Ahead of Relais' Q2 report, we include the tershine acquisition in our estimates and take a slightly more cautious near-term view on a seasonally slow Q2. We expect solid underlying demand, with 2% y/y organic growth for Q2, while acquisitions in Commercial Vehicle Services have likely increased seasonality. After the acquisition of tershine, we believe Relais is focusing on improving near-term organic growth and lowering leverage. We derive an unchanged DCF- and multiples-based fair value range of EUR 17.6-21.5.

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