Raketech: Investing in future growth - Nordea

Raketech reported a solid Q4 overall, with revenues 4% below our expectations, whereas adjusted EBITDA fell 2% short. The start to Q1 2022 has been solid, with daily average revenues at 8% above our estimates for the full quarter. As Raketech enters a heavy investment phase, EBITDA margin guidance for 2022 is in line with the 2021 figure of 43%. We lift revenue by 1% for 2022E but reduce our adjusted EBITDA expectations by 6% due to increased US investments. Following the report, we believe a higher EV/EBIT multiple is warranted; we lift our valuation range to SEK 26.9-37.5 (23.4-39.7), reflecting a 2022E EV/EBIT range of 8-11x. Marketing material commissioned by Raketech Group Holding.

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