Kinnevik (Buy, TP: SEK310.00) - Time to go online again
Following its recent underperformance versus the OMX, the upside potential in Kinnevik again looks attractive to us. With a portfolio in good shape and a discount to NAV of 15%, we believe the market is ascribing too little value to some of its promising growth stories, assuming Kinnevik can maintain its track record. Thus, we believe the shares are undervalued, and have upgraded Kinnevik to BUY (HOLD) with a new target price SEK310 (320) as we expect it to trade at a 10% discount to our 12-month forward NAV.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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