Kahoot (Sell, TP: NOK21.00) - Growth engine 1 coughing
Kahoot’s QOQ ARR growth was only 13% in Q2. Excluding Clever, QOQ billings growth was -1%. While EBITDA beat forecasts due to progress in Clever and tight control on payroll, we believe these could be less reliable factors to offset the waning viral growth on Kahoot’s platform. We have made only minor changes to our 2023–2024 forecasts but have downgraded to SELL (HOLD) following yesterday’s share-price rally, with a new target price of NOK21 (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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