Q2 bookings 15% below, # of paying users -5% y-o-y Cash offer of NOK 13/share, 24% premium to last close … implies 2022e EV/sales of 2.2x and EV/GP 2.6x
Weak consumer sentiment likely to impact core business Down to HOLD: our long-term outlook remains positive… …but growth needs to pick up to support a higher valuation
Raises USD 10m at 37% premium to current share price Now more than sufficient cash to reach break-even Expect to see a large positive share price reaction
Bookings 3% above ABGSC, but opex was higher Set for strong Q4 with WC potentially boosting user base Expect small negative reaction due to adj. EBITDA miss
Acquires +200 content titles at 1-2x EV/sales Adds 14% to ‘21e bookings - guidance likely to be raised We expect more acquisitions in the next 12 months
Kinnevik (HOLD) Preview: Q4 to show strong private portfolio momentum Valuation now out of line with fundamentals We move to SELL (Buy); TP remains EUR 4.0