While Clever impresses and we find the growth uptick in Q3 and Q4 (at guidance) positive, we are still left with lots of unanswered questions and low visibility. Growth on core Kahoot has significantly slowed down and seemingly depending on new product launches, there is low disclosure on Clever, and the share based compensation expense have become an even larger concern (trading at 30x our ’23e rep. EBITDA). As such, we downgrade to HOLD.
