Kahoot reported Q2 results slightly ahead of expectations and with reiterated guidance. Management sees a strong back-to-school season and solid growth of larger deals in the Work segment, supporting the Q3 guidance. We however still see the Q4 guidance as too ambitious but argue this is reflected in market expectations and consider the risk/reward attractive on a medium-term horizon. Kahoot trades at 27x 2022 / 17x 2023 FCF, a discount to peers.
