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Raketech: No drama in Q2; H2 2022 looks promising - Nordea

As the Q2 report and the trading update for Q3 did not contain any surprises, we leave our 2022-24 estimates almost unchanged. We expect organic growth to return to positive territory (16%) from Q3 onwards as sporting activity is expected to accelerate towards the end of the quarter supported by the NFL season start in mid-September. We forecast organic growth and scalability effects in H2, mainly due to acquisition synergies, a hectic sporting calendar and the FIFA World Cup. We trim our fair value range to SEK 20.2-29.8 (SEK 21.1-31.1), reflecting 2022E EV/EBIT of 7-10x. Marketing material commissioned by Raketech Group Holding.

As the Q2 report and the trading update for Q3 did not contain any surprises, we leave our 2022-24 estimates almost unchanged. We expect organic growth to return to positive territory (16%) from Q3 onwards as sporting activity is expected to accelerate towards the end of the quarter supported by the NFL season start in mid-September. We forecast organic growth and scalability effects in H2, mainly due to acquisition synergies, a hectic sporting calendar and the FIFA World Cup. We trim our fair value range to SEK 20.2-29.8 (SEK 21.1-31.1), reflecting 2022E EV/EBIT of 7-10x. Marketing material commissioned by Raketech Group Holding.
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