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With activity picking up from mid-September onwards, as expected, we are optimistic about Raketech's Q4, for which we expect organic growth of 9%. Raketech lowered its EBITDA margin outlook, as the Affiliation Cloud business requires a greater initial investment to meet the stronger-than-expected demand at present. However, the new EBITDA margin guidance is in line with our previous forecast. Instead, we leave our revenue and EBIT estimates almost unchanged for 2022-24, arguing that Raketech is well-positioned for further Affiliation Cloud and US growth. Our fair value range is slightly higher but almost unchanged, at SEK 20-29.5 (19.5-29), reflecting EV/EBIT of 7-9x for 2022E. Marketing material commissioned by Raketech Group Holding.
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