Kinnevik AB (KINV-A.ST) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-107.7%

-SEK 5.53

vs SEK 71.78 price

Levered DCF

-SEK 5.87

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

4.16

Safe zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-6.93×	-7.93×	-6.35×	-2.05×	6.08×	1.7×	1.75×	-2.55×
P/B	0.65×	0.53×	0.63×	0.76×	1.24×	0.61×	0.51×	0.49×
P/S	2,317.71×	-8.16×	-6.47×	-2.06×	6.05×	1.65×	1.74×	-2.56×
EV / EBITDA	-5.45×	-8.07×	-6.58×	-2.07×	6.13×	1.65×	1.96×	-2.77×
Gross margin	-42370.0%	101.9%	100.9%	100.3%	99.7%	100.0%	99.8%	100.2%
Operating margin	-45540.0%	102.8%	102.0%	100.4%	99.6%	99.0%	99.7%	100.4%
Net margin	-33460.0%	102.9%	102.0%	100.4%	99.6%	97.0%	99.7%	100.4%
Current ratio	0.25×	7.78×	139.35×	148.1×	116.97×	123.7×	9.29×	14.65×
Debt / equity	0.06×	0.09×	0.07×	0.07×	0.06×	0.03×	0.07×	0.05×
Interest coverage	-47.94×	-53.51×	-108.32×	-354.89×	351.95×	1,002.59×	583.05×	-455.17×
Dividend yield	0.0%	30.6%	0.0%	0.0%	0.0%	2.8%	6.0%	6.5%
Payout ratio	0.0%	-242.9%	0.0%	0.0%	0.3%	4.8%	10.5%	-16.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-9.3%	-6.7%	-9.9%	-36.9%	20.4%	36.1%	29.4%	-19.4%
Return on invested capital	-9.4%	-6.0%	-8.9%	-34.1%	18.6%	34.8%	27.6%	-18.4%
Return on assets	-8.8%	-5.9%	-8.9%	-33.8%	18.8%	34.8%	27.6%	-18.4%
Free cash flow yield	-0.9%	-1.1%	2.0%	7.9%	1.5%	1.9%	7.0%	4.5%
Earnings yield	-14.4%	-12.6%	-15.8%	-48.8%	16.5%	58.7%	57.3%	-39.2%
Enterprise value	SEK 24.8B	SEK 21.1B	SEK 31.4B	SEK 40.4B	SEK 90.6B	SEK 67.8B	SEK 42.2B	SEK 37.8B
Net debt / EBITDA	-0.36×	-0.13×	-0.23×	-0.02×	0.06×	-0.02×	0.21×	-0.22×
Cash conversion cycle (days)	3,817	-127	-141	-139	-287	0	-237	-280