Raketech Group Holding

Country:
Sector:
Market cap (m):
Sweden
Media
SEK 875.14
Bloomberg:
Reuters:
Website:
RAKE FN
RAKE.ST
Share price (close):
SEK 22.80

Latest Reports

Commissioned Research: Temporary headwind turning to tailwind
Raketech is a fast-growing online gambling affiliate with a strong Nordic presence. It generates most of its revenue by funnelling new players to online casinos and sharing the profit. Because operators are determined to grow, this has become a lucrative business. Raketech takes an active part in consolidating the fragmented affiliation market, completing 22 deals since 2015. In 2018, it grew revenues by ~50% y/y, 30 pp of which was organic. There is some uncertainty about the net impact of re-regulation in its key market Sweden this year, but more established affiliates like Raketech will likely be the relative winners. Its trading update for January (+30% growth y/y), presented with the Q4 report, gave a comforting view. Marketing material commissioned by Raketech Group Holding

Equity analysts

Key persons

CEO: Michael Holmberg

CFO: Andreas Kovacs

Chairman: Christian Lundberg

Numbers
Nordea
EURm
2015
2016
2017
2018
2019E
2020E
2021E
Total revenues
2.1
10.4
17.1
25.6
29.1
31.9
n.a.
Ebitda (adj.)
0.08
8.08
9.67
14.40
15.36
16.47
n.a.
Ebitda - margin
3.8%
77.4%
56.4%
56.3%
52.7%
51.6%
n.a.
EBIT (adj.)
0.1
8.0
9.0
12.7
12.5
13.3
n.a.
EBIT (adj.) margin
3.6%
76.9%
52.5%
49.7%
42.9%
41.6%
n.a.
PTP (adj.)
0.1
8.0
6.3
6.3
12.0
12.7
n.a.
Net profit from cont oper (adj)
0.05
7.64
5.95
6.06
11.26
11.96
n.a.
Shareholders´ Equity
0.3
8.9
15.7
58.7
69.9
81.9
n.a.
Net interest bearing debt
0.0
-0.1
25.0
0.4
-9.3
-22.2
n.a.
Net gearing
n.a.
n.a.
n.a.
0.6%
-13.3%
-27.1%
n.a.
Net debt/EBITDA
-0.3
0.0
2.6
0.0
-0.6
-1.3
n.a.
Free cash flow to equity
-0.2
0.0
-23.1
-5.1
9.7
12.9
n.a.
Diluted number of shares in issue, year-end (m)
0.0
23.6
23.9
38.4
38.4
38.4
n.a.
Nordea Markets estimates published on Mar 6, 2019
Source: Company data, Nordea estimates
Per share data and multiples
Nordea
EUR and %
2015
2016
2017
2018
2019E
2020E
2021E
EPS (adj.)
n.a.
0.33
0.25
0.20
0.29
0.31
n.a.
EPS (adj.) growth
n.a.
n.a.
-24.5%
-21.3%
48.8%
6.2%
n.a.
DPS
n.a.
0.00
0.00
0.00
0.00
0.00
n.a.
BVPS
n.a.
0.4
0.7
1.5
1.8
2.1
n.a.
P/E (adj.)
n.a.
n.a.
n.a.
9.6
7.5
7.0
n.a.
EV/Sales
n.a.
n.a.
n.a.
2.87
2.56
1.93
n.a.
EV/EBITDA (adj.)
n.a.
n.a.
n.a.
5.09
4.86
3.75
n.a.
EV/EBIT (adj.)
n.a.
n.a.
n.a.
5.77
5.97
4.65
n.a.
P/BV
n.a.
n.a.
n.a.
1.24
1.20
1.02
n.a.
Dividend yield
n.a.
n.a.
n.a.
0.0%
0.0%
0.0%
n.a.
FCF yield
n.a.
n.a.
n.a.
-7.0%
11.6%
15.4%
n.a.
RoE
38.1%
n.a.
47.0%
12.7%
17.5%
15.8%
n.a.
ROIC
61.5%
n.a.
33.3%
22.7%
18.1%
19.0%
n.a.
Nordea Markets estimates published on Mar 6, 2019
Source: Company data, Nordea estimates

Source: Thomson Reuters