Thanks for the great posts, @JP199 and @Tyhjatasku. It’s hard to disagree with your main points regarding this comparison of the companies. I do want to say that I have nothing against Auroora, and I was very close to participating in the share issue, but at the time, I felt Auroora’s valuation was so close to Relais’s that I didn’t feel the need for another serial acquirer in my portfolio. Well, it’s easy to be wise in hindsight that, at least during this period, it would have been worth being part of the story.
As I understand it, the companies’ focuses are currently quite different. Under the leadership of the new CEO, Relais has been talking a lot about improving capital efficiency and organic growth. Because of this, I was a bit surprised by this acquisition, as I didn’t have a single acquisition in my own “lottery ticket” for this year. Regarding Auroora, I don’t recall it off the top of my head, but weren’t they planning to nearly double their revenue by 2030 or something similar?
It is indeed easier to analyze these things in hindsight, but this pursuit of growth and the industrial sector have likely been factors that have appealed more to the market right now compared to the commercial vehicle maintenance/spare parts business. In Relais, I have always appreciated the fact that the company has pretty much delivered on what it promised.