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Raketech Group Holding

RAKE.ST
37
Advertising Agencies · Communication Services
Price
kr 1.47
-0.01 (-0.68%)
Market Cap
kr 66.5M
Exchange
Stockholm Stock Exchange
Winston Score
37
Winston is serious
Below-average fundamentals — multiple weak pillars.
Data as of Aug 23, 2026 · filings through Mar 31, 2026
How the score breaks down
Quality
Mixed
Growth
Weak
Cash Flow
Mixed
Stability
Exceptional
Valuation
Data not available

Share count rising — dilution

+19.9% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 40.0M (2021) → 48.0M (2025)

Winston Score History

The full picture

Raketech is a digital marketing company that helps online casinos and sports betting companies find new customers. It runs websites, comparison tools, and content platforms that guide people searching for gambling options toward its clients' products. The company operates mainly in regulated gambling markets across Europe and North America.

Raketech makes money through performance-based deals, earning a cut of revenue or a fixed fee each time it delivers a paying customer to a gambling operator. It is a mid-size player in the affiliate marketing space, listed in Stockholm, with a market cap around $100 million. Its competitive position depends on search engine rankings and the quality of its content, which can be disrupted by algorithm changes at Google. The main risk the business faces is tightening gambling regulations across its key markets, which could limit how affiliates are allowed to advertise and reduce the pool of operators willing to pay for customer acquisition.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-45.7% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+83.9% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

€0/ year

0.0% of revenue

Below sector average (12%)

Research and development spending

Insider Activity

8.0%ownership

Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

€7M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

Raketech Group Holding's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Profit per sale
Gross Margin
65.1%
Premium pricing power — 65.1% gross margin
Profit after running costs
Operating Margin
5.5%
Thin — 5.5% operating margin
Return on the money invested
ROCE
9.2%
Below par — 9.2% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
-56.6%
Shrinking sales (-56.6% YoY)
Profit growth
EPS YoY
N/A
Data not available
How steady the profit is
EPS Consistency
3/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash
Cash Conversion
N/A
Data not available
Spare cash per sale
FCF Margin
15.7%
Converts sales into free cash efficiently (15.7%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns
Debt / Equity
0.11
Conservative — low debt load (0.11)
Covers its interest
Interest Cover
10.82x
Comfortably covers interest (10.8x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
N/M
Negative earnings — P/E not meaningful
Cheaper or dearer next year
P/E vs Forward
N/A
not available
Data not available

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Dividends

Not applicable for this business.
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