We trim our Q1 estimates ahead of the report, as we expect activity to drop ~25% q/q in the Finnish market due to new gambling regulations. This should be offset, however, by a strong start in the US, continued solid momentum in Japan and an expected strong performance in India because the Indian Premier League started near the end of Q1. Our revenue estimates are unchanged for 2022-24. We trim our fair value range to SEK 26.1-36.6 (SEK 26.9-37.5), reflecting a 2022E EV/EBIT of 8-11x. Marketing material commissioned by Raketech Group Holding.
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