Negative organic growth in Q2E due to Finland – Nordea

As sporting activity tends to soften throughout the second quarter with major leagues finishing their seasons, we expect activity levels to drop towards the end of Q2. However, we argue that April saw exceptionally weak sporting results, and hence we view the April trading update as being indicative for the rest of the quarter. We expect Q2 revenue of EUR 11.4m, with revenue down 4% organically y/y due to Casinofeber and headwinds in the Finnish market. We leave our estimates unchanged and lower our fair value range to SEK 21.1-31.1 (SEK 26.1-36.6), reflecting 2022E EV/EBIT of 7-10x. Marketing material commissioned by Raketech Group Holding.