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SENASTE
Raketech's Q4 was stronger than we expected, posting 45% y/y net sales growth and 15% organic growth, leading to an 8% beat versus our estimates. EBITDA was 14% above our forecasts. It is clear that Raketech has turned around its business after the weak 2019; the solid performance in Q4 has continued into Q1 with EUR 2.7m in revenues for January. We find it encouraging that Raketech is now more diversified, with more than 25% of revenues coming from outside the Nordics and exposure to growth markets such as the US (5-6%), Brazil and Japan. Despite tougher comps, we now forecast 12% adjusted EBITDA growth for 2021, mostly organic. At 4.4x, Raketech is trading at a large discount on 2021E EV/EBITDA versus peers such as Catena Media (5.8x) and Better Collective (17.9x). We adjust our DCF- and multiples-based fair value range to SEK 19.5-32.5 (17.0-31.8).
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