Kahoot (Sell, TP: NOK35.00) - No potential upside from here
While we have made only minor adjustments to our 2023–2025 estimates following the preliminary Q2 results, we have raised our target price to NOK35 (26), in line with the recommended offer to take Kahoot private. We have downgraded to SELL (BUY) amid the share price spike after the announcement on Friday. In our view, a competitive bid seems less likely, and we therefore believe there is no potential upside at the current share 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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