Rankings Financial data & insurance broking Kinnevik
Kinnevik
67
15070100
A view of the same findings, not a new score. How it works
A good business with a real question mark: the price, a crack, or both.
Biggest deductions
- Value creation (NAV development)−10
- Unlisted valuation−5
- Capital allocation−4
Strengths
- Net cash+3
- External value confirmations+2
How the score is built
From 100 to 67, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 72.20 SEK
- Median analyst target
- 74.00 SEK
- Upside to median
- +2.5%
- Analysts
- 7
- Target range
- 55.00 – 86.00 SEK
- 52-week change
- −20%
- P/E (trailing)
- n/a
- Forward P/E
- 13.9
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 2 findings−14 of −30
- −10Value creation (NAV development)Net asset value per share fell 19.5% over a year (DKK 132.87 to 106.96) and 17% in the first half of 2026; the result has been negative every year since 2022 (−19.5, −4.8, −2.6, −3.3 and −7.2bn kr. TTM), and equity has shrunk from about 53 to 29.6bn kr. A holding company that is getting smaller, not stronger.
- −4Capital allocationA portfolio review in Q2 led to write-downs of smaller holdings, and the portfolio of unlisted growth companies has not yet delivered exits that can replace the former cash machines (Zalando and Tele2 are gone); net investments have been turned down to DKK 57m in Q2.
Price
Today's multiples against the company's own history and its peers. · 1 finding−2 of −35
- −2Discount to net asset value vs own historyThe price of DKK 66.38 gives about a 38% discount to NAV (43.9% on 24/9 before the latest price rise); P/B 0.61 is in the middle of the 0.53-0.76 range for 2022-2025. The discount is not unusually deep relative to its own history.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−11 of −35
- −5Unlisted valuationMost of NAV is unlisted companies, which Kinnevik values itself based on listed comparable companies' multiples; Q2's NAV rise of 6% came precisely from higher multiples at the listed comparables, and the same mechanism pulled NAV down in Q1. The discount is thus measured against a self-assessed and multiple-sensitive figure.
- −3Management changeCEO Georgi Ganev left the company with immediate effect in March 2026 (he was supposed to stay until November), and board member Rubin Ritter (formerly co-CEO of Zalando) is only acting.
- −2Portfolio riskMany portfolio companies are loss-making and dependent on new capital rounds; Kinnevik's own operating cash flow is negative (-SEK 138m TTM), and Piotroski F-score is 2.
- −1GovernanceA shares with 10 votes (about 38.5m of 281.8m shares) give a core shareholder with strong voting power disproportionate influence relative to the capital stake.
Plus
Only documented strengths. · 2 findings+5 of +15
- +3Net cashNet cash of DKK 7.4bn (approx. DKK 26 per share, approx. 39% of the price); the market thus prices the remaining portfolio (approx. DKK 22bn in NAV) at approx. DKK 11bn.
- +2External value confirmationsLarger capital rounds in Perk (TravelPerk), Mews and Enveda were completed at significant premiums to Kinnevik's carrying values, which supports parts of the NAV.
Caveats
What the score does not capture, or where the data is weak.
Investment company: valued on the discount to net asset value (NAV SEK 106.96 per share at 30/6 2026, next update in the Q3 report on 15/10). Stockanalysis shows negative 'revenue' (value changes), so P/E, P/S, ROIC and PEG are meaningless, and the PEG formula can give a skewed result. The portfolio is predominantly unlisted growth companies (incl. Spring Health, Perk/TravelPerk, Mews, Cityblock), valued by Kinnevik itself based on listed comparables. Kinnevik has high-voting A shares (approx. 38.5m); control arrangements and insider trades have not been examined in detail. Industry: closest match is 'Finance, data & insurance brokerage'.
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