Kahoot (Hold, TP: NOK16.50) - Brake lights on
Kahoot’s pre-announced Q4 results show an e-learning business subject to a major billings slowdown, while margins held up well. Our lowered forecasts assume that there are temporary execution effects hampering Clever, where billings growth came to an abrupt halt from 40%+ YOY in Q3. Assuming Clever returns to at least modest growth and cost discipline remains high, EBITDA growth should continue, albeit at a slower pace. Still, risks are high, and we reiterate our HOLD ahead of the Q4 report on 16 February and have lowered our target price to NOK16.5 (20).
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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