Kinnevik (Hold, TP: SEK110.00) - Mixed Q3
Kinnevik traded down 6% on the Q3 report, we believe primarily due to its SEK371m investment in Aira sparking strategic concerns. We still see significant headwinds for Kinnevik’s growth portfolio following the venture capital (VC) ecosystem reset, while investors continue to monitor Kinnevik’s capital allocation. That said, its Tele2 position and net cash represent 72% of its market cap (46% discount to reported NAV), suggesting most negatives are priced in. We expect significant share price volatility should risk-on sentiment return. We remain on the sidelines, and reiterate our HOLD, but have cut our target price to SEK110 (145) on our expectation of a NAV decline.
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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