Disappointing but we still see upside

Key figures below ABGSCe due to VillageMD write-down. Bypassing buybacks a costly mistake that should be remedied. BUY: valuation upside and attractive portfolio outlook.

Q1 and capital allocation slightly disappointing

Hefty dividend, but alas, no buybacks

We are optimistic into Q1

Focus on capital structure review and private assets valuation. BUY: we see attractive risk/reward.

Analyst meeting focused on software assets

Tele2 exit: allocation of proceeds our key concern

Attractive risk/reward after valuation reset

Key figures below ABGSCe due to reset/clean-up. We lower our fair value by 9%, but are optimistic about NAV in 2024. BUY: good combination of value and growth.

Weak Q4 below our already-low expectations

FX and peers to weigh on fair value

Q4e: sluggish NAV, P/NAV stable. We expect Kinnevik to lower fair value by 5%. BUY: we see attractive risk/reward.

Patience required

Key figures below expectations amid challenging markets. We lower our fair value by 7%. BUY: good combination of value and growth at this stage.

Q3: weaker fair value amid challenging markets

Slightly lower fair value, strong value support

Q3e: NAV down less than SIXRX but discount +19pp. We expect Kinnevik to lower fair value by 3%. BUY: good combination of value and growth at this stage.

We continue to see strong value support

Key figures in line. We make marginal, positive changes to our fair value. BUY: value support and bullish LT view.

Q2: Numbers in line, major investment in Spring Health

We anticipate minor increase in fair value

Peers up slightly and positive FX. We expect Kinnevik to increase fair value by 1%. BUY: value support and bullish LT view.

On track for a good year

Q1: small beat

We expect a small trimming of fair value

Peers are up YTD, but we expect Kinnevik to trim fair value by 1%; BUY, value support and bullish LT view.