Swedish tech investor benefits by slimming down
12/07/2021 10:36
(The author is a Reuters Breakingviews columnist. The opinions
expressed are her own.)
By Karen Kwok
LONDON, July 12 (Reuters Breakingviews) - Most listed
investment firms trade at a discount to the net value of their
assets. Kinnevik’s recent decision to hand its stake in e-tailer
Zalando to shareholders has made it an exception. Shedding
future winners from its $9 bln portfolio will be vital to
preserving its status.
Full view will be published shortly.
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CONTEXT NEWS
- Swedish investment firm Kinnevik on July 12 reported a net
asset value of 76.2 billion Swedish crowns ($8.9 billion) at the
end of the second quarter, an 11% rise from the end of March.
- The company, which counts Sweden’s influential Stenbeck
family and Scottish asset manager Baillie Gifford among its
shareholders, said it had invested 734 million crowns in four
companies in the quarter.
- Kinnevik in May completed a distribution of its 21% stake
in German e-commerce firm Zalando to the Swedish company’s
shareholders.
- The Zalando shares were worth around 46 billion crowns
($5.4 billion), the company said in first-quarter results
published on April 22. The Zalando investment generated a return
of 7.4 times Kinnevik’s invested capital.
- Kinnevik shares traded at an average premium of 23.8% over
its net asset value between May 19 and July 12, according to
company data.
- For previous columns by the author, Reuters customers can
click on KWOK/
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Kinnevik's startup bets push up net asset value urn:newsml:reuters.com:*:nL8N2OO15C
Kinnevik Q1 results https://www.kinnevik.com/globalassets/documents/2.-investors/reports/2021/q1/kinnevik_q1_2021_e.pdf
Statement on Zalando distribution https://www.kinnevik.com/investors/zalando-distribution
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(Editing by Peter Thal Larsen and Oliver Taslic)
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