Kinnevik (Buy, TP: SEK110.00) - What’s in the box?
Owing to recent negative news flow and the opacity of Kinnevik’s unlisted portfolio, we believe the market is missing the potential of its five ‘core growth companies’. Our analysis suggests this group is set for a 2024–2026e gross profit CAGR of 41% and 2026e EBITDA of USD224m. At the current 42% discount to NAV, we calculate a 2026e EV/sales of 1.0x and EV/EBITDA of 18x. We see ample re-rating potential as the operational progress becomes increasingly clear to the market, and like the increasing portfolio concentration. We reiterate our BUY but have cut our target price to SEK110 (112).
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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