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Kinnevik AB
(KINV.B)
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Rating:59Neutral
Price Target:
kr74.00
▲(25.34% Upside)
Action:Reiterated
Date:10/29/26
The score is held back primarily by weak financial performance (persistent losses and recent cash burn), despite a low-leverage balance sheet. Technicals are supportive with strong trend/momentum, and the earnings call points to improving NAV/liquidity and portfolio growth, but ongoing write-downs, multiple pressure, and uncertain investment timing temper the outlook; valuation is difficult to support given negative earnings.
Positive Factors
Focused Portfolio Strategy
A more concentrated portfolio focused on profitable, later-stage businesses could improve capital allocation and reduce operating drag. The planned cost target adds financial discipline, while avoiding a timetable for new investments may help management prioritize quality and long-term returns over deployment pressure.
Negative Factors
Persistent Losses and Cash Burn
Large continuing losses and negative operating cash flow weaken the financial foundation and can erode the equity cushion over time. The reversal from previously stronger cash generation also raises questions about the sustainability of current performance and the pace at which earnings can recover.
Read all positive and negative factors
Positive Factors
Negative Factors
Focused Portfolio Strategy
A more concentrated portfolio focused on profitable, later-stage businesses could improve capital allocation and reduce operating drag. The planned cost target adds financial discipline, while avoiding a timetable for new investments may help management prioritize quality and long-term returns over deployment pressure.
Read all positive factors
Kinnevik AB (KINV.B) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr19.52B
Dividend Yield32.18%
Average Volume (3M)1.45M
Price to Earnings (P/E)―
Beta (1Y)0.85
Revenue Growth675.00%
EPS Growth-6317.71%
CountrySE
Employees45
SectorGeneral
Sector StrengthN/A
IndustryFinancial - Conglomerates
Share Statistics
EPS (TTM)-27.83
Shares Outstanding243,219,760
10 Day Avg. Volume2,117,809
30 Day Avg. Volume1,451,305
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 Target
kr74.00Price Target Upside25.34% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)5.24
Revenue Forecast (FY)N/A
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 does not operate as a traditional product or service company; it makes money primarily through investment returns from its portfolio holdings. Its key economic drivers are (1) changes in the fair value/market value of its equity investmen...
Kinnevik AB Earnings Call Summary
Earnings Call Date:Oct 15, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Feb 04, 2027
Earnings Call Sentiment Positive
The call was broadly positive: Kinnevik reported a 1% increase in NAV, a 19% quarterly total shareholder return, strong portfolio revenue growth, major financing rounds at Enveda and Tandem, improving margins and substantial liquidity. These positives were tempered by Climate Tech write-downs, lower portfolio profitability than listed peers, valuation pressure at several companies, reimbursement challenges at Oviva, Cityblock dilution and uncertainty around the timing of new investments.Positive Updates
Net Asset Value and Shareholder Return Increased
Net asset value reached SEK 29.8 billion at quarter-end, equivalent to SEK 108 per share and up 1% from Q2. Kinnevik B delivered total shareholder return of 19% in the quarter.
Negative Updates
Climate Tech Write-Downs
Kinnevik wrote down its Climate Tech holdings, mainly Stegra, which is now held at 0 value. This contributed to approximately SEK 200 million of declines in other investments and partnership funds.
Read all updates
Q3-2026 Updates
Positive
Negative
Net Asset Value and Shareholder Return Increased
Net asset value reached SEK 29.8 billion at quarter-end, equivalent to SEK 108 per share and up 1% from Q2. Kinnevik B delivered total shareholder return of 19% in the quarter.
Read all positive updates
Company Guidance
Management said it will build a more focused portfolio of fewer, larger profitable holdings in later growth stages, allocate capital to growth companies with a clear path to profitability, and bring management cost down to SEK 200 million per year by 2027, while maintaining financial flexibility and not putting a timetable on new investments or exits; Spring Health is guided to over $1 billion of revenue on a run rate at maintained profitability, Perk is approaching $400 million in annualized revenue after growing 48% in 2025, and Cityblock’s annualized revenue will now reach some USD 2.2 billion while serving almost 200,000 patients in the U.S.Kinnevik AB Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
72
Positive
Cash Flow
30
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | -5.98B | 10.00M | -2.55B | -4.67B | -19.45B | 14.84B |
| Gross Profit | -6.04B | -4.24B | -2.60B | -4.72B | -19.50B | 14.80B |
| EBITDA | -8.83B | -4.55B | -2.62B | -4.77B | -19.52B | 14.78B |
| Net Income | -7.71B | -3.35B | -2.62B | -4.77B | -19.52B | 14.78B |
Balance Sheet | ||||||
| Total Assets | 32.01B | 38.12B | 44.11B | 53.51B | 57.73B | 78.59B |
| Cash, Cash Equivalents and Short-Term Investments | 9.33B | 10.39B | 14.62B | 2.37B | 13.85B | 10.54B |
| Total Debt | 2.01B | 2.00B | 3.49B | 3.49B | 3.49B | 4.69B |
| Total Liabilities | 2.17B | 2.25B | 4.91B | 5.35B | 4.82B | 6.20B |
| Stockholders Equity | 29.84B | 35.87B | 39.20B | 48.16B | 52.91B | 72.39B |
Cash Flow | ||||||
| Free Cash Flow | -209.00M | -215.00M | -220.00M | 600.00M | 3.18B | 1.31B |
| Operating Cash Flow | -209.00M | -215.00M | -220.00M | 600.00M | 3.18B | 1.31B |
| Investing Cash Flow | -1.08B | -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
Positive
59.04
Price Trends
63.00
Positive
58.33
Positive
58.51
Positive
Market Momentum
2.03
Negative
64.94
Neutral
88.54
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:KINV.B, the sentiment is Positive. The current price of 59.04 is below the 20-day moving average (MA) of 66.67, below the 50-day MA of 63.00, and above the 200-day MA of 58.51, indicating a bullish trend. The MACD of 2.03 indicates Negative momentum. The RSI at 64.94 is Neutral, neither overbought nor oversold. The STOCH value of 88.54 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:KINV.B.
Kinnevik AB Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | kr6.76B | 5.37 | ― | 4.97% | -8.09% | 220.60% | |
72 Outperform | kr11.42B | 5.83 | 16.53% | 1.90% | 6.97% | 50.85% | |
67 Neutral | kr3.73B | 11.76 | ― | ― | -1.57% | 22.64% | |
61 Neutral | kr14.49B | 86.06 | 1.54% | 8.87% | 42.27% | ― | |
59 Neutral | kr19.52B | -2.52 | -25.02% | 32.18% | 675.00% | -6317.71% | |
57 Neutral | kr13.37B | -56.89 | -1.68% | 3.42% | -23.16% | -128.59% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General 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.