Kinnevik (1K) | Hold (vs Buy) | Change takes time

Research evidence excerpt

Kinnevik (1K) | Hold (vs Buy) | Change takes time

#RatingChange

Release date: 09 July 2026

Company research

ESG profile Hold (Buy)Kinnevik

Sweden | Holding companies Beta Profile: MCap: SEK14.9bn

Target Price: SEK58.00 (112.00) Bloomberg: KINVB SS Reuters: KINVb.ST

Current Price: SEK52.34 Free float 88.0%

Up/downside: 10.8% Avg. daily volume (SEKm) 128.7

YTD abs performance -37.5% Market data: 08 July 2026

52-week high/low (SEK) 93.04/47.62

Change takes time Price performance

Why this report?

After the share price has declined c.80% in the past 5 years, Kinnevik is

replacing its management and pivoting its strategic direction towards a more

concentrated portfolio with a higher share of cash generating assets, and a

leaner investment organisation. It's good that Kinnevik finally changes

course, but change takes time and short-term performance will continue to

be driven by the existing portfolio. We argue the risk/reward near-term is

balanced with the portfolio largely affected by public valuation multiples,

and we await concrete improvements. We transfer coverage to a new analyst

and reduce our target price to SEK58 (112), lowering our rating to Hold (Buy).

Key findings

Kinnevik's NAV has fallen c.50% since Q1 2022 and continues to trend down, albeit FY to 31/12 (SEK) 12/24 12/25 12/26E

with a slight recovery in Q2 of +6% on public peer group multiples expanding. CF from ops (m) -220.0 -215.0 -318.7

Helena Saxon's appointment as CEO is a positive for investor confidence, but she Disposals 12,940.0 163.0 133.0

inherits a portfolio in poor shape which will take time to clean up. Short-term Investments (m) -4,069.0 -2,812.0 -1,098.0

Dividends paid (m) 0.0 0.0 0.0performance will continue to be dictated by the existing portfolio's NAV growth. Buybacks (m) 0.0 0.0 0.0