We believe the strong performance seen in Raketech's October trading update continued throughout Q4, as operators have performed well in both sports and casino. We forecast 33% y/y growth in revenue to EUR 7.8m (with 18% y/y organic growth). We believe this strength could continue into 2021, as Raketech has been able to counteract headwinds from the temporary Swedish COVID-19 gambling legislation and still post strong growth. We should also start to see Raketech grow meaningfully in the US in 2021, as it derived 5-10% of run-rate revenues from the US in Q4 and is just starting to ramp up HowToBet and Tvsportsguide.com. At 2021E EV/EBIT of 3.9x, Raketech is trading at a significant discount to peers such as Catena Media (6.4x) and Better Collective (19.7x).
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