contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  createdAt
  changedAt
  isPremium
  authors {
    __typename
    name
    pageUrl
    id
  }
  companies {
    name
    id
  }
  tags {
    name
    id
  }
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
      researchContentUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


dnb-carnegie-access-raketech-casumba-divestment-derisks-balance-sheet-q3-preview

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

changedAt

Raketech operates in the iGaming industry. The company offers services related to online sports and gaming, with a focus on performance-based and media-based marketing. Services and products offered are based on a proprietary IT platform and include SEO solutions, online guides, and online sports betting. The company was founded in 2010 and is headquartered in Malta.

The trip to Japan really turned out to be expensive for the company. https://igamingexpert.com/news/affiliates/raketech-japan-casumba/  Agreed yesterday, the sale of Casumba comes with no upfront payment. Deal terms cite that an ‘unnamed buyer’ will pay in monthly instalments until December 2029 at an 8% interest rate to acquire Casumba and related assets outright. At closing, the deferred consideration was valued at around €7m, with €5m of value reflecting credit risk and the extended schedule.

Or then it’s not pricing anything, but rather it’s about Casumba’s sellers dumping over a million shares that were given to them on Oct 16.

Is it more logical to think about future cash flow before changes in working capital? At that time, it was 3.3m in Q3, i.e., 13.2m / year, if the current pace continues. With this calculation, there would be 23.1m in cash for the earnout and 5.5 would be paid in shares, meaning just under 3m would need to be financed with debt. The market is likely pricing this such that even the current level is not final, but revenue will still decrease and thus cash flow as well.

Let’s dive into Rake’s numbers. Revenue last year was 77.7 MEUR and cash flow before investments was 21 MEUR. This year, revenue stands at 48.8 MEUR and cash flow at 14.4 MEUR. If the final quarter is at the same level as Q3, we’ll end up at about 17.5 MEUR (assuming the change in net working capital is zero in Q4). Rake’s EV is approximately 17.5 + 42.2 - 13.1 = 46.6 MEUR. So EV/FCF is 2.66. This could reasonably be, for example, 10-12 once the earn-outs are paid. Let’s assume the share price doesn’t rise before the earn-outs end. There is 31.3 MEUR to be paid and roughly 7 quarters left, so with cash flow, we can pay 17.5 + 3/4*17.5 = 30.6 MEUR, and the rest is financed with cash (which is 5.5 MEUR), leading to a situation where the market cap is 17.5 MEUR and cash flow generated is 17.5 MEUR. Adding 4.8 MEUR of cash on top of this, we get EV = 12.7 MEUR. To reach a conservative 10 EV/FCF multiple, the market cap would be 179.8 MEUR. This means a share price of 179.8/45.224227 = 3.975 EUR, or 46.01 SEK. Thus, the return would be (46.01-4.33)/4.33 = 9.62586 * 100% = 962.6%. You’d think people would be interested, but no. The stock is being beaten down day after day…  What have I missed, because the scenario above easily withstands a possible small dilution or a decrease in cash flow to, for example, 10 MEUR per year?

That’s right, it’s not worth listening to others too much when making your own decisions and research.  And my own research is only a couple of days long, so I’m surely still missing the big picture. That’s partly why I’m being bearish, so I can dispel my own fears guided by those who know more. And a small dilution isn’t the end of the world, especially if the stock’s valuation rises again. Right now, Raketech’s valuation feels practically free, there’s no getting around that. At the very least, the company is going on my watchlist too; hopefully, the end of Q4 goes better than the start and things improve in 2025.

In my message, by the term “Otherwise debt-free” I meant the situation in 2026, where only the final earnout remains unpaid and after that the company is debt-free.      Divinesia 3 h ago Theres no way Raketech can deal without new issues from 2026 obligations with these results. I am an optimist and believe that there will be no need to resort to a share issue. I bought shares.

I don’t understand the narrative of why this is considered a debt-free company. According to this recent slide, there is 31.3 million to be paid by Q3 2026. There is currently three million in cash, and there are seven to eight quarters until Q3 2026. Even after the three million, they would need to be able to make just under 4 million in profit every quarter just for the earn-outs, and the current result was 3 million.  If they get back to growth, it’s obviously not an impossible task, but it’s by no means a risk-free situation either. Currently, the trend has still been in the wrong direction following Google’s algorithm changes.

Raketech

DNB Carnegie has published a new commissioned research report on Raketech.To access the full report and subscribe to future updates, visit https://www.carnegie.se/en/commissioned-research/raketechInfo...

<div class="mfn-preamble"><p><strong>DNB Carnegie has published a new commissioned research report on Raketech.</strong></p></div><div class="mfn-body"><p>To access the full report and subscribe to future updates, visit <a rel="noopener" href="https://www.carnegie.se/en/commissioned-research/raketech">https://www.carnegie.se/en/commissioned-research/raketech</a></p></div><div class="mfn-footer mfn-6fcd5977fc3f"><p><strong class="mfn-heading-1">Information</strong><br>This is a press release from DNB Carnegie. For information about DNB Carnegie commissioned research, see <a rel="noopener" href="https://www.carnegie.se/en/commissioned-research/">https://www.carnegie.se/en/commissioned-research/</a>, or contact our commissioned research team at <a rel="noopener" href="mailto:cr@carnegie.se">cr@carnegie.se</a>.</p></div><div class="mfn-footer mfn-about mfn-f597257b14ff"><p><strong class="mfn-heading-1">About Us</strong><br>DNB Carnegie is the leading and independent Nordic investment and private bank. Our operations within Corporate Finance, Securities and Research, Private Banking and Wealth Management are among the market leaders within their respective sectors. Together, they build an unbeatable combination of integrated knowledge, guiding our clients towards better business. DNB Carnegie operates in six countries and has more than 800 employees.</p></div>