Kinnevik (Buy, TP: SEK530.00) - NAV growth worth paying for
Kinnevik is delivering on its accelerated strategic transformation, in our view, emerging as one of Europe’s leading growth investors. We believe its success is increasingly being credited by the market, trading at a 5% premium to reported NAV or a 2% discount to our NAV. We believe its NAV will grow into this valuation as soon as this year and continue to see a compelling investment case unfolding. We forecast 17% NAV growth following the Zalando distribution, as its unlisted growth portfolio rises to around a third of NAV. We reiterate our BUY and have raised our target price to SEK530 (480).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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