Relais' Q2 adjusted EBITA of EUR 8m fell 14% short of Modular Finance consensus despite a 2% top-line beat. Q2 organic growth of 4% came in ahead of our forecast, although higher credit loss allowances, organic growth investments and one-off relocation costs burdened operating profit. End-market demand remained stable and the company expects a seasonally stronger H2. We make minor negative estimate revisions and derive a lower DCF- and multiples-based fair value range of EUR 16.8-20.6 (17.6-21.5).
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