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We forecast a seasonally strong Q4, with organic growth of 14%, supported by the FIFA World Cup, the US Tipster business and other league starts such as the Indian Premier League. With continued ramp-up in the US and Affiliation Cloud, the growth story looks promising; we expect 15% organic growth for 2023. However, we see the EBITDA margin slipping by ~1 pp to 42.2% in 2023, owing to investments in expansion (US Tipster and Affiliation Cloud). We see further ~10% upside potential to our 2024 revenue estimates if the Affiliation Cloud investments succeed, but want to see further supporting data points before pencilling that in. As such, we keep our fair value range almost unchanged at SEK 20.1-28.8 (20-29.5), reflecting 6-9x EV/EBIT discounted on 2023E. Marketing material commissioned by Raketech Group Holding.
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