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).
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.
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