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Partly driven by a strong start to 2023, with January revenue at EUR 5m, we expect another solid quarter, with y/y organic growth of 17% and revenue of EUR 13.8m. Despite softening tipster activity in the US, we expect Q1 seasonality to be somewhat mitigated by activity in the rest of the world, with a further boost expected in Q2 with the Indian cricket season start. For 2023, we expect the Latam expansion, and the Infinileads and Casinofeber investments, to burden the EBITDA margin by 2.3 pp y/y to 35.7%, putting the full-year guidance 0.5 pp above Raketech's mid-point guidance. We thus lower 2023E EBIT by 4%, and trim our fair value range to SEK 20.1-28.1 (20.5-28.5), reflecting 2023E-24E EV/EBIT of 6-9x. Marketing material commissioned by Raketech Group Holding.
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