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Affiliate Monitor Company-by-company Q3 results analysis
Raketech
Under the radar
Unlike others in the space , Raketech can proudly say that all its year-on-year growth came organically , and this against reasonably tough comparatives . A primary driver has been the sub-affiliation business , CEO Oskar Mühlbach told analysts , but as with GiG , he was also keen to impress upon those on the call that the company had a diversified revenue stream , with reach of the elements having “ slightly different profiles when it comes to risk , margin , seasonality and volatility .”
BREAD AND BUTTER
He noted the centrality of the straight affiliate business , pointing out that it exists on fat margins of between 70 % to 80 %. But its other two areas of business – betting tips and betting advice and the subaffiliation area – bring with them slimmer margins . Hence , as can be seen , Raketech ’ s adjusted EBITDA has been somewhat static over the past two years , in a range of between € 3.8m and € 6.3m .
But as Mühlbach noted , it is the paid sub-affiliate area where Raketech has had the greatest success with revenue rising over 260 % year-on-year to € 11.1m . Or over half total revenues for the group .
Chart 7 : Raketech revenue Q421-Q323 (€ m )
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22 20 18 16 14 12 10 8 6 4 2 0
11.8
12.7 11.3
13
15.7 15.8
Q421 Q122 Q222 Q322 Q422 Q123 Q223 Q323
Chart 8 : Raketech adjusted EBITDA Q421-Q323 (€ m )
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6
5
4
3
2
1
0
5.4 5.1
3.8
“ For AffiliationCloud , our SaaS solution , we are currently seeing and experiencing an increased demand also from new markets , and we are therefore working intensively to ramp up organisation , technical infrastructure and
4.8
Q421 Q122 Q222 Q322 Q422 Q123 Q223 Q323
commercials to be able to cater for
6.3 6.1
17.6
21.5
this demand ,” he told the analysts .
“ And worth pointing out in this context is perhaps that the US is one of the markets from where we ’ ve noticed high demand , both from operators and affiliates , and we are , therefore , naturally also prioritising this .”
5.5 5.6 iGB Affiliate Monitor