Viktor Söderberg presents an interesting analysis of Adtraction, a scalable and cash generative performance marketing platform with a strong Nordic position and a growing European presence.

After a period of weaker market conditions, recent trends suggest that growth may be approaching a turning point, while the current valuation still appears to reflect a relatively cautious scenario.

The company benefits from advertisers’ continued focus on measurable outcomes and clear ROI, supported by a business model where costs are directly tied to actual results. With a relatively fixed cost base, a return to growth could make the operating leverage in the model increasingly visible and support further margin expansion.

Combined with a strong balance sheet, high cash conversion, dividend capacity, and selective M&A potential, Adtraction appears well positioned if market conditions continue to normalise.

In our base case, a valuation of 9x EV/EBITA on our 2028 estimates implies an upside of approximately 94 percent from current levels.

Overall, Viktor Söderberg believes Adtraction offers an attractive combination of muted expectations, financial resilience, and visible earnings upside.