Raketech: EBITDA margin cut in line with our expectations - Nordea

Raketech just released a decent Q3 report, and a start of the fourth quarter in-line with our forecast. Revenues came in 7% ahead of our expectations at EUR 13.0m (NDA: EUR 12.1m), with a revenue organic growth of 14% (NDA: 9%). The adj. EBITDA came in 8% above our estimate (EUR 4.8m vs NDA EU 4.5m), corresponding to a adj. EBITDA margin of 37.1% (NDA 37%), with no major deviation on the cost base. The US market now represent 12% of group revenues as activity dropped during Q3, expected to accelerate growth as activity picked up from mid-September, we argue. The management reiterate its 2022 guidance of revenues in the higher interval of EUR 50-55m for (NDA: EUR 50.8m), and now expects 2022 EBITDA margin just below 40% (previous guidance 40-44%). However, we have penciled in a EBITDA margin of 39%, hence the guidance cut is in line with our expectations and should not burden the share today. We expect neutral estimate revisions, with a similar share price reaction warranted.

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