operating model for Relais. We have clarified and strengthened the mandate of our MDs and local management teams. Our businesses operate in different niches and markets, and operational decisions should be made close to the customer. This increases agility and speed of execution, while also strengthening ownership and enabling clear local accountability for results. To be clear, decentralization does not mean an absence of control. It requires clear financial targets and transparent follow-up. 2nd question: The key risk in any decentralized model is unclear accountability. Local management teams have generally responded positively to having both the mandate and the responsibility to develop their businesses. Our role at Business Area and Group level is to set clear expectations, provide support where we can add value and follow performance closely, without interfering in day-to-day decisions. We have not seen any meaningful employee turnover that we would attribute to these changes. 3rd question: Incentives should focus on measures that local management can directly influence and that are simple to understand and follow. We have therefore introduced targets for EBITA growth and return on operating net working capital, or ROONWC. Local management can directly influence profitability and working capital efficiency. Acquisition valuations and the initial capital deployed are primarily Business Area and Group responsibilities. Discipline at both levels is essential for achieving our ROCE target of above 13% over time. The principle is simple: local management should be accountable for the returns generated from the capital available to the business, while the Business Areas and the Group must be accountable for where and at what valuation that capital is initially deployed. 4th question: I stay close to the Swedish serial acquirer community and follow with interest how leading companies continue to develop their operating models, particularly how they combine local entrepreneurship with financial discipline and effective capital allocation over long periods of  time. The community also provides a useful sounding board for new questions. AI is a good example; how do you capture the benefits of new capabilities across a group while maintaining local ownership and accountability. There is much to learn from how others decentralized companies are approaching the same challenge. While there is much to learn from others, in the end we are developing a decentralized model that fits Relais’ own businesses, history and culture.

Relais Group

Estimates compiled by Modular Finance on behalf of Relais Group.Number of contributors: 5 (all of which have been updated or confirmed before the report)KPI (MEUR, unless otherwise specified...

<div class="mfn-body"><p>Estimates compiled by Modular Finance on behalf of Relais Group.</p><p>Number of contributors: 5 (all of which have been updated or confirmed before the report)</p><table class="mfn-w-set"><tbody><tr><td colspan="1" rowspan="1" valign="bottom" width="375.0px" class="mfn-bb-solid mfn-bl-solid mfn-br-solid mfn-bt-solid"><strong>KPI (MEUR, unless otherwise specified)</strong></td><td align="right" colspan="1" rowspan="1" valign="bottom" width="192.0px" class="mfn-bb-solid mfn-bl-solid mfn-br-solid mfn-bt-solid"><strong>Q3 2026E</strong></td></tr><tr><td colspan="1" rowspan="1" valign="bottom" width="375.0px" class="mfn-bb-solid mfn-bl-solid mfn-br-solid mfn-bt-solid">Net sales</td><td align="right" colspan="1" rowspan="1" valign="bottom" width="192.0px" class="mfn-bb-solid mfn-bl-solid mfn-br-solid mfn-bt-solid">112.9</td></tr><tr><td colspan="1" rowspan="1" valign="bottom" width="375.0px" class="mfn-bb-solid mfn-bl-solid mfn-br-solid mfn-bt-solid">Adjusted EBITA</td><td align="right" colspan="1" rowspan="1" valign="bottom" width="192.0px" class="mfn-bb-solid mfn-bl-solid mfn-br-solid mfn-bt-solid">11.0</td></tr><tr><td colspan="1" rowspan="1" valign="bottom" width="375.0px" class="mfn-bb-solid mfn-bl-solid mfn-br-solid mfn-bt-solid">Adjusted EBITA margin (%)</td><td align="right" colspan="1" rowspan="1" valign="bottom" width="192.0px" class="mfn-bb-solid mfn-bl-solid mfn-br-solid mfn-bt-solid">9.80</td></tr><tr><td colspan="1" rowspan="1" valign="bottom" width="375.0px" class="mfn-bb-solid mfn-bl-solid mfn-br-solid mfn-bt-solid">Earnings per share (EUR)</td><td align="right" colspan="1" rowspan="1" valign="bottom" width="192.0px" class="mfn-bb-solid mfn-bl-solid mfn-br-solid mfn-bt-solid">0.19</td></tr></tbody></table><p>Relais Group’s Q3 report will be released on Wednesday 28 October.</p></div><div class="mfn-footer mfn-attachment mfn-attachment-general"><p><strong class="mfn-heading-1">Attachments</strong><br><a class="mfn-generated mfn-primary" href="https://storage.mfn.se/bbe13b66-4896-4342-9e54-e2c61eceeeff/relais-group-consensus-estimates-q3-2026.pdf" rel="noopener">Relais Group – Consensus estimates Q3 2026</a></p></div>

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Modular Finance IR Consensus: Relais Group – Consensus estimates Q3 2026

Modular Finance IR Consensus: Relais Group – Consensus estimates Q3 2026

KPI (MEUR, unless otherwise specified)	Q3 2026E
Net sales	112.9
Adjusted EBITA	11.0
Adjusted EBITA margin (%)	9.80
Earnings per share (EUR)	0.19