Raketech reported solid Q4 results, with revenue of EUR 17.7m (6% above our estimate) and organic revenue growth of 23%. The company has made a good start to 2023, with daily average revenue 7% above our estimate for Q1 2023. We lift revenue by 6% for 2023E, driven by the US Tipster business as well as Affiliation Cloud. Following the consolidation of Casinofeber and Infinileads, we lower adjusted EBITDA by 8% for 2023E. Hence, we trim our fair value range to SEK 20.5-28.5, reflecting 6-9x 2023E EV/EBIT. Marketing material commissioned by Raketech Group Holding.
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