PSKY consists of two businesses, a leading electronic patient journal solution (SaaS) with NOK 200m ARR and ~30% operating margin and an international PaaS venture now burning ~NOK 40m per quarter. Though the track-record since listing is not great, we argue the market has neglected the latest strategic comments. We find the optionality of either divesting the SaaS business or simply discontinuing its PaaS venture is far from reflected in the shares.