Raketech's Q2 report was 2% above our expectations on EBITDA, posting strong organic growth of 25.7%. We like the transformation that Raketech is undergoing, creating a broader geographical reach organically and through M&A. After recent deals, we estimate ~50% of Raketech's revenues will come from outside the Nordics, with meaningful exposure to growth markets in LatAm, the US and Japan. This should improve Raketech's growth profile and reduce business volatility. We adjust our DCF- and multiple-based fair value range to SEK 21.5-35.5 (21.5-34.8). Marketing material commissioned by Raketech Group Holding.
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