Following Kinnevik's second-quarter report, Kepler Cheuvreux asserts that the company has now emerged from its most challenging period. The brokerage highlights that Kinnevik's five core holdings, which account for over 50 percent of the portfolio, continue to demonstrate robust growth and improving margins, reinforcing confidence in a rising net asset value going forward.
The value of the unlisted portfolio was marked up by 5 percent, excluding currency effects, with the increase driven by operational progress rather than higher valuation multiples. Analysts view a potential stock market listing of Spring Health in 2026 as a likely and significant catalyst for the share price.
Kinnevik is currently trading at a 32 percent discount to its net asset value. Kepler Cheuvreux reiterates its buy recommendation and raises its target price to SEK 112 (previously SEK 110).
