DAVY VIEW

VR Education Holdings’ (VRE) second set of financial statements is in line with expectations. To this end, looking at the recent collaboration with VictoryXR and the strategic partnership with HTC, we believe the focus should now be on the year to come. Given the extraordinary circumstances and subsequent mandate for remote collaboration tools, VRE has indicated that it has made significant progress through 2020. We do not expect to make any material forecast changes and reiterate our ‘Outperform’ rating.