Kinnevik (Buy, TP: SEK480.00) - Not the end of tailwind trends
In our view, we have not seen the end, but only the end of the beginning of the fast-forwarded digital adoption trend that has acted as a perfect storm to rejuvenated Kinnevik’s growth strategy. We expect the momentum to continue, with 13% NAV growth in 2021 and Kinnevik going from strength to strength by crystallising NAV catalysts from its unlisted portfolio; we see Babylon, VillageMD, Cityblock, and Kolonial as contenders to follow in the footsteps of recent investment successes such as Livongo/Teladoc. We reiterate our BUY and have raised our target price to SEK480 (420).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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