Otello’s Q2 figures were broadly in-line with our estimates, driven by revenue growth from AdColony offsetting a decline in Bemobi. The guidance for Q3 was however weaker than we had modelled due to Bemobi. Otello still aims to carry out a separate listing of Bemobi, otherwise a fallback payment to its EPs will occur by year-end. We maintain our Hold rating and cut our target price to NOK 16 following estimate changes.
