Raketech: Dampened seasonality effects - Nordea

With continued strong momentum in the networks business, we expect the traditional seasonal softness to be less pronounced, and we estimate Q2 revenue of EUR 14.8m for Raketech, representing 29% organic growth y/y. We still expect seasonal softness in the Nordics and the US, but for this to be mitigated by expansion in Japan, India and Latam. As the sub-affiliation business operates with lower margins (we assess 17-18%) and is currently outperforming, we argue there is upside potential to Raketech's 2023 revenue guidance. We pencil in revenue of EUR 65.4m for 2023, which is slightly above Raketech's full-year revenue guidance range of EUR 60-65m. On EBITDA, we estimate EUR 24.6m for 2023, which is at the upper end of Raketech's 2023 guidance (EUR 20-25m). We lift our revenue estimates for 2023-25 by 1-4% and raise our multiples-based fair value range to SEK 22.4-31.9 (21.3-29.8). Marketing material commissioned by Raketech Group Holding.

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