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We expect Raketech's strong Q2 momentum continued in Q3, leading to organic growth of 17% y/y. Driven by solid traffic in high-margin sites (particularly in CasinoFeber) and thus increased gross margins, we expect the EBITDA margin stabilised at 41%. This would make Q3 2021 the second quarter since Q1 2019 of positive y/y margin development for Raketech. We additionally believe that Raketech's growth profile has strengthened due to its revenue profile becoming more broad-based, with non-Nordic revenue of around 50%, following the recent acquisitions of QM Media and Infinileads. Further, with net debt/EBITDA at 0x for 2021E, we still see room for more M&A in 2022. We adjust our fair value range, based on our DCF and multiples, to SEK 21.5-36.0 (21.5-35.5). Marketing material commissioned by Raketech Group Holding.
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