Kinnevik Results Presentation Deck
REVENUE GROWTH IS MORE THAN OFFSET BY CONTRACTING MULTIPLES IN Q1
Note:
32.6
Q4 2021
+5.3
Q1 2022 Value Drivers
From 2021 Q4 (Approximations), SEKbn
Effect of revenue growth
on the basis of Q4 2021
LTM revenue multiples
Revenue
Growth
(8.5)
Effect of multiple contraction on the
basis of Q1 2022 LTM revenues
Multiple
Contraction
+1.6
Net Investments
(0.0)
Net effect of factors such as
liquidation preferences and
currencies (both positive),
cash burn (negative), and
the change in fair value of
unlisted emerging markets
investments (negative)
Other
31.0
Illustratively based on LTM revenues and multiples, which clearly are not the valuation method applied in valuing each of Kinnevik's investments
Q1 2022
Multiple contraction has a >25% negative effect on our fair values in Q1 2022, as
peer multiples have contracted across all peer groups (albeit at varying magnitudes)
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