Kinnevik AB (SE:KINV.B)
:KINV.B
Want to see SE:KINV.B full AI Analyst Report?
Top Page
Kinnevik AB
(KINV.B)
Select Model
Select Model
Rating:51Neutral
Price Target:
kr54.00
▼(-35.76% Downside)
Action:ReiteratedDate:04/16/26
Overall score reflects a strong balance sheet and constructive management actions from the latest call, but is constrained by weak/volatile earnings and recently negative operating cash flow. Technicals also remain pressured with the stock below key longer-term moving averages and a negative MACD, while valuation is difficult to assess due to negative earnings.
Positive Factors
Balance sheet & liquidity
Kinnevik's low leverage and SEK 7.5bn cash position provide durable optionality to fund select follow-ons, withstand valuation shocks and avoid forced disposals. This liquidity buffer supports long-term active ownership and preserves ability to time exits rather than sell into weakness.
Negative Factors
Weak, volatile earnings profile
The company's earnings have been highly erratic with deep losses recently, limiting predictability of internal returns and impairing reinvestment from operating profits. Persistent negative ROE reduces long-term capital efficiency and makes reliance on portfolio realizations and capital markets greater.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance sheet & liquidity
Kinnevik's low leverage and SEK 7.5bn cash position provide durable optionality to fund select follow-ons, withstand valuation shocks and avoid forced disposals. This liquidity buffer supports long-term active ownership and preserves ability to time exits rather than sell into weakness.
Read all positive factors
Kinnevik AB (KINV.B) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr14.74B
Dividend YieldN/A
Average Volume (3M)959.46K
Price to Earnings (P/E)―
Beta (1Y)1.00
Revenue Growth143.59%
EPS Growth-52.62%
CountrySE
Employees47
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)-28.77
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 Ratio0.00
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
kr52.00Price Target Upside-38.14% Downside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)2.62
Revenue Forecast (FY)kr716.02M
Kinnevik AB Business Overview & Revenue Model
Company Description
Kinnevik AB formerly known as Investment AB Kinnevik, is a venture capital firm specializing in investments in growth capital. It prefers to invest in digital consumer business, education, communication, e-commerce and marketplaces, entertainment,...
How the Company Makes Money
Kinnevik primarily makes money through investment returns rather than operating revenue from selling products or services. Its main earnings drivers are: (1) Changes in the value of its investment portfolio (unrealized gains/losses), which can inc...
Kinnevik AB Earnings Call Summary
Earnings Call Date:Apr 16, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 14, 2026
Earnings Call Sentiment Neutral
The call balanced stark valuation-driven setbacks with clear, deliberate management actions to preserve optionality and improve operational efficiency. Q1 was marked by substantial market-driven write-downs (NAV -22%, private -29%, SEK 8.3bn multiple impact) and the strategic withdrawal from Climate Tech. Offsetting these negatives, portfolio companies showed healthy top-line growth and margin improvements (health +28% revenue, software +32% revenue), a clinical milestone at Enveda, a strong cash position (SEK 7.5bn) and concrete plans to reduce management cash costs by ~35% to SEK 200m and cap follow-on spend at SEK 1.5bn, leaving an estimated SEK 5bn discretionary capacity. Given the significant valuation losses tempered by decisive capital-preservation and operational actions, the overall tone is cautious but constructive — management is responding with concrete levers while acknowledging material near-term headwinds.Positive Updates
Strong Q1 revenue and margin progress at larger investees
Health investees grew revenues by 28% year-over-year in Q1 and improved EBITDA margins by 3 percentage points; software investees grew revenues by 32% and improved margins by 7 percentage points, indicating solid operational execution across core portfolio companies.
Negative Updates
Material NAV and portfolio value decline in Q1
NAV declined 22% in Q1 to SEK 27.9 billion (SEK 101 per share). The private portfolio fell 29% in the quarter, driven mainly by multiple contraction in public peers and valuation reassessments.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Q1 revenue and margin progress at larger investees
Health investees grew revenues by 28% year-over-year in Q1 and improved EBITDA margins by 3 percentage points; software investees grew revenues by 32% and improved margins by 7 percentage points, indicating solid operational execution across core portfolio companies.
Read all positive updates
Company Guidance
Management set out clear numeric priorities: Q1 saw the portfolio fall 22% (private portfolio -29%), producing NAV SEK 27.9bn (SEK 101/share) with SEK 7.5bn cash; public‑peer multiple contraction caused an SEK 8.3bn hit and public software indices are ~20–25% YTD (lowest multiples in ~15 years). Operationally larger investees began 2026 broadly on plan—health investees: revenue +28% and EBITDA margin +3pp; software: revenue +32% and margin +7pp—while Climate Tech was down 56% (Stegra written down to EUR 10m) and Kinnevik will make no new Climate Tech investments. Capital priorities include capping follow‑on funding to existing portfolio at SEK 1.5bn (over the coming years), targeting management cash costs lowered from a 2025 cash baseline of SEK 313m (reported SEK 341m) to ~SEK 200m p.a. by 2027 (~35% reduction) with restructuring costs booked mainly in 2026, preserving an estimated SEK 5bn of discretionary investment capacity; Q1 net investments were SEK 116m (including EUR 20m in Mews), and 46% of the private portfolio by value transacted in the last 12 months at a 9% weighted‑average premium to prior NAV.Kinnevik AB Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
78
Positive
Cash Flow
46
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | -2.36B | 10.00M | -2.55B | -4.67B | -19.45B | 14.84B |
| Gross Profit | -2.52B | -4.24B | -2.60B | -4.72B | -19.50B | 14.80B |
| EBITDA | -2.53B | -4.55B | -2.62B | -4.77B | -19.52B | 14.78B |
| Net Income | -2.53B | -3.35B | -2.62B | -4.77B | -19.52B | 14.78B |
Balance Sheet | ||||||
| Total Assets | 40.07B | 38.12B | 44.11B | 53.51B | 57.73B | 78.59B |
| Cash, Cash Equivalents and Short-Term Investments | 11.56B | 10.39B | 14.62B | 2.37B | 13.85B | 10.54B |
| Total Debt | 2.06B | 2.05B | 3.49B | 3.49B | 3.49B | 4.69B |
| Total Liabilities | 3.27B | 2.25B | 4.91B | 5.35B | 4.82B | 6.20B |
| Stockholders Equity | 36.80B | 35.87B | 39.20B | 48.16B | 52.91B | 72.39B |
Cash Flow | ||||||
| Free Cash Flow | -284.00M | 0.00 | -220.00M | 600.00M | 3.18B | 1.31B |
| Operating Cash Flow | -284.00M | -215.00M | -220.00M | 600.00M | 3.18B | 1.31B |
| Investing Cash Flow | -3.36B | -2.65B | 8.87B | -2.84B | 1.38B | -215.00M |
| Financing Cash Flow | -7.87B | -1.50B | -6.37B | 0.00 | -1.21B | 1.86B |
Kinnevik AB Technical Analysis
Negative
84.06
Price Trends
56.80
Negative
68.81
Negative
77.53
Negative
Market Momentum
-0.86
Negative
54.33
Neutral
90.29
Negative
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 50.50, above the 50-day MA of 56.80, and above the 200-day MA of 77.53, indicating a neutral trend. The MACD of -0.86 indicates Negative momentum. The RSI at 54.33 is Neutral, neither overbought nor oversold. The STOCH value of 90.29 is Negative, 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 | kr6.34B | 3.42 | ― | 6.23% | 2.88% | 256.86% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
63 Neutral | kr9.57B | -4.79 | 11.24% | 2.18% | 8.58% | -60.72% | |
56 Neutral | kr10.68B | -18.24 | 6.59% | 3.70% | -31.84% | -374.25% | |
55 Neutral | kr5.43B | -3.58 | 7.55% | 0.79% | -191.26% | -204.37% | |
53 Neutral | kr19.83B | -3.91 | -23.18% | 1.13% | 23.33% | -181.45% | |
51 Neutral | kr14.74B | -0.44 | 0.33% | ― | 143.59% | -52.62% |
* Financial Sector Average
SE:KINV.B
Kinnevik AB
52.52
-24.56
-31.86%
SE:RATO.B
Ratos AB
32.66
1.20
3.81%
SE:CRED.A
Creades AB
70.50
-5.02
-6.65%
SE:BURE
Bure Equity AB
267.40
-53.78
-16.74%
SE:SVOL.B
Svolder AB Class B
51.25
-4.80
-8.57%
SE:ORES
Investment AB Oresund
139.40
28.45
25.64%
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.