Kahoot’s Q4 results were broadly in-line with estimates following the trading update. The Q1 guidance of 10-15% growth over Q4/19 was solid and spot on our estimate. We also consider Kahoot’s 2020 guidance as realistic, and our end of 2020/2021 estimates imply that only 1.8% /3.0% of current presenters are paying. With multiple growth drivers and potential catalysts ahead, including moving to the main listing in 1H/21, we maintain our Buy rating.
