Kinnevik slides after negative NAV surprise

Kinnevik AB

01/02/2024 10:05

** Kinnevik  KINVb.ST  shares drop over 5% as the Swedish
investment company's end-Q4 NAV disappoints
    ** "5% down on NAV was a surprise given the strong
performance of listed peers in Q4," Pareto Securities analyst
Stefan Wård says
    ** Kinnevik posted NAV of SEK 48.2 billion, down SEK 2.6
billion in the quarter
    ** The analyst adds, however, that "this is a clean up of
valuations in the unlisted portfolio," which the market will
perceive positively "once digested"
    ** Wård, who still rates the stock "buy" with a PT now cut
to SEK 150 from SEK 160, says Kinnevik's reported NAV discount
is at 38%
    ** He adds that the discount, if applied entirely to the
"more robust" unlisted portfolio, is too high at 67%, and
therefore expects the stock to resume a positive trend 
        ** Kinnevik shares trade at SEK 106 at 1003 GMT vs
end-Q4 NAV per share of SEK 171
  
    ** The share is on track for its worst day in over three
months, and trades near the bottom of the pan-European STOXX 600
index  .STOXX 

 (Reporting by Agata Rybska)
 ((gdansk.newsroom@thomsonreuters.com;))