Kinnevik AB (KINV-B.ST) | Investment Case

1. Company Snapshot

1.a. Company Description

Kinnevik AB formerly known as Investment AB Kinnevik, is a venture capital firm specializing in investments in growth capital.It prefers to invest in digital consumer business, education, communication, e-commerce and marketplaces, entertainment, healthcare, and financial services but may also invest in other areas.The firm invests worldwide, especially in Europe with a focus on the Nordics, Latin America, Asia, Australia, Africa, and North America.

The firm looks for disruptive, technology-enabled and value-added consumer services in developed and emerging markets.It takes an active role on the boards of its subsidiaries and associated companies.It acts as a long-term lead shareholder in large listed entities.

Kinnevik AB was founded in 1936 and is based in Stockholm, Sweden.

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1.b. Last Insights on KINV

Have nothing to say about that one ...

1.c. Company Highlights

Last Price	86.02
Change Percentage	-0.55%
Open	86.58
Previous Close	86.5
Market Cap ( Millions)	24238
Volume	630607
Year High	94.14
Year Low	61.56
M A 50	85.1
M A 200	82.12

FCF Yield	-1.17%
Dividend Yield	0.00%
ROE	0.33%
Debt / Equity	5.48%
Net Debt / EBIDTA	3071.15%
Price To Book	0.63
Price Earnings Ratio	192.14
Price To FCF	-85.35
Price To sales	-47.62
EV / EBITDA	496.83

2. Transcript Summary

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3. NewsRoom

Kinnevik AB (KNEVF) Q3 2025 Earnings Call Highlights: Strategic Investments and Robust Growth ...

Nov -05

Source:

Kinnevik (OM:KINV B): Taking Stock of Valuation After Recent Share Price Shifts

Sep -27

Source:

A drug discovery startup banks $150M for immune and obesity drugs

Sep -04

Source:

Strand Therapeutics Raises $153 Million Series B Financing to Further Advance Programmable mRNA Therapeutic Pipeline

Aug -07

Source:

Kinnevik AB (KNEVF) Q4 2024 Earnings Call Highlights: Strong Growth and Strategic Investments ...

Feb -05

Source:

Kinnevik AB (KNEVF) Q3 2024 Earnings Call Highlights: Strategic Investments and Portfolio Challenges

Oct -17

Source:

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (14.10%)

6. Segments

Investment and Related Activities

Expected Growth: 14.1%

Kinnevik AB's Investment and Related Activities segment is expected to grow driven by increasing demand for venture capital and private equity investments, expansion into new markets, and strategic partnerships with growth-stage companies.

7. Detailed Products

Zalando

Europe's leading online fashion platform

Bol.com

Leading e-commerce platform in the Netherlands and Belgium

Tele2

Telecommunications company providing mobile and fixed-line services

Millicom

Telecommunications company providing mobile and fixed-line services in Latin America and Africa

Global Fashion Group

Leading online fashion platform in emerging markets

Limehome

Technology-enabled real estate company providing fully furnished apartments for rent

Voi Technology

Micro-mobility company providing e-scooter and e-bike rentals

8. Kinnevik AB's Porter Forces

Forces Ranking

Threat Of Substitutes

Kinnevik AB operates in the investment industry, where there are few substitutes for its services. However, the company faces competition from other investment firms and financial institutions, which could potentially substitute its services.

Bargaining Power Of Customers

Kinnevik AB's customers are primarily institutional investors and high net worth individuals, who have limited bargaining power due to the company's specialized services and expertise.

Bargaining Power Of Suppliers

Kinnevik AB's suppliers are primarily companies and individuals providing goods and services related to its investment activities. The company has some bargaining power due to its size and reputation, but suppliers also have some leverage due to the specialized nature of their services.

Threat Of New Entrants

The investment industry has high barriers to entry, including regulatory requirements and the need for significant capital and expertise. This limits the threat of new entrants to Kinnevik AB's business.

Intensity Of Rivalry

The investment industry is highly competitive, with many established players competing for market share. Kinnevik AB faces intense rivalry from other investment firms, which could potentially erode its market share and profitability.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	12.75%
Debt Cost	4.24%
Equity Weight	87.25%
Equity Cost	10.59%
WACC	9.78%
Leverage	14.61%

11. Quality Control: Kinnevik AB passed 2 out of 9 key points

Strong Liquidity

Low Debt

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Creades

A-Score: 5.7/10

Value: 5.1

Growth: 4.8

Quality: 9.1

Yield: 5.0

Momentum: 4.0

Volatility: 6.3

1-Year Total Return ->

Impax Environmental Markets

A-Score: 5.5/10

Value: 7.4

Growth: 2.9

Quality: 6.4

Yield: 1.2

Momentum: 5.0

Volatility: 10.0

1-Year Total Return ->

Altamir

A-Score: 4.9/10

Value: 3.8

Growth: 2.7

Quality: 5.8

Yield: 6.2

Momentum: 4.0

Volatility: 7.0

1-Year Total Return ->

MedCap

A-Score: 4.4/10

Value: 1.1

Growth: 9.0

Quality: 7.6

Yield: 0.0

Momentum: 7.0

Volatility: 1.7

1-Year Total Return ->

Kinnevik

A-Score: 3.5/10

Value: 7.8

Growth: 0.4

Quality: 3.9

Yield: 0.0

Momentum: 5.0

Volatility: 4.0

1-Year Total Return ->

Brockhaus Capital Mgmt

A-Score: 3.1/10

Value: 6.9

Growth: 6.7

Quality: 2.7

Yield: 0.0

Momentum: 0.0

Volatility: 2.3

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

53.94%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

9.78%

Kinnevik AB - SE0015810247

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on KINV

Have nothing to say about that one ...

1.c. Company Highlights

Weak Momentum

More Volatile

Lower Growth

Cheaper

Average Growth

Lower Quality

Lower Yield

2. Transcript Summary

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (14.10%)

6. Segments

Investment and Related Activities

Expected Growth: 14.1%

7. Detailed Products

Zalando

Bol.com

Tele2

Millicom

Global Fashion Group

Limehome

Voi Technology

8. Kinnevik AB's Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: Kinnevik AB passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

86.02$

Current Price

86.02$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA