Flash comment: Soft start to the second quarter - Nordea

Raketech just released a soft Q1 report, and weak start to Q2. Revenues came in in-line at EUR 12.7m (NDA: EUR 12.7m), whereas adj. EBITDA came in 5% soft (EUR 5.1m vs NDA EU5.3m), corresponding to a adj. EBITDA margin of 40.1% (NDA 42%). The deviation explained by higher cost base than expected, as Raketech continues to invest heavily in future growth. The US market now represent 19% of group revenues (guided to be 20% of Q1 revenues), expected to see a slowdown as the US activity decreases in the second quarter. The management expects 2022 revenues in the higher interval of EUR 50-55m for 2022 (NDA: EUR 52m), with an 2022 EBITDA margin in the lower interval of 40-44% (NDA: 42.8%). We expect minor negative estimate revisions of 2-3% on back of the report.

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