Kahoot (Hold, TP: NOK45.00) - Sustained short-term risks
With QOQ organic growth having tapered off substantially as user and subscriber KPIs were likely hit by a ‘stern wave’ of pandemic-related churn in Q2, Kahoot’s relative valuation seems stretched to us on a growth-adjusted basis, despite the share-price hit yesterday. While the long-term case is still valid, we have downgraded to HOLD (BUY) and cut our target price to NOK45 (100) due to what we see as continued material and symmetrical risk.
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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