Raketech delivered strong results for Q3 2021, with solid operational trends continuing in Q4. These should strengthen even further as temporary regulations are lifted in November and the US sports calendar heats up. The company generated 40% of revenues outside the Nordic region in Q3, and following the acquisition of A.T.S. and its main asset, Winnersandwhiners, this will increase to 55%. This brings both higher business stability and an improved growth profile. Given the subscription-based revenue model of Winnersandwhiners, Raketech can also extract significant synergies by adding its affiliation capabilities. Following the report and the acquisition, we lift our DCF- and multiples-based valuation range to SEK 22.5-38.3 (21.5-36.0). Marketing material commissioned by Raketech Group Holding.
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