Redeye updates its estimates for Relais’ recent hybrid bond issue. While this solution results in less dilution than we previously pencilled in, we turn slightly more cautious on our near-term M&A estimates. Further, associated interest costs result in our long-term EPS estimates remaining roughly constant. Overall, we judge Relais’ hybrid bond issue was a decent avenue for replacing the company’s M&A financing. We adjust our valuation.
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