Raketech: Upside potential to 2023 guidance - Nordea

With better-than-expected performance in RoW, partly owing to Casumba and the Japanese market, Raketech once again delivered a report and trading update that beat expectations. We expect the momentum to continue, with further support from the Indian Premier League (which started on 31 March) somewhat offsetting the softening seasonal effects typical of Q2 and Q3. For 2023, we now expect 21% organic growth, bringing our full-year revenue forecast to EUR 64.6m – at the upper end of Raketech's 2023 guidance range (EUR 60-65m). We raise 2023E adjusted EBIT by 5% and lift our fair value range to SEK 21.3-29.8 (20.1-28.1), reflecting an EV/EBIT multiple range of 6-9x discounted for 2023E. Marketing material commissioned by Raketech Group Holding.

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