Relais' Q3 adjusted EBITA of EUR 11.5m was 5% above Modular Finance consensus. Organic sales growth was 2% y/y. In Norway, the removal of temporary fuel price subsidies had a negative impact in September, while the company has been able to manage the situation. Actions to improve performance in Technical Wholesale continue and the company expects a positive impact from Q4 onwards. The demand situation has remained largely stable and we expect the company to focus on organic initiatives in the near term. We derive a slightly lower DCF- and multiples-based fair value range of EUR 15.3-18.7 (16.1-19.7).
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