Kinnevik Results Presentation Deck
Intro
Net Asset Value
PLATFORMS & MARKETPLACES
Our Platform & Marketplaces businesses span online grocer businesses
such as Mathem and Oda with gross margins in the 30s, to pure mar-
ketplaces like Jobandtalent and Omio with gross margins in the 60-70s.
Considering not only the difference in financial profile, but also the
underlying differences in our businesses' end markets, we benchmark
each of our Platform & Marketplaces investments against more bespoke
sets of public market peers. All our Platform & Marketplaces investments,
however, share a larger exposure - direct or indirect - to consumer-facing
e-commerce. This is a particular challenge in the current macroeconomic
environment.
Instabee - the combination of Budbee and Instabox - grew pro forma
revenues by more than 50 percent in 2022. Growth is expected to be
lower in 2023, with a weaker e-commerce market and the company
focusing on integration and unleashing EBITDA profitability. We have
revised our expectations on near-term growth incrementally from the
previous quarter, which is what drives the not immaterial write-down in
this quarter. As the company eventually refocuses on market expansion,
potentially underpinned by cyclical tailwinds, growth rates are expected
to increase. We benchmark our valuation of Instabee against a diverse
peer set encompassing businesses such as last-mile logistics operator
InPost (INPST.AS), food delivery marketplace DoorDash (DASH) and e-
Commerce enabler Shopify (SHOP).
At Oda, the NTM revenue multiple of key e-commerce peers such as
Boozt (BOOZT.ST), HelloFresh (HFG.DE) and Zalando (ZAL.DE) expanded
in low single-digit percentages, and the multiple we apply in valuing
Oda expanded at a similar magnitude. Ongoing price competition in
Norwegian grocery retail and a considerable depreciation of the Nor-
wegian krona more than offset this slight multiple expansion, causing a
write-down in the quarter.
The valuation of Jobandtalent is benchmarked primarily against human
capital-focused businesses such as Fiverr (FVRR) and Upwork (UPWK), as
well as marketplaces such as Airbnb (ABNB) and Uber (UBER), which saw
multiple expansion of around 10-15 percent on average in the quarter.
Our underlying valuation change is muted by liquidation preferences
that causes an unchanged fair value in euro terms.
KINNEVIK
Interim Report Q1 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
• Mobility & Logtech
86%
EV/NTM Revenue and Revenue Growth
Key Public Benchmarks as at Quarter-End
41%
3.3x
+1%
Peer
Average
Equity Value (Q/Q Change)
(12)%
"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
10%
25%
• e-Commerce Enablers
52%
2.5x
+3%
+9%
Peer Top
Quartile
32%
59%
4.7x
+13%
+19%
Financial Statements
20%
• Work Marketplaces
18%
(10)%
Other
Unlisted Portfolio Weight
Fair Value Change (Q/Q)
30%
e-Commerce • Travel Marketplaces • Goods Marketplaces
40%
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