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SENASTE
Speqta posted adjusted EBITDA of SEK 5.6m for Q2, beating our estimate of SEK 3m, as margins in both Content & Comparison (C&C) and AdTech took a significant step up from the Q1 level and surprised on the upside. In particular, we find AdTech's development encouraging, as we believe the increased e-commerce volumes are here to stay, as consumers' perception of e-commerce has shifted permanently after COVID-19. We believe the worst is now over. We forecast adjusted EBITDA to be up 28% q/q for Q3, as we believe the gradual improvement in the personal finance vertical has continued, although from low levels, and that AdTech will show solid y/y growth, with Speqta signing new clients and growing volumes. We adjust our DCF- and peer-based fair value to SEK 3.9-9.0 (4.0-9.3).
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