Kinnevik (Buy, TP: SEK135.00) - Focus on core holdings
We still like the growth-exposure story going into 2024, with a portfolio increasingly concentrated towards its top-performing holdings. We believe the proposed SEK23/share capital distribution should provide some near-term support to the shares, but find the lack of a buyback mandate puzzling given the implicit 60% discount to its unlisted NAV. We have lowered our target price to SEK135 (140) but reiterate BUY, as we see a further decreasing writedown need given the number of recent VC transactions taking place at reported 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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