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    KINV B   SE0015810247

KINNEVIK AB

(KINV B)
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Kinnevik's startup bets push up net asset value

07/12/2021 | 03:21am EDT

STOCKHOLM (Reuters) - Sweden's Kinnevik, one of Europe's largest listed investment firms, on Monday reported an 11% rise in second-quarter net asset value from the prior quarter helped by its investments in companies such as Pleo and Budbee.

Net asset value, which excluded Zalando's valuation of 54.1 billion Swedish crowns ($6.32 billion), grew by 12.6 billion crowns to 76.2 billion from the previous quarter.

Earlier this year it announced https://www.reuters.com/article/us-kinnevik-dividend-zalando-idUSKBN2AH0VN plans to distribute its stake in German online fashion group Zalando to its shareholders.

The company, which counts influential Swedish Stenbeck family and Scottish asset manager Baillie Gifford among its shareholders, said it had invested 734 million crowns in four companies in the quarter.

"We are not obliged to deploy capital from one quarter to another or from one year to another, but it's actually when the opportunities arise," Chief Executive Officer Georgi Ganev told Reuters.

"Two years ago we deployed around 4.6 billion crowns and deployed two and a half last year, and this year will be somewhere in the middle of that range."

On Monday, Kinnevik said it had invested 49 million euros in a 210-million-euro funding round in Nordic "neo-bank" Lunar.

Kinnevik's shares have more than doubled in the last one year as its focus on digital businesses led to many of its holdings rising rapidly in the midst of the pandemic.

While the Swedish firm's investments range from telecom operator Tele2 to delivery startup Budbee, it has deepened its focus on the healthcare industry with investments in companies such as Teladoc and Babylon.

"We have generated more than 25 billion crowns out of the healthcare portfolio, and we are continuing that journey with new investments within the healthcare sector," Ganev said.

($1 = 8.5638 Swedish crowns)

(Reporting by Supantha Mukherjee in Stockholm; editing by Niklas Pollard)

By Supantha Mukherjee


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
KINNEVIK AB -1.37% 319.5 Delayed Quote.53.79%
TELE2 AB 0.27% 128.75 Delayed Quote.18.55%
ZALANDO SE 1.72% 79.36 Delayed Quote.-12.85%
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Analyst Recommendations on KINNEVIK AB
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Financials
Sales 2021 1 220 M 142 M 142 M
Net income 2021 10 438 M 1 213 M 1 213 M
Net cash 2021 5 953 M 692 M 692 M
P/E ratio 2021 8,49x
Yield 2021 0,97%
Capitalization 89 474 M 10 391 M 10 397 M
EV / Sales 2021 68,4x
EV / Sales 2022 73,6x
Nbr of Employees 40
Free-Float 89,3%
Chart KINNEVIK AB
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Technical analysis trends KINNEVIK AB
Short TermMid-TermLong Term
TrendsBearishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 7
Last Close Price 319,50 SEK
Average target price 359,40 SEK
Spread / Average Target 12,5%
EPS Revisions
Managers and Directors
Georgi Martin Ganev Chief Executive Officer
Erika Johanna S÷derberg Johnson Chief Financial Officer
James Kennedy Anderson Chairman
Natalie Patricia Tydeman Senior Director-Investment
Lena Charlotte Str÷mberg Independent Director
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