Inderes analysts have produced a high-quality and realistic analysis of this interesting company.
The Q2 report released by Relais on Thursday was better than we expected, with revenue and especially profitability exceeding our estimates. Against this backdrop, our raised profitability forecasts and a recent small acquisition, our estimates for this and next year increased. The stock valuation is not high, but we believe the recent price rise has dismantled the most blatant undervaluation. As a result, we raise our target price to EUR 16.5 (was EUR 15.0) but lower the recommendation to Accumulate (was Buy).
