Redeye initiates coverage on Kontigo Care with a base case of SEK 12 per share. Kontigo offers an innovative AI-driven solution for treating alcohol and gambling addiction (drug addiction treatment in the pipeline). The addressable market is large and underserved and Kontigo’s treatment platform is uniquely sophisticated. Revenues come from long-term contracts and licenses with a long duration, and the business is easily scalable. Our valuation shows that Kontigo currently trades significantly below fair value. We argue that the company is a clever investment case, especially in times of market turbulence, and looming recession.