Kinnevik (Sell, TP: SEK145.00) - VC reset still there
Kinnevik wrote down the value of its unlisted portfolio (52% of NAV) by 10% QOQ, which we believe was fair. We do not believe its unicorns are an endangered species, but we do expect the puzzling disconnect between public and private market valuations to hamper NAV growth in 2023e. We have raised our target price to SEK145 (137) but we reiterate our SELL as we forecast a further 15% writedown of its unlisted portfolio.
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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