Kinnevik AB: Still a tough environment for private portfolio valuations; maintain Hold

Research evidence excerpt

Kinnevik AB: Still a tough environment for private portfolio valuations; maintain Hold

Deutsche Bank

Research

Rating Company Date

Hold Kinnevik AB 23 July 2026

Forecast Change

Europe

Sweden

Reuters Bloomberg Exchange Ticker Price at 22 Jul 2026 (SEK) 50.46

KINVb.ST KINVB SS STO KINVb

Price Target (SEK) 55.00

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52-week range (SEK) 91.68 - 47.62

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Still a tough environment for private

Valuation & Risks portfolio valuations; maintain Hold

Nizla Naizer

Mixed Q2 with a return to NAV growth but a widening discount Research Analyst

Kinnevik reported its Q2-26 results in July, with NAV of SEK29.6bn (or SEK107 per +44-20-754-12403

share). This represents a 6% QoQ increase (or +5% on constant currency), primarily

Silvia Cuneo

driven by multiple expansion in listed peers used to value its private portfolio Research Analyst

companies. However, the Q2 NAV was down 20% YoY. Kinnevik currently trades at +44-20-754-73770

a discount exceeding 50% to its last reported NAV, reflecting the uncertain

Tarun Mittal

valuation environment for its predominantly private asset base. The group's net

Research Associate

cash stood at SEK7.4bn at the end of Q2, a slight decrease from SEK7.5bn reported

at the end of Q1 2026. This robust liquidity position would continue supporting

investment activity, but current management has promised to be disciplined about

Key changes

how funds are allocated. While the discount compared to the historical average

TP 65.00 to 55.00 ↓ -15.4%

may appear compelling, we believe there is balanced risk-reward at these levels

Source: Deutsche Bank

given the uncertain macro environment which takes a toll on the valuation of listed

peers which in turn determines Kinnevik's own NAV calculation. Hold. Price/price relative