Kinnevik AB (KINV.B) AI Stock Analysis

• Market Cap: kr20.22B
• Dividend Yield: N/A
• Average Volume (3M): 959.46K
• Price to Earnings (P/E): 163.1
• Beta (1Y): 1.18
• Revenue Growth: -97.64%
• EPS Growth: N/A
• Country: SE
• Employees: 47
• Sector: Financial
• Sector Strength: 70
• Industry: Asset Management
• EPS (TTM): 2.67
• Shares Outstanding: 243,219,760
• 10 Day Avg. Volume: 1,352,625
• 30 Day Avg. Volume: 959,459
• PEG Ratio: 0.18
• Price to Book (P/B): 0.53
• Price to Sales (P/S): -8.16
• P/FCF Ratio: -94.55
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 46 Neutral
• Price Target: kr74.00 ▼(-11.97% Downside)

The score is held down primarily by weakened financial performance (recent losses and a shift to negative 2024 cash flow) despite a conservatively levered balance sheet. Technicals further detract due to a sustained downtrend and negative momentum, and valuation provides little support given the very high P/E and no dividend yield.

Positive Factors

Conservative balance sheet

A very low debt-to-equity ratio and sizable equity base provide durable financial resilience. This conservatively levered structure supports the firm’s long-term ability to hold illiquid positions through downturns, underwrite portfolio support and avoid fire sales when markets stress.

Active ownership model

Kinnevik’s business model focuses on active ownership and governance in growth sectors (consumer, software, marketplaces, fintech). This hands-on approach and sector diversification are structural advantages for driving operational improvements and long-term value creation across cycles.

Historic cash generation track record

Prior multi-year positive operating and free cash flow demonstrates the company’s historical ability to monetize holdings and fund activity internally. That track record indicates embedded capabilities in realizing value, which can be reactivated as portfolio conditions improve.

Negative Factors

Sustained earnings deterioration

A multi-year swing from large profits to sustained losses degrades return on capital and undermines the investment thesis. Persistent negative earnings reduce retained earnings, limit reinvestment capacity and increase the likelihood of asset disposals to meet cash needs.

Negative operating/free cash flow in 2024

A shift to negative operating and free cash flow is a durable weakness: it erodes internal funding for new investments, increases reliance on asset sales or external financing, and raises execution risk for the active-ownership strategy if the cash shortfall persists.

Severe revenue volatility

An almost 98% reported revenue drop signals high sensitivity to revaluations or realization timing. Such volatility weakens predictability of returns, complicates capital allocation, and can force opportunistic or distressed exits that impair long-term value creation.

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, 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.

How the Company Makes Money

Kinnevik AB generates revenue primarily through its strategic investments in digital consumer businesses. The company acquires equity stakes in promising startups and established firms, focusing on sectors with significant growth potential, such as e-commerce, fintech, and online healthcare. Kinnevik earns returns on its investments through capital appreciation as the value of its portfolio companies increases. Additionally, the company may realize profits by selling its stakes in these companies at a higher price than the initial investment. Dividends from profitable companies within its portfolio also contribute to Kinnevik's earnings. The firm's strong network and expertise in the digital consumer sector enhance its ability to identify and support high-potential investments, which is a significant factor contributing to its financial success.

Kinnevik AB Financial Statement Overview

Summary

Balance sheet strength is solid with low leverage and sizable equity (Balance Sheet Score 72), but this is outweighed by a sharp swing to sizable losses in 2022–2024 (Income Statement Score 34) and a deterioration to negative operating/free cash flow in 2024 (Cash Flow Score 46), reducing earnings stability and financial flexibility.

Income Statement

Results show a sharp deterioration versus prior years: the company moved from very large profits in 2019–2021 to sizable losses in 2022–2024. The most recent year (2024) also shows a steep decline in revenue versus 2023, signaling weaker underlying performance and/or negative revaluations typical for investment companies. While reported margins appear very high, the sign flips and volatility in reported revenue and earnings materially reduce confidence in earnings quality and stability.

Balance Sheet

The balance sheet looks conservatively levered, with low debt relative to equity across the period (debt-to-equity staying below 0.10 in recent years). Total equity remains sizable, providing a cushion against market and valuation swings. The key weakness is profitability: returns on equity turned meaningfully negative in 2022–2024, indicating the capital base is not currently generating positive earnings and could face further pressure if losses persist.

Cash Flow

Cash generation has become less reliable. Operating and free cash flow were positive in 2021–2023 but turned negative in 2024, which is a notable shift in funding capacity. Earlier years show strong cash inflows, but the large swing to outflows and negative cash flow growth in the latest period increases execution risk and reduces financial flexibility if the downturn continues.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	-2.36B	-2.55B	-4.67B	-19.45B	14.84B	41.53B
Gross Profit	-2.52B	-2.60B	-4.72B	-19.50B	14.80B	41.53B
EBITDA	-2.53B	-2.62B	-4.77B	-19.52B	14.78B	41.13B
Net Income	-2.53B	-2.62B	-4.77B	-19.52B	14.78B	40.27B
Balance Sheet
Total Assets	40.07B	44.11B	53.51B	57.73B	78.59B	115.75B
Cash, Cash Equivalents and Short-Term Investments	11.56B	14.62B	2.37B	13.85B	10.54B	3.71B
Total Debt	2.06B	3.49B	3.49B	3.49B	4.69B	2.89B
Total Liabilities	3.27B	4.91B	5.35B	4.82B	6.20B	4.08B
Stockholders Equity	36.80B	39.20B	48.16B	52.91B	72.39B	111.67B
Cash Flow
Free Cash Flow	-284.00M	-220.00M	600.00M	3.18B	1.31B	1.33B
Operating Cash Flow	-284.00M	-220.00M	600.00M	3.18B	1.31B	1.33B
Investing Cash Flow	-3.36B	8.87B	-2.84B	1.38B	-215.00M	6.21B
Financing Cash Flow	-7.87B	-6.37B	0.00	-1.21B	1.86B	-3.84B

Kinnevik AB Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 84.06
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: 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 78.58, above the 50-day MA of 81.32, and above the 200-day MA of 83.17, indicating a bearish trend. The MACD of -2.48 indicates Positive momentum. The RSI at 32.00 is Neutral, neither overbought nor oversold. The STOCH value of 8.53 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ORES	74 Outperform	kr5.45B	6.22	―	6.23%	-0.22%	-58.80%
RATO.B	69 Neutral	kr12.48B	15.08	6.59%	3.70%	-22.65%	-14.05%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
SVOL.B	67 Neutral	kr5.77B	12.77	7.83%	0.79%	-25.75%	-27.25%
CRED.A	63 Neutral	kr9.41B	7.76	12.47%	2.18%	4.72%	-38.28%
BURE	53 Neutral	kr16.30B	-3.03	-23.18%	1.13%	22.38%	-153.85%
KINV.B	46 Neutral	kr20.22B	163.06	0.33%	―	-97.64%	―