Raketech: Q4 to play an important role for full-year outlook - Nordea

We continue to expect activity to pick up significantly starting in mid-September, after a somewhat softer summer, which is seasonally typical. For Q3 2022, we expect organic growth of 9% with revenue of EUR 12.1m, reflecting y/y growth of 26%. We expect some dampening effect on the adjusted EBITDA margin, but it should increase q/q to 37%, as Raketech invests heavily in future growth. Owing to a degree of lag from the US Tipster business, we now expect 2022 revenue to be EUR 50.8m, which is at the lower end of the company's full-year guidance (EUR 50-55m). Due to negative scalability effects, we forecast an EBITDA margin of 39%, below Raketech's guidance of 40-44% for 2022. As such, our fair value range is lowered to SEK 19.5-29.0 (20.2-29.8), reflecting EV/EBIT of 7-10x for 2022E. Marketing material commissioned by Raketech Group Holding.

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