Kinnevik AB
Kinnevik AB is a venture capital firm specializing in investments in early to late venture and growth capital. The firm also prefers indirect investments in venture capital funds. It prefers to invest in digital consumer business, education, communication, e-commerce and marketplaces, entertainment…
Kinnevik AB is a venture capital firm specializing in investments in early to late venture and growth capital. The firm also prefers indirect investments in venture capital funds. It prefers to invest in digital consumer business, education, communication, e-commerce and marketplaces, entertainment, healthcare, and financial services but may also invest in other areas. The firm invests worldwide, especially in Europe with a focus on the Nordics, Latin America, Asia, Australia, Africa, and North America. The firm looks for disruptive, technology-enabled and value-added consumer services in developed and emerging markets. It takes an active role on the boards of its subsidiaries and associated companies. It acts as a long-term lead shareholder in large listed entities. Kinnevik AB was founded in 1936 and is based in Stockholm, Sweden and additional office in London, United Kingdom. Kinnevik AB was formerly known as Investment AB Kinnevik.Looks undervalued
5-year outlook: Not shown because confidence is low: no second model to compare.
Why: Investment holding companies earn mostly market gains on the stakes they own, so earnings and cash flow say little. Their value is the net assets (book equity, where stakes are carried at …
Details and the full model are below.
Market price below modeled range
Net asset value (book) from TTM through 30 Sep 2026: book equity of SEK 107.75 per share, less a 10% holding-company discount (range 0% to 20%). Book equity approximates the market value of the stakes only where they are carried at fair value, so treat it as a rough guide, not a forecast or investment advice.
Assumptions: growth 3% (limited from 5.40% because the latest annual revenue declined), discount rate 9.60%, terminal growth 2.40%. See a worked example.
Adjust assumptions
Why this model: Investment holding companies earn mostly market gains on the stakes they own, so earnings and cash flow say little. Their value is the net assets (book equity, where stakes are carried at market value) less the discount at which such companies usually trade.
Compare models- Recommended: Net asset value (book) — SEK 96.97 (+35.9%)
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EPS-based Gordon proxy
— not applicable
Not used: Cannot be computed: net income is zero or negative.
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DCF (trailing free cash flow)
— not applicable
Not used: Cannot be computed: free cash flow is zero or negative.
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FCFF (steady state)
— not applicable
Not used: Cannot be computed: free cash flow is zero or negative.
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EV/EBITDA (12x)
— not applicable
Not used: Cannot be computed: EBITDA is missing, zero or negative.
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Fade DCF (10-year growth fade)
— not applicable
Not used: Cannot be computed: free cash flow is zero or negative.
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EV/Sales (Rule of 40)
— not applicable
Not used: Cannot be computed: revenue is missing.
| Bear SEK 86.20 | 17.2% |
| Base SEK 96.97 | 26.4% |
| Bull SEK 107.75 | 33.8% |
Margin = (value − price) / value, so it is measured against the value and reads lower than the upside to value, which is measured against the price. Positive means the price is below that case.
Track record: see the methodology page for how this model has performed historically, including its limits. Treat it as a screen, not a forecast.
Price history and fair value
No chartable saved daily price history is available for this range. The chart uses stored EODHD prices only and will appear after history is saved.
More detail: quality, peers, price history, dividends and financials
Quality score: 60 / 100
Five equal checks on reported history: profitability, cash generation, revenue growth, balance sheet and margins. It describes business quality, not whether the price is attractive.
| Profitability | 0 of 5 years profitable | 0 / 20 |
| Cash generation | free cash flow positive in 2 of 5 years | 8 / 20 |
| Balance sheet | net cash | 20 / 20 |
| Margins | EBITDA margin 148% | 20 / 20 |
Peers in Financials
Same-sector companies with a valuation, most undervalued first. Compare the margin of safety, yield and quality score side by side.
| Company | Price | Margin of safety | P/E | P/B | Yield | Quality |
|---|---|---|---|---|---|---|
| KINV-B.ST (this company) | SEK 71.38 | 26.4% | – | 0.7 | – | 60 |
| PSH.L Pershing Square Holdings, Ltd. | GBP 38.88 | 68.1% | 3.7 | 0.6 | 1.3% | 76 |
| LRE.L Lancashire Holdings Limited | GBP 6.89 | 45.5% | 7.1 | 1.6 | 3.3% | 76 |
| ACA.PA Credit Agricole S.A. | EUR 15.88 | 36.0% | 6.8 | 0.7 | 6.9% | 78 |
| PRU.L Prudential plc | GBP 9.29 | 33.8% | 8.1 | 1.6 | 1.9% | 78 |
| V Visa Inc. | USD 422.59 | 33.3% | 8.9 | – | 0.2% | 100 |
| AGS.BR ageas SA/NV | EUR 77.60 | 32.5% | 8.2 | 1.5 | 5.0% | 76 |
| SYF Synchrony Financial | USD 74.07 | 29.9% | 7.2 | 1.4 | 2.1% | 100 |
| NWG.L NatWest Group plc | GBP 5.92 | 29.6% | 8.3 | 1.3 | 4.9% | 88 |
| Peer median | 7.6 | 1.4 | ||||
Dividends
Paid in the last 12 months: SEK 0.00 per share.
| Year | Dividends per share |
|---|---|
| 2024 | 23.000 |
| 2020 | 7.000 |
Trailing 12-month financials
TTM through 30 Sep 2026 · quarterly EODHD data · data downloaded 06 Nov 2026 13:37
| Revenue | SEK -5,980,000,000 |
|---|---|
| EBITDA | SEK -8,829,000,000 |
| EBIT | SEK -8,676,000,000 |
| Net income | SEK -7,710,000,000 |
| Free cash flow | SEK -209,000,000 |
| Capital expenditures | SEK 0 |
| Debt | SEK 2,014,000,000 |
| Cash | SEK 9,326,000,000 |
| Working capital | SEK 7,826,000,000 |
| Shares outstanding | 276,972,664 |