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Raketech just released a solid Q4 report, and a better than expected start to the first quarter. Revenues came in 6% ahead of our expectations at EUR 15.7m (NDA: EUR 14.7m), with a revenue organic growth of 23% (NDA: 14%). The adj. EBITDA came in 1% below our estimate (EUR 6.3m vs NDA EUR 6.4m), corresponding to a adj. EBITDA margin of 43% (NDA 43.5%), with higher than expected direct cost and other operating expenses. The US market now represent 15% of group revenues as activity increased during Q4. Raketech expects revenues in the interval of EUR 60-65m for 2023 (NDA: EUR 58.1m), with an EBITDA of EUR 20-24m (including EUR 2m in non-recurring items), versus Nordea at EUR 24.5m. Higher than expected cost base for Q4, as well as outlook for 2023, will trigger slightly negative estimate revisions on EBITDA.
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