Kahoot (Buy, TP: NOK36.00) - Underlying progress
When analysts tout that the ‘investment case is intact’, investors know there has been an impact. Yet we find the cliché certainly true for our Kahoot case. While we have tweaked our billings and ARR forecasts, we have postponed P&L recognition of revenues and increased 2022e opex. This leads to less appealing multiples short-term. Still, with >200% potential upside to our DCF, we continue to find Kahoot attractive for the long term, and reiterate our BUY with a reduced NOK36 (41) target price.
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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