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    <loc>https://www.elkebirlamrani.com/research-essays/klarna-ipo</loc>
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    <lastmod>2025-09-08</lastmod>
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      <image:title>Financial Research - Klarna Investment Research: Criticism of the “buy now, pay later” model is unwarranted, but will the IPO be successful? - Make it stand out</image:title>
      <image:caption>Disclaimer: The contents of this report are not to be construed as investment advice. Historical performances are not a guarantee of future performance. The view of this author is his own and does not reflect the view of any current or past employer. This report is the property of Elkebir Lamrani and was not written by AI.</image:caption>
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      <image:title>Financial Research - Klarna Investment Research: Criticism of the “buy now, pay later” model is unwarranted, but will the IPO be successful? - Make it stand out</image:title>
      <image:caption>Whatever it is, the way you tell your story online can make all the difference.</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/668fbd8c66b3e337070619ae/5ce27b31-d373-4e0d-8608-981b76abb1e9/Screenshot+2025-09-07+at+17.41.55.png</image:loc>
      <image:title>Financial Research - Klarna Investment Research: Criticism of the “buy now, pay later” model is unwarranted, but will the IPO be successful? - Make it stand out</image:title>
      <image:caption>¹ - 7% includes gain from divestments of KCO, thereby inflating the value.</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/668fbd8c66b3e337070619ae/d9ef1198-8a0f-497a-90a4-bd8d0c3eaa4d/Screenshot+2025-09-07+at+18.06.47.png</image:loc>
      <image:title>Financial Research - Klarna Investment Research: Criticism of the “buy now, pay later” model is unwarranted, but will the IPO be successful? - Make it stand out</image:title>
      <image:caption>Source: Klarna IR Website</image:caption>
    </image:image>
    <image:image>
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      <image:title>Financial Research - Klarna Investment Research: Criticism of the “buy now, pay later” model is unwarranted, but will the IPO be successful? - Make it stand out</image:title>
      <image:caption>Source: Klarna IR Website</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/668fbd8c66b3e337070619ae/abad4a48-25f4-452c-b3e1-1c79048d6916/imu-20210601114230024.jpg</image:loc>
      <image:title>Financial Research - Klarna Investment Research: Criticism of the “buy now, pay later” model is unwarranted, but will the IPO be successful? - Make it stand out</image:title>
      <image:caption>Whatever it is, the way you tell your story online can make all the difference.</image:caption>
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      <image:title>Financial Research - Klarna Investment Research: Criticism of the “buy now, pay later” model is unwarranted, but will the IPO be successful? - Make it stand out</image:title>
      <image:caption>Whatever it is, the way you tell your story online can make all the difference.</image:caption>
    </image:image>
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      <image:loc>https://images.squarespace-cdn.com/content/v1/668fbd8c66b3e337070619ae/b67cfc00-9fa4-4052-bfe7-3b9acc116094/Screenshot+2025-09-07+at+19.20.00.png</image:loc>
      <image:title>Financial Research - Klarna Investment Research: Criticism of the “buy now, pay later” model is unwarranted, but will the IPO be successful? - Make it stand out</image:title>
      <image:caption>Whatever it is, the way you tell your story online can make all the difference.</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/668fbd8c66b3e337070619ae/1e882c42-915f-480d-bc8d-89f7ffce89eb/Screenshot+2025-09-07+at+19.14.26.png</image:loc>
      <image:title>Financial Research - Klarna Investment Research: Criticism of the “buy now, pay later” model is unwarranted, but will the IPO be successful? - Make it stand out</image:title>
      <image:caption>Whatever it is, the way you tell your story online can make all the difference.</image:caption>
    </image:image>
    <image:image>
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      <image:title>Financial Research - Klarna Investment Research: Criticism of the “buy now, pay later” model is unwarranted, but will the IPO be successful? - Make it stand out</image:title>
      <image:caption>Multiples taken from Finviz. EV/EBITDA not utilized due to projected negative annual EBITDA.</image:caption>
    </image:image>
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      <image:caption>Whatever it is, the way you tell your story online can make all the difference.</image:caption>
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      <image:title>Financial Research - CrowdStrike Holdings, Inc - Investment Research Report - Make it stand out</image:title>
      <image:caption>Whatever it is, the way you tell your story online can make all the difference.</image:caption>
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      <image:title>Financial Research - CrowdStrike Holdings, Inc - Investment Research Report - Make it stand out</image:title>
      <image:caption>Whatever it is, the way you tell your story online can make all the difference.</image:caption>
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      <image:title>Financial Research - CrowdStrike Holdings, Inc - Investment Research Report - Make it stand out</image:title>
      <image:caption>Whatever it is, the way you tell your story online can make all the difference.</image:caption>
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      <image:title>Financial Research - CrowdStrike Holdings, Inc - Investment Research Report - Make it stand out</image:title>
      <image:caption>Whatever it is, the way you tell your story online can make all the difference.</image:caption>
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      <image:title>Energy Research - The Trump2.0 Energy Policy: The Fate of IRA, Renewables, Fossil Fuels, and Nuclear - What's In and What's Out? - Make it stand out</image:title>
      <image:caption>Whatever it is, the way you tell your story online can make all the difference.</image:caption>
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      <image:title>Energy Research - The Trump2.0 Energy Policy: The Fate of IRA, Renewables, Fossil Fuels, and Nuclear - What's In and What's Out? - Make it stand out</image:title>
      <image:caption>Whatever it is, the way you tell your story online can make all the difference.</image:caption>
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      <image:title>Energy Research - The Trump2.0 Energy Policy: The Fate of IRA, Renewables, Fossil Fuels, and Nuclear - What's In and What's Out? - Make it stand out</image:title>
      <image:caption>Whatever it is, the way you tell your story online can make all the difference.</image:caption>
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      <image:title>Energy Research - The Trump2.0 Energy Policy: The Fate of IRA, Renewables, Fossil Fuels, and Nuclear - What's In and What's Out? - Make it stand out</image:title>
      <image:caption>Whatever it is, the way you tell your story online can make all the difference.</image:caption>
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      <image:title>Energy Research - The Trump2.0 Energy Policy: The Fate of IRA, Renewables, Fossil Fuels, and Nuclear - What's In and What's Out? - Make it stand out</image:title>
      <image:caption>A SMR (Small Modular Reactor) from NuScale - source: https://www.nuscalepower.com/</image:caption>
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    <loc>https://www.elkebirlamrani.com/energy/case-study-the-cost-of-building-an-offshore-wind-farm-on-the-moroccan-coast-pa8x4</loc>
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      <image:title>Energy Research - Analysis of the cost of building an offshore wind farm on the Moroccan coast (Oct - 2023) - Make it stand out</image:title>
      <image:caption>Whatever it is, the way you tell your story online can make all the difference.</image:caption>
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      <image:title>Energy Research - Analysis of the cost of building an offshore wind farm on the Moroccan coast (Oct - 2023) - Make it stand out</image:title>
      <image:caption>Figure 1: Map of wind speeds in Morocco (Source: Global Wind Atlas)</image:caption>
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      <image:title>Energy Research - Analysis of the cost of building an offshore wind farm on the Moroccan coast (Oct - 2023) - Make it stand out</image:title>
      <image:caption>Figure 2: Various Offshore Turbine Foundations. (Source: ResearchGate)</image:caption>
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      <image:title>Energy Research - Analysis of the cost of building an offshore wind farm on the Moroccan coast (Oct - 2023) - Make it stand out</image:title>
      <image:caption>Whatever it is, the way you tell your story online can make all the difference.</image:caption>
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