DnB Markets - Kahoot (KAHOT) Kahoot (Buy, TP: NOK120.00) - 5bn accumulated players passed

Report

DnB Markets

Frank Maaø

EUR 87.46 For Business Accounts Only

Kahoot (Buy, TP: NOK120.00) - 5bn accumulated players passed

With a strong finish to the year and a significant beat in subscribers, billings and DARR, viral e-learning SaaS platform Kahoot increased its 2021e billings outlook to USD90m–100m. We have raised our 2022e sales forecast 20% and our target price to NOK120 (98) and reiterate our BUY.

06/01/2021 17 EN

Underlying

Kahoot

See profile

NO0010823131 Oslo Bors Norway

Provider

DnB Markets

DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.

See profile

Analysts

Frank Maaø

Other Reports on these Companies

DnB Markets

Kahoot (Sell, TP: NOK35.00) - No potential upside from here

While we have made only minor adjustments to our 2023–2025 estimates following the preliminary Q2 results, we have raised our target price to NOK35 (26), in line with the recommended offer to take Kahoot private. We have downgraded to SELL (BUY) amid the share price spike after the announcement on Friday. In our view, a competitive bid seems less likely, and we therefore believe there is no potential upside at the current share price.

Free Trial

July 17, 2023 July 17, 2023 1 EN

DnB Markets

Kahoot (Buy, TP: NOK26.00) - A bit of a slow start

Although growth KPIs showed indications of weakness in Q1, there are some encouraging signs. We believe user engagement trends could be starting to improve, but Kahoot needs higher-paying net adds or high-volume contracts for the low-ARPU products to achieve what. We have lowered our 2023–2025e EBITDA by 7–18%. We reiterate our BUY but have cut our target price to NOK26 (30).

Free Trial

May 12, 2023 May 12, 2023 1 EN

DnB Markets

Kahoot (Buy, TP: NOK30.00) - Cashing in on continued growth

We still believe 2023 EBITDA consensus is too low and have raised our forecasts further, on a likely firmer foothold on growth KPIs and revenues in Q1, building on positive elements from Q4. Based on a 5% FCFE yield and a modest 2024e EV/EBITDA of 11.8x combined with 18–24% top-line growth for 2023–2024e, we have upgraded to BUY (HOLD) and raised our target price to NOK30 (16.50).

Free Trial

April 26, 2023 April 26, 2023 1 EN

Airthings (No_rec, TP: NOK) - Recommendation and target price withdrawn

As a result of DNB Markets acting as financial advisor in conjunction with the company’s announcement (link) of a strategic review prompted by a non-binding letter of intent from Firda AS to explore a potential sale of its business segment assets, we have withdrawn our target price and recommendation.

Free Trial

May 9, 2025 May 9, 2025 1 EN

Håkon Astrup

Håkon Astrup

SpareBank 1 Helgeland (Hold, TP: NOK167.00) - Softer margin, but lower costs

Helped by still-solid core revenues, cost reduction YOY and moderate loan losses, HELG reported a Q1 ROE of 12.3%, despite some margin pressure. With solid earnings generation, the bank increased its CET1 ratio by ~20bp to 18.0% and still guides for a 0.8%-point benefit from the implementation of Basel IV, boding well for meaningful distributions. We have lowered our 2026–2027e EPS by 0–1%, That said, we reiterate our target price of NOK167. With the stock trading at a 2026e P/E of ~12.4x, we continue to find the valuation fair and reiterate our HOLD.

Free Trial

May 9, 2025 May 9, 2025 1 EN

Christoffer Wang Bjørnsen

Christoffer Wang Bjørnsen

Smartoptics (Buy, TP: NOK27.00) - We remain optimistic

Smartoptics’ Q1 results marked a slower start to the year than we forecast, primarily owing to weaker sales in Devices, which seems to be back to near-term tariff-induced uncertainty. On the flip side, we understand the slowdown seen towards end-Q1 has already caught up again in order inflow, and thus we remain upbeat for the quarters ahead. Following an estimate reduction, we have lowered our target price to NOK27 (30) but reiterate our BUY.

Free Trial

May 9, 2025 May 9, 2025 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

Kahoot (Buy, TP: NOK120.00) - 5bn accumulated players passed

Kahoot (Sell, TP: NOK35.00) - No potential upside from here

Kahoot (Buy, TP: NOK26.00) - A bit of a slow start

Kahoot (Buy, TP: NOK30.00) - Cashing in on continued growth

Airthings (No_rec, TP: NOK) - Recommendation and target price withdrawn

SpareBank 1 Helgeland (Hold, TP: NOK167.00) - Softer margin, but lower costs

Smartoptics (Buy, TP: NOK27.00) - We remain optimistic

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe