We expect Raketech to have mitigated the temporary COVID-induced regulations imposed in Sweden and forecast 11% y/y EBITDA growth in Q3. We appreciate that Raketech is broadening its geographic exposure away from the Nordics and now has ~20% of revenues from ROW, and an exciting growth opportunity in the US. At 2020E EV/EBIT of 5x, the stock continues to trade at a large discount to peers such as Catena Media (8x). Despite paying quite significant earnouts, Raketech offers a 14% 2020E FCF yield, as it takes most investments over the P&L, with limited capex.
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