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Kinnevik AB
(KINV.B)
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Rating:49Neutral
Price Target:
kr50.00
▼(-40.52% Downside)
Action:Reiterated
Date:07/11/26
The score is held back primarily by weak financial performance (ongoing losses and recently negative operating/free cash flow) and bearish technical conditions (price below key moving averages and negative MACD). These are partly offset by balance-sheet flexibility (low leverage) and a moderately positive earnings-call narrative emphasizing cost reductions, disciplined capital deployment, strong liquidity, and improving NAV.
Positive Factors
Low leverage & strong liquidity
Kinnevik's very low debt-to-equity (~0.06–0.09) and large cash buffers provide durable financial flexibility. That balance-sheet strength lets the firm fund selective follow-ons, withstand drawdowns in private holdings, and execute divestments without relying on external financing.
Negative Factors
Sustained large net losses
Persistent, large net losses since 2022 weaken ability to generate internal earnings and erode equity, making Kinnevik reliant on unrealized valuation uplifts and divestments. Continued losses reduce optionality and increase risk that NAV gains may not convert to cash returns.
Read all positive and negative factors
Positive Factors
Negative Factors
Low leverage & strong liquidity
Kinnevik's very low debt-to-equity (~0.06–0.09) and large cash buffers provide durable financial flexibility. That balance-sheet strength lets the firm fund selective follow-ons, withstand drawdowns in private holdings, and execute divestments without relying on external financing.
Read all positive factors
Kinnevik AB (KINV.B) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr14.08B
Dividend YieldN/A
Average Volume (3M)959.46K
Price to Earnings (P/E)―
Beta (1Y)0.99
Revenue Growth400.00%
EPS Growth-184.07%
CountrySE
Employees45
SectorFinancial
Sector Strength70
IndustryFinancial - Conglomerates
Share Statistics
EPS (TTM)-25.94
Shares Outstanding243,219,760
10 Day Avg. Volume1,352,625
30 Day Avg. Volume959,459
Financial Highlights & Ratios
PEG Ratio-0.23
Price to Book (P/B)0.65
Price to Sales (P/S)2317.71
P/FCF Ratio-107.80
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)5.24
Revenue Forecast (FY)kr716.02M
Kinnevik AB Business Overview & Revenue Model
Company Description
Kinnevik AB, previously Investment AB Kinnevik, operates as a venture capital firm dedicated to growth capital investments. While its primary focus is on digital consumer services, education, communications, e-commerce and online marketplaces, ent...
How the Company Makes Money
Kinnevik makes money primarily through investment returns from its portfolio rather than operating revenue from selling goods or services. Its main economic driver is the change in value of its equity stakes (unrealized gains/losses reflected in t...
Kinnevik AB Earnings Call Summary
Earnings Call Date:Jul 07, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 15, 2026
Earnings Call Sentiment Positive
The call emphasizes a clear progress narrative: NAV and portfolio value increased, margins improved, cash was preserved, cost-reduction measures and disciplined capital allocation were implemented, and selective follow-ons (e.g., Wordsmith) produced strong uplifts. Offsetting this are localized valuation write-downs (Climate Tech), recalibrations (Betterment), modest operational downgrades (Oviva, Mews), dilution from M&A (Spring+Alma) and one-off restructuring costs. Overall, positives around NAV growth, balance sheet strength, cost discipline and focused portfolio actions outweigh the contained negatives.Positive Updates
Net Asset Value (NAV) Increase
NAV rose to SEK 29.6 billion (SEK 107 per share), an increase of ~6% in Q2 (5% in constant currencies); portfolio value grew by 8% in the quarter.
Negative Updates
Prior Strategies and Climate Tech Write-Downs
The 'prior strategies' subgroup was down ~4% in aggregate, driven by multiple contraction at Betterment and a SEK 0.2 billion write-down in Climate Tech assets (partly due to dilution where Kinnevik elected not to follow).
Read all updates
Q2-2026 Updates
Positive
Negative
Net Asset Value (NAV) Increase
NAV rose to SEK 29.6 billion (SEK 107 per share), an increase of ~6% in Q2 (5% in constant currencies); portfolio value grew by 8% in the quarter.
Read all positive updates
Company Guidance
The call’s guidance emphasized disciplined cost and capital management: a target to cut management cash costs to around SEK 200m pa (about a 30% reduction from SEK 313m in 2025) with measures largely implemented and further savings hitting in H2 (restructuring one‑offs mean 2026 costs will be similar to 2025); a cap on follow‑on investments of ~SEK 1.5bn to bring existing portfolio companies to profitability; Q2 net investments of SEK 57m (the lowest since Q4 2019) and participation in Wordsmith’s $70m round (Kinnevik SEK 29m; Wordsmith revenue up 14x YTD and >3x uplift vs entry); two agreed divestments (Oda ~SEK 100m, YouScan ~SEK 30m; ~SEK 133m proceeds expected in Q3) which would make the quarter net divestment SEK 76m adjusted; strong liquidity with cash at SEK 7.4bn (SEK 7.6bn adjusted) up SEK 75m vs Q1; and NAV/headline targets reflecting NAV SEK 29.6bn (SEK 107/share, +6% q/q, +5% cc) driven by portfolio value +8%, ~28% YTD growth in larger holdings, EBITDA margin improvement ~4 percentage points to -6%, Health & Bio +16% and Spring +29% in SEK fair value (combined $1bn revenue target next 12 months), though prior strategies were down 4% including a SEK 0.2bn Climate Tech write‑down.Kinnevik AB Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
72
Positive
Cash Flow
36
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | -6.21B | 10.00M | -2.55B | -4.67B | -19.45B | 14.84B |
| Gross Profit | -6.25B | -4.24B | -2.60B | -4.72B | -19.50B | 14.80B |
| EBITDA | -8.39B | -4.55B | -2.62B | -4.77B | -19.52B | 14.78B |
| Net Income | -7.19B | -3.35B | -2.62B | -4.77B | -19.52B | 14.78B |
Balance Sheet | ||||||
| Total Assets | 31.84B | 38.12B | 44.11B | 53.51B | 57.73B | 78.59B |
| Cash, Cash Equivalents and Short-Term Investments | 9.36B | 10.39B | 14.62B | 2.37B | 13.85B | 10.54B |
| Total Debt | 2.06B | 2.00B | 3.49B | 3.49B | 3.49B | 4.69B |
| Total Liabilities | 2.22B | 2.25B | 4.91B | 5.35B | 4.82B | 6.20B |
| Stockholders Equity | 29.62B | 35.87B | 39.20B | 48.16B | 52.91B | 72.39B |
Cash Flow | ||||||
| Free Cash Flow | -138.00M | -215.00M | -220.00M | 600.00M | 3.18B | 1.31B |
| Operating Cash Flow | -138.00M | -215.00M | -220.00M | 600.00M | 3.18B | 1.31B |
| Investing Cash Flow | -2.21B | -2.65B | 8.87B | -2.84B | 1.38B | -215.00M |
| Financing Cash Flow | 0.00 | -1.50B | -6.37B | 0.00 | -1.21B | 1.86B |
Kinnevik AB Technical Analysis
Negative
84.06
Price Trends
54.35
Negative
54.13
Negative
67.41
Negative
Market Momentum
-1.10
Positive
33.38
Neutral
14.86
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:KINV.B, the sentiment is Negative. The current price of 84.06 is above the 20-day moving average (MA) of 52.19, above the 50-day MA of 54.35, and above the 200-day MA of 67.41, indicating a bearish trend. The MACD of -1.10 indicates Positive momentum. The RSI at 33.38 is Neutral, neither overbought nor oversold. The STOCH value of 14.86 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:KINV.B.
Kinnevik AB Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | kr11.37B | 4.85 | 11.24% | 2.18% | 31.65% | 87.59% | |
73 Outperform | kr5.99B | 8.50 | ― | 6.23% | -9.14% | 1.57% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
63 Neutral | kr20.41B | -5.34 | -23.18% | 1.13% | 8.76% | -3392.98% | |
61 Neutral | kr12.03B | -16.32 | 6.59% | 3.70% | -33.02% | -140.00% | |
58 Neutral | kr5.79B | -75.14 | 7.55% | 0.79% | 78.30% | 62.60% | |
49 Neutral | kr14.08B | -1.91 | 0.33% | ― | 400.00% | -184.07% |
* Financial Sector Average
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.