Relais Group Oyj (RELAIS.HE) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+352.8%

€54.57

vs €12.05 price

Levered DCF

€53.74

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.71

Distress zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	20.62×	13.04×	17.76×	18.21×	32.47×	35×	275×	20.42×
P/B	2.5×	2.05×	2.21×	1.77×	5.23×	3.37×	1.66×	3.84×
P/S	0.79×	0.75×	0.86×	0.71×	1.95×	1.88×	1.07×	0.88×
EV / EBITDA	11.77×	7.49×	9.06×	9.51×	15.74×	13.17×	14.43×	9.35×
Gross margin	48.7%	46.9%	45.4%	45.0%	41.9%	34.9%	33.4%	33.6%
Operating margin	7.8%	10.0%	8.4%	7.5%	9.7%	8.6%	7.9%	7.9%
Net margin	4.0%	5.7%	4.8%	3.8%	6.0%	5.4%	0.4%	4.3%
Current ratio	1.94×	1.75×	1.74×	1.94×	2.37×	4.48×	5.02×	2.79×
Debt / equity	3.09×	1.27×	1.44×	1.5×	1.11×	0.88×	1.01×	1.3×
Interest coverage	2.79×	3.71×	3.1×	4.28×	6.07×	4.32×	3.85×	5.86×
Dividend yield	3.0%	3.3%	3.0%	3.5%	1.1%	0.7%	0.0%	0.0%
Payout ratio	58.8%	43.0%	52.8%	64.4%	36.2%	24.2%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	12.7%	15.8%	12.4%	9.6%	16.2%	9.6%	0.6%	18.7%
Return on invested capital	5.6%	9.3%	6.8%	5.6%	8.9%	5.4%	1.4%	10.1%
Return on assets	3.1%	5.6%	4.2%	3.2%	6.1%	4.5%	0.3%	6.5%
Free cash flow yield	9.5%	13.3%	10.8%	14.7%	2.0%	6.5%	1.3%	5.0%
Earnings yield	5.1%	7.7%	5.6%	5.4%	3.1%	2.9%	0.4%	4.9%
Enterprise value	€644.4M	€381M	€394.2M	€327M	€550.9M	€271.3M	€140.3M	€82.5M
Net debt / EBITDA	6.22×	2.76×	3.43×	4.16×	2.47×	1.38×	3.57×	2.17×
Cash conversion cycle (days)	121	112	169	180	191	191	247	227