Kinnevik (Buy, TP: SEK145.00) - Darkest before the dawn
We believe Kinnevik is a good way for investors to get growth exposure in 2024. Following a change of analyst, we have upgraded Kinnevik to BUY (HOLD) and raised our target price to SEK145 (110) as we expect a stable 12-month forward NAV and a normalising discount to NAV, supported by a more forgiving interest rate environment. While we are not oblivious to the company’s challenges, we believe the 42% NAV discount already implies a negative scenario and see enough positives ahead to drive the share price.
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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