Kinnevik (Hold, TP: SEK145.00) - VC reset increasingly priced in
We believe Kinnevik’s share-price weakness YTD and 30% discount to reported NAV means the market is factoring in a c40% write-down of its private assets, while its net cash and Tele2 position representing c45% of NAV provide relative insulation. We still see mounting headwinds for Kinnevik’s growth portfolio as the venture capital (VC) ecosystem reset remains in full force, with sluggish deal activity and poor exit conditions, but believe this is increasingly priced in. We have upgraded to HOLD (SELL) but reiterate our SEK145 target 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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.