Raketech: Reverse profit warning - Nordea

Revers profit warning with upgraded guidance for FY 2023. Revenues for Q2 are expected to reach EUR 17m, 15% ahead of our forecast of EUR 14.8m. The strong quarter driven by the sub-affiliation business, as well as the Casumba acquisition (Japan). EBITDA is expected by Raketech to be EUR 5.4m, EUR 0.3m ahead of our estimate of EUR 5.1m. Due to the strong Q2 numbers, Raketech upgrades its 2023 outlook now expecting revenues between EUR 65-70m (previously EUR 60-65m), with EBITDA in the range of EUR 23-25m (previously EUR 20-24). Prior to the reverse profit warning we expected revenues of EUR 65.4m, with EBITDA of EUR 24.6m, hence the updated Raketech 2023 outlook is somewhat in line with our estimates. As Q2 EBITDA is pretty much in line with our estimate, revisions will mainly be triggered by the Q2 revenue beat with full year positive revisions of ~3%.

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