Kinnevik (Buy, TP: SEK100.00) - Set for a new chapter
Kinnevik’s Q1 unlisted NAV writedown of 10% QOQ was in line with our expectations, with currency headwinds as the main driver. Cristina Stenbeck’s return as chair of the board should in our view improve investor sentiment and, given fewer opportunities to invest in its focus areas, we see a greater likelihood of share buybacks. Macro uncertainty will likely continue to affect NAV, but the operational performance of its core companies should continue to drive underlying improvements in the coming year. We reiterate our BUY, but have lowered our target price to SEK100 (110), reflecting our new NAV estimate.
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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