We consider the risk/reward attractive, with Kahoot trading at 20x/ 14x FCF or 8x / 5x invoiced sales for 2022/ 2023. With normal seasonality, the company is – with reported Q1 figures and a Q2 estimate at the low end of the guidance – on track to reach invoiced revenue slightly below its 2022 guidance at USD 185m. With low market expectations, the Q2 figures (with reiterated strong Q3 guidance), and the CMD on June 1st could be positive catalysts.
