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).
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.