Kinnevik Results Presentation Deck
Intro
Net Asset Value
PLATFORMS & MARKETPLACES
Our Platform & Marketplaces businesses span online grocer businesses
with gross margins in the 30s, to pure marketplaces with gross margins in
the 60-70s. Considering differences in financial profile and end markets,
we benchmark our investments against bespoke sets of peers. All Plat-
form & Marketplaces investments, however, share a larger exposure to
consumer-facing e-commerce. This is a particular challenge in the current
environment. Our online grocers face perhaps the most strong headwinds,
considering the strain on Mathem and Oda coming out of the pandemic
with a need to materially adjust its operations and business plans.
Our valuation of Instabee is largely flat in the quarter. The company
remains focused on integration and unleashing profitability proven
in its Nordic operations. Despite an e-commerce market contracting
materially, Instabee is growing revenues across its footprint by gaining
market share. We benchmark our valuation against a diverse set of
businesses spanning last-mile logistics operator InPost (INPST.AS), food
delivery marketplace DoorDash (DASH) and e-commerce enabler Shopify
(SHOP). In the quarter, we participated with SEK 250m in the provision
of a shareholder debt facility.
Oda has refocused on its core Norwegian market and shut down
operations in Germany and Finland. This decreases burn dramatically but
negatively impacts near-term growth. Our valuation takes the full impact
of moving to a lower Norway-only revenue outlook, without giving credit
for its stronger profitability, causing a write-down in the quarter. Adding
to the revision, multiples of peers such as Boozt (BOOZT.ST), HelloFresh
(HFG.DE) and Zalando (ZAL.DE) contracted by around 15 percent in the
quarter, which flows through our valuation without adjustment. Price
competition in Norwegian grocery retail has abated since the end of the
first quarter, with notable improvements in growth and gross margins.
Jobandtalent is benchmarked against job platforms such as Fiverr
(FVRR) and Upwork (UPWK), as well as marketplaces such as Airbnb
(ABNB) and Uber (UBER). In the quarter, we have begun transitioning
our valuation from top-line to EBITDA multiples. Valuation multiples
in our composite peer group were stable in the quarter. Our valuation
implies a slight premium to this peer group on a revenue basis and in line
on an EBITDA basis. A minor uplift in valuation is muted by liquidation
preferences in the quarter.
KINNEVIK
Interim Report Q2 2023
Portfolio Overview
Platforms & Marketplaces
Revenue Growth (2022)
Gross Margin (2022)
EV/NTM R
EV/NTM R (Q/Q Change)
Note:
12x
9x
6x
Sustainability
3x
Our
Investees
ā Mobility & Logtech
88%
EV/NTM Revenue and Revenue Growth
Key Public Benchmarks as at Quarter-End
46%
3.5x
+3%
Equity Value (Q/Q Change)
(8)%
"Peer Top Quartile" data points are the average metrics of the top quartile peers in terms of revenue multiple
"Revenue Growth (2022)" pro forma Budbee's merger with Instabox
Peer
Average
26%
e-Commerce Enablers
49%
2.6x
(3)%
+4%
Peer Top
Quartile
10%
33%
57%
4.7x
(3)%
+2%
Financial Statements
Work Marketplaces
17% Unlisted Portfolio Weight
(6)%
e-Commerce
Other
Fair Value Change (Q/Q)
20%
Travel Marketplaces
30%
Goods Marketplaces
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