Kinnevik gains on upgrades as Pareto flags 'bargain' price

Tele2 AB

18/01/2024 13:20

** Pareto raises Kinnevik's  KINVb.ST  PT to SEK 160 from
SEK 155 and sticks to "buy" rating, noting the Swedish investor
trades at a "a record high" 50% discount compared to its
recorded net asset value
    ** "We believe in the strategy, and view Kinnevik as a
unique portfolio of (mostly) attractive growth assets with a
clear bias towards the US market," Pareto analyst Stefan Wård
writes
    ** The broker adds the bulk of Kinnevik's unlisted assets
are either profitable or financed to profitability 
    ** It says the market undervalues the unlisted portfolio by
over 80%, taking into account that Tele2  TEL2b.ST  and the
group's net cash position make up 73% of the current share price
    ** Separately, SEB also upgrades Kinnevik to "buy" from
"hold" with a PT of SEK 117
    ** The stock is up 7% at around SEK 102, on track for its
best day in over a month supported by the upgrades

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