Otovo will release its Q1/21 results on 28 April. We expect revenues of NOK 36m, which is slightly lower QoQ, but marginally up YoY, which signals Otovo being back at pre-Covid levels. We reiterate our BUY recommendation and NOK 41 target price as we remain confident on the market outlook. Our focus for the Q1/21 report will be to look for Otovo delivering on its growth targets and other triggers such as M&A, new partnerships and product bundling.