Kinnevik (Buy, TP: SEK112.00) - Positive underlying revisions
Weak peer multiples led to a 7% unlisted portfolio writedown QOQ, while the core growth names continued to perform. We expect further portfolio concentration in H2 as its investment pace intensifies, with a long-term capital allocation framework to be presented at the CMD in October. We have lowered our target price to SEK112 (135), or unchanged adjusted for the SEK23/share capital distribution, and reiterate our BUY, as we forecast a stable 12-month forward NAV and normalising discount to NAV.
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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