Kinnevik (Buy, TP: SEK260.00) - Fashioning a better 2019
We believe Kinnevik’s share price has bottomed out, as ownership uncertainty and a soft e-tail landscape now seem discounted, at a 22% NAV discount, 9% below the value of listed holdings Tele2, Millicom and Zalando. We see further short-term support as we forecast 2019 NAV growth of 18%, which combined with a 20% discount target has led us to reiterate our BUY recommendation but cut our target price to SEK260 (SEK310).Kinnevik is an investment company with holdings in the sectors of communication, e-commerce, entertainment and financial services. Co.'s holdings include Millicom, a telecommunications and media company providing digital lifestyle products and services to emerging markets, and Tele2, a telecom operator, providing mobile services, fixed broadband and telephony, data network services, cable TV and content services. Within e-commerce, Co. has focused its investments in the shoes and fashion segment through companies such as Zalando with geographical presence in Europe and companies such as Lamoda, Dafiti, Jabong and Zalora focused on emerging markets.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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