Kinnevik drops amid rating cuts

Kinnevik AB

13/07/2021 09:58

** Shares in Swedish investment firm Kinnevik  KINVb.ST 
fall 3.5% to the bottom of Stockholm blue chip index amid rating
and TP changes
    ** DNB cuts to "hold" from "buy", saying Kinnevik offers one
of the sector's most attractive medium-term net asset value
(NAV) growth outlooks, yet its reported NAV has come closer to
the broker's estimate
    ** Most near-term catalysts are reflected in the share price
as it is trading at a 26% premium to NAV, it adds 
    ** The broker notes Kinnevik has added four new holding to
its portfolio this year, and sees room for further investments
and up to about SEK 2 bln within capital-allocation framework
for 2021 
    ** Handelsbanken cuts its rating to "hold" from "buy", while
Deutsche Bank cuts TP to SEK 290 from SEK 358
    ** The recommendation changes come in post Kinnevik's Q2
earnings results announced on Monday when it reported NAV of SEK
274 per share in Q2  urn:newsml:reuters.com:*:nL4N2ON0BD
    ** The stock is among worst performers on pan-European STOXX
600 index  .STOXX 
    

 (Reporting by Aleksandra Majewska)
 ((Aleksandra.Majewska@thomsonreuters.com))