Kinnevik Results Presentation Deck
FOUR MATERIAL VALUATION RE-ASSESSMENTS IN OUR UNLISTED HEALTHCARE AND
NORDIC ASSETS ON THE BACK OF STRONG PERFORMANCE AND TRANSACTIONS
babylon
PLEO
VillageMD
budbee
I
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■ Valuation increase of more than 190% in line with recent fundraise
Considerable premium to peers on a current year basis, at a normalized level looking into 2022 and beyond
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Key Unlisted Valuation Changes
Four Key Reassessments
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Valuation increase of 73% on the basis of the agreed USD 4.2bn post-money valuation of the upcoming SPAC merger
Valued on forward-looking revenue multiples of a peer group of i.a. Oak Street Health, Teladoc and One Medical
Valuation increase of 8%, on the basis of a valuation of the company at around USD 11bn
tinues to be at a fairly material, but slightly shrinking, discount to key direct-to-consumer care peers on a 2021 basis
Discount has contracted on the back of continued strong performance and stable markets, and increasingly referencing forward-
looking multiples in our calibration considering Village MD's materially higher growth rate than peers
Valuation increase of 33% driven by multiple expansion compounded with continuously strong performance
Valued on near-term forward-looking revenue multiples of a peer group of legacy logistics companies but with particular focus
on last-mile e-commerce delivery company InPost
We value Budbee at a >55% discount on an NTM basis to InPost, but at a significant premium to legacy peers
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