Kinnevik (Buy, TP: SEK140.00) - Taking its cue from the market
We still like the growth-exposure story going into 2024 with a more forgiving interest rate environment. While the 11% markdown of its unlisted portfolio QOQ was well below our forecast, to us it signalled Kinnevik is willing to take a more cautious view, this year focusing more on outperformers and refining its portfolio. We still see limited downside risk and reiterate our BUY, but have lowered our target price to SEK140 (145) as we forecast a stable 12-month forward NAV and a 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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