Kinnevik Results Presentation Deck
IF OUR UNLISTED INVESTEES FORMED AN EQUALLY-WEIGHTED INDEX OF STOCKS,
IT WOULD BE DOWN BY AROUND 20%, IN LINE WITH RELEVANT BENCHMARKS
Source:
Top Quartile of
Bessemer Cloud
BVP, FactSet
(12)%
Internet
(22)%
Private and Public Markets
Write-Down Put in Perspective (Indicative and Approximate)
ARK ETF
(30)%
Average
Kinnevik
Investee
(21)%
Weighted
by Value
(14)%
After
Liquidation
Preferences
(12)%
From (21)% down on an equally-averaged equity value to
(10)% down on an NAV SEK basis via portfolio weights,
liquidation preferences and currency tailwinds
After the
Weakening SEK
(10)%
Key mitigants to the broad-based correction in Q1 is that (i) we do not believe we hold an 'average portfolio' but rather a group of
assets that should be benchmarked against above-average comparables; and (ii) our companies are generally growing materially
faster even than these comparisons, bringing valuation levels down materially when looking into 2023-24 revenues
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