We expect Q1 to be another quarter of strong growth for Raketech. We forecast 24% y/y net sales growth and 13% y/y growth in EBITDA, despite a slightly negative impact on Casinofeber from the recent Google update. Looking ahead, we expect Raketech to deploy its significant M&A firepower, and we believe it is on the hunt for further targets in the US after its acquisition of American Gambler. We see scope for Raketech to add 55-80% to 2021 proforma EBITDA with leverage of 1.5-2.5x. We adjust our DCF- and multiple-based fair value range to SEK 20.2-33.4 (19.5-32.5). Marketing material commissioned by Raketech Group Holding.

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