Redeye updates its estimates and valuation following Tradedoubler's Q1 2026 report, which came in broadly in line with our expectations. Net sales of SEK538m beat our estimate by 3.3%, growing 1.2% y/y or 6% on a currency-adjusted basis, while adjusted EBITDA of SEK23m beat by 8%. Two headwinds shaped the quarter: the previously flagged loss of a large client campaign and a slow January, with clear recovery through February and March. Alongside the results, management unveiled a new holding name (Nyorda AB), two new product lines (Emna.ai and Bridge Retail Media), and a restructuring of the Partner Marketing organisation. Estimates are broadly unchanged, with our Base Case of SEK12 maintained, and at an EV/EBIT of 2.1x on 2027e including the cash build-up, we regard the valuation as very compelling.
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