With the Q2 numbers pre-announced, the focus of the quarterly report was on the trading update and the 2024 outlook. We believe the strong momentum in Sub-affiliation and Casumba will continue into H2 2023, hence we pencil in 38% organic growth for the group. We lift our 2023 estimates by 8% for revenue and 4% for EBITDA, due to strong underlying activity in Sub-affiliation, and we now expect revenues of EUR 71m and EBITDA of EUR 25.6m for 2023 (Raketech guidance: EUR 65-70m and EUR 23-25m, respectively). Our multiples-based fair value range increases to SEK 23.4-35.0 (22.4-31.9), reflecting an EV/EBIT range of 6-9x 2023E-24E. Marketing material commissioned by Raketech Group Holding.
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