Kahoot (Sell, TP: NOK19.00) - Focus on Q4 guidance
We expect record-high cash flows in Q3 but consider a guidance cut likely and 2023–2024e revenue consensus too high. While we appreciate Kahoot’s strong position in the school segment, its cash-flow generation and new strategic main owner, we believe the combination of premium 2022e multiples, continued post-pandemic user-base erosion and lower guidance could put pressure on the stock. We reiterate our SELL and have cut our target price to NOK19 (21).
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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