Kinnevik shares hit bottom of STOXX after Q1 report
21/04/2022 09:02
** Shares of Kinnevik KINVb.ST slump 8% after the Swedish
investment company's net asset value (NAV) decreased from
end-2021 urn:newsml:reuters.com:*:nFWN2WI1O2
** The company posted NAV of SEK 67.9 billion ($7.23
billion), SEK 244 per share, down 6% in the quarter and 5%
year-on-year
** "Correction of valuation levels clearly puts short-term
pressure on the on-paper snapshot value of our portfolio," it
said
** Kinnevik added that fair value of its investments in
unlisted companies decreased by SEK 1.7 bln in Q1, with a SEK
3.3 bln or 10% aggregate write-down being partly offset by net
investments of SEK 1.6 bln
** Overall, change in fair value of the company's financial
assets was negative in Q1 and resulted in net loss of SEK 4.54
bln versus a profit of 6.07 bln year ago
** The stock is down 35% year-to-date and lowest since
October 2020
** Kinnevik is the worst performer on the pan-European STOXX
600 index .STOXX
($1 = 9.3949 Swedish crowns)
(Reporting by Marta Frackowiak)
((marta.frackowiak@thomsonreuters.com))