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SENASTE
While online gambling affiliate Raketech's Q2 EBITDA was somewhat below our expectations, the trading update for July was positive, stating monthly sales of EUR 2.4m, implying Q3 sales of about EUR 7.2m and ~20% growth y/y. We trim our fair value range to SEK 20-34 (22-36) per share on the back of slightly lowered estimates. At 2020E EV/EBIT of 5x, the stock continues to trade at a large discount to peers Better Collective (23x) and Catena Media (8x). We also note that the company is debt-free, unlike its two larger peers.
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