With a continued momentum fall in Q2 we have lowered our longer term (Kahoot) bookings estimates by 20%. While we also see short-term risk in not reaching the FY USD 90-100m guidance, which in our view implies a too large turnaround in short time, we argue that subs growth will come up from current (pre-Covid) levels with a now broader offering and new launches. This gives us a significant upside to the current share price and we hence reiterate our BUY rec.
