Kinnevik (Hold, TP: SEK230.00) - Millicom out
Following the distribution of Kinnevik’s holding in Millicom (SEK56/Kinnevik share), we have cut our target price to SEK230 (280) and reiterate our HOLD. We still like the medium-term Kinnevik story and believe September’s CMD bore out mainly positives. However, we are still concerned about short-term NAV growth prospects, as we do not expect its growth portfolio to significantly offset our modest outlook for the listed portfolio, while we view its 19% discount to NAV as fair.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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