Relais' Q2 adjusted EBITA came in well in line with LSEG Data & Analytics consensus expectations. Despite softer market conditions in Q2, the company sees early signs of improving demand for H2. Following the acquisition spree in 2025, we continue to regard its financial target of above EUR 50m pro forma EBITA as achievable and expect the company to issue ambitious new financial targets towards the end of the year. We derive a slightly higher DCF- and multiples-based fair value range of EUR 19.2-23.4 (18.3-22.4), mainly owing to higher peer multiples.
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