PSKY will receive NOK 850m (excl. NOK 50m earn-out) for the sale of its SaaS businesses in a few weeks, meaning that it will have ~NOK 650m in cash (3.3/sh) after the bond repayment. The market is concerned whether/how much money will be deployed/burned in its remaining PaaS business (annual cost now at ~NOK 55m we estimate). We argue the risk is on the upside given aligned incentives and with “make it or break it” being closer than ever for PaaS.
