Teardown · Content & affiliate · iGaming · listed micro-cap
A listed content business did €27M of revenue in 2025 and trades at roughly a quarter of that. Nothing broke inside the company. The channel it was built on re-weighted what it trusts, and half the revenue followed. Every founder with one traffic source is running the same experiment at smaller scale.
July 2026 · figures from company reports and market data, June and July 2026
Understand the business first
Raketech builds and buys websites that rank in search, reviews and comparison content for betting and casino, and gets paid by operators for the players it refers, on revenue share or per acquisition. Think of it as a newspaper whose only distributor is Google. The writing can be excellent, the operations tight, the team professional. Distribution still belongs to someone else, and the distributor charges nothing right up until it changes its mind.
The platform layer, live
Google’s March 2026 core update hit affiliate content harder than any other category, with one tracker across 600,000 pages putting 71% of monitored affiliate sites in measurable decline. iGaming affiliates sit at the sharp end, because they compete in results where operators carry the licences and brand signals that search now anchors trust on. This is Domain 0 of the method in its Platform Shock regime: the same mechanism as an oil shock, applied to businesses whose raw material is rankings.
The forensic pass
| Check | Reading | What a buyer does with it |
|---|---|---|
| Revenue, FY 2025 | €27.0M continuing operations, down 47.4% | Prices the trend, not the level |
| Revenue, Q1 2026 | €5.3M, down another 36% | Asks where the floor is, and finds no contractual answer |
| Market pricing | Market cap near SEK 77M, roughly €7M, in June 2026 | Roughly a quarter of one year’s shrinking revenue |
| Partner concentration | January 2026 update flags a slowdown at one major US partner | Reads concentration stacked on concentration |
| The Casumba exit | Assets sold September 2025 for €12M, no cash upfront, monthly instalments to December 2029 | Notes what a thin buyer pool does to structure |
The Casumba line deserves a slow read, because it shows structure pricing doubt in both directions. Raketech originally bought Casumba with an earn-out, which it later had to extend to March 2028, with interest, when cash ran tight. When Raketech then sold the assets, the buyer paid nothing on day one and stretched €12M over four years of instalments, for assets doing €4.0M of revenue and €2.9M of EBITDA at the time. Raketech booked a €10M loss on disposal. Bought on contingency, sold on contingency, and at no point in that chain did anyone pay cash for certainty, because there was none to pay for.
The repricing came from one address in California. The trust signals moved, the rankings moved with them, and the revenue followed the rankings out.
The Acquirer’s Verdict · replaces the trade idea
A repricing, itemised.
What a buyer would still pay for
The parts that held
The owned publications that kept their traffic through the updates, with January 2026 owned-publisher revenue reported above Q4 levels. A platform business in sub-affiliation. Institutional management with no key-person hole.
What gets repriced
Concentration, three layers deep
One channel for demand, one regulated vertical for revenue, one large US partner inside that, and a balance sheet that spent years servicing an earn-out. Each layer multiplies the discount on the one beneath it.
Buyer-Confidence Scorecard · Raketech · illustrative read from public filings
If this were your business at your scale
- Channel concentration is priced exactly like customer concentration. All of your demand arriving from one algorithm reads to a buyer the same way as one client at 50% of revenue, and it reprices you before anything goes wrong.
- In a doubted business, structure replaces price. Earn-outs when you buy, instalments when you sell, and the cleaner your certainty, the more of your number arrives as cash at close.
- Owned demand is the hedge. An email list, a community, a brand people search by name. Build it while the rankings still pay for it, because the update that takes the rankings will not wait for you to start.
How many layers of concentration are in your business?
The assessment scores your channel mix, customer base and owner-dependence the way a buyer would, in three minutes.