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Raketech: Taking a leap into the US - Nordea

With the highly interesting acquisition of AmericanGambler, Raketech is taking a leap in US exposure and diversification away from the Nordics, reaching 5.5% of revenues generated from the US in 2021E and lowering exposure to the Nordics to 75%. While the Q3 report was mixed, in our view, with 4% higher revenues and 3% lower EBITDA than we expected, the company gave a strong trading update for October, and we now forecast 29% y/y growth for Q4 and 33% y/y EBITDA growth.

We adjust our DCF- and multiples-based fair value range to SEK 17.5-32 (17.5-31).

Marketing material commissioned by Raketech Group Holding.
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