Minor estimate revisions
Swedish operations could fund future international growth
Maintain fair value range of SEK 30-45
High but lumpy growth
The report was largely in line with our expectations. There was a minor, negative deviation on sales (SEK <2m), as reported sales were SEK 28m vs. our expected SEK 30m. We believe this was due to the timing of contract signings and an exceptionally strong Q3. Moreover, Skolon appears to be preparing to intensify its expansion efforts in the UK. This should also become easier as Skolon onboards high calibre partner apps such as Canva that already have a global footprint. We believe there is no one right way to value creation. In the case of Skolon, growth rates are lumpy due to the nature of the business and the unpredictability of contract signings. However, over time, this should be smoothed out.