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Kinnevik Investment AB ser. A (KINV-A) fair value: what the stock is really worth

As of Oct 2, 2026: fair value of Kinnevik Investment AB ser. A SEK 90.91, price SEK 69.80, upside +30.2%, quality 42 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? No
  3. Add to watchlist

Financial Services · SE · ISIN SE0022060513

KI Kinnevik Investment AB ser. A logo Thin data Oct 2, 2026

Kinnevik Investment AB ser. A

KINV-A · ST

SpeculativeUpside exists, but weak quality makes the signal speculative.

✓Fair value kr 90.91 · Undervalued (+30.2%)
!Quality 42/100
!Weak Growth (revenue 5y −81.1 %/yr)
!Low debt · negative free cash flow
!Mixed vs. peers (5/9)
!Narrow moat 35/100
!Evidence only low, so the estimate is less certain
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

kr 425.80 kr 57.00 Fair Value kr 90.91 Jul 2021 Oct 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 2, 2026.

How to read this chart

60‑month range kr 57.00 – kr 425.80 · fair‑value band kr 68.18 – kr 113.64 · the kr 69.80 price screens below the kr 90.91 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Oct 2, 2026.

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Company profile

Kinnevik AB is a venture capital firm specializing in investments in early to late venture and growth capital. The firm also prefers indirect investments in venture capital funds.

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Kinnevik AB is a venture capital firm specializing in investments in early to late venture and growth capital. The firm also prefers indirect investments in venture capital funds. It prefers to invest in digital consumer business, education, communication, e-commerce and marketplaces, entertainment, healthcare, and financial services but may also invest in other areas. The firm invests worldwide, especially in Europe with a focus on the Nordics, Latin America, Asia, Australia, Africa, and North America. The firm looks for disruptive, technology-enabled and value-added consumer services in developed and emerging markets. It takes an active role on the boards of its subsidiaries and associated companies. It acts as a long-term lead shareholder in large listed entities. Kinnevik AB was founded in 1936 and is based in Stockholm, Sweden and additional office in London, United Kingdom. Kinnevik AB was formerly known as Investment AB Kinnevik.

Stock analysis

Kinnevik Investment AB ser. A (KINV-A) currently trades at kr 69.80, while our model-based Fair Value estimate is kr 90.91, implying the stock looks roughly 23.2% undervalued today.

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Valuation

How firm this estimate is: it rests on 2 models at a data quality of 95/100, which puts the evidence level at low.

Scenario range: kr 68.18 (bear) to kr 113.64 (bull), the price of kr 69.80 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 42/100 (below-average quality), in the Financial Services sector.

Weak Growth: Revenue growth is weak, negative or inconsistent.

Kinnevik Investment AB ser. A reported revenue of 10.0M SEK in FY2025 versus 15.1B SEK in FY2021, a compound −84.0%/yr. Reported net income was −3.3B SEK in FY2025.

Key figures

Market cap 19.3B SEK (≈ $1.9B) · EPS (TTM) kr −25.95 · Return on equity −21.6% · Return on assets (EBIT) −8.3% · Operating margin 95.5% · Revenue (TTM) −8.1B SEK · Revenue growth (YoY) +164% · EPS growth (YoY) +174%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 32 out of 100 (medium confidence).

What moves the price

The share trades about 25% below its 52-week high and 22% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −15% fair-value upside, at 30%, KINV-A screens cheaper than that median.

Fair Value models

Bear kr 68.18 Fair Value kr 90.91 Bull kr 113.64
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
P/B Multiple kr 68.18 kr 90.91 kr 113.64 55
NCAV (Graham) kr 64.76 kr 86.77 kr 129.51 54
All 2 models by family
Multiples
P/B Multiple kr 68.18 kr 90.91 kr 113.64 55
Asset-Based
NCAV (Graham) kr 64.76 kr 86.77 kr 129.51 54

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Quality Score breakdown

Overall quality 42/100

Of which business quality 39 · Market factors (momentum, volatility) 36

Profitability 0
Margins and returns on capital today
Quality Growth 40
Are margins and returns improving?
Cashflow 0
Earnings quality: real cash, not paper profit
Fin. Strength 74
Balance sheet, leverage, solvency risk
Investment 67
Disciplined investing over empire-building
Low Volatility 34
Calm price path (market factor)
Momentum 43
Price trend over the last 3–12 months (market factor)
52W Momentum 25
Distance to the 52-week high (market factor)
Net Issuance 84
Share count: buybacks or dilution?

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Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 0/100
Revenue growth is weak, negative or inconsistent.
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−81.1%
Start year 2020 (pandemic). Over 10 years: −38.4% a year
Revenue growth 23 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−18.1%
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
99.0% (2020) → −45,540.0% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Asset Management · 657 stocks

Beats the industry median on 5/8 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 40 · Bottom 25%
Fair Value upside +30.2% · Above median
Profitability
Return on assets −14.4% · Bottom 25%
Operating margin (TTM) 95.5% · Top 25%
Growth and dividend
Revenue growth 164.4% · Top 25%
Balance sheet
Debt / equity 0.10× · Below median

Valuation Multiplesvs Asset Management median · lower = cheaper

P/B 0.05× · Cheapest 25%
PEG 4.75× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)74 · sector 60
FUTURE (revenue growth)100 · sector 35
PAST (return on equity)0 · sector 22
HEALTH (low debt)95 · sector 95
DIVIDEND (yield)0 · sector 81

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Asset Management stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Blackstone Inc BX $112.09 $52.29 −53%
KKR & Co KKR $93.18 $29.26 −69%
Brookfield Corporation BN $36.87 $13.45 −64%
Apollo Global Management, Inc APO $116.06 $197.23 +70%
State Street Corporation STT $177.78 $139.37 −22%
Ameriprise Financial, Inc AMP $494.82 $595.40 +20%
Ares Management Corporation ARES $122.01 $103.68 −15%
Northern Trust Corporation NTRS $175.73 $123.42 −30%
Raymond James Financial, Inc RJF $161.16 $317.27 +97%
Exor N.V EXO €68.10 €136.20 +100%

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Kinnevik Investment AB ser. A · Fair Value
kr 90.91 +23%Fair Value
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Cite: Fair Value Calculator (2026). "Kinnevik Investment AB ser. A Fair Value". https://www.fairvalue-calculator.com/stock/KINV-A

Frequently asked questions

Is Kinnevik Investment AB ser. A (KINV-A) overvalued or undervalued?
As of Oct 2, 2026, our model estimates a fair value of kr 90.91 versus a price of kr 69.80, about +30% upside (undervalued).
What is the fair value of KINV-A?
Our model-based fair value for Kinnevik Investment AB ser. A is kr 90.91 (as of Oct 2, 2026), built from audited fundamentals. The current price: kr 69.80.
What is the quality score of KINV-A?
Kinnevik Investment AB ser. A has a Quality Score of 42/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Kinnevik Investment AB ser. A (KINV-A)?
Our model-based price target is the fair value of kr 90.91 (as of Oct 2, 2026) from 2 valuation models. Cautious scenario kr 68.18, optimistic scenario kr 113.64. It is a calculation from audited fundamentals, not an analyst target.
What is the Kinnevik Investment AB ser. A stock forecast for 2026?
Our models put fair value at kr 90.91, about +30% upside versus a price of kr 69.80 (undervalued). Cautious scenario kr 68.18, optimistic scenario kr 113.64. The calculation is refreshed regularly with new filings.
What is the intrinsic value of Kinnevik Investment AB ser. A (KINV-A)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Kinnevik Investment AB ser. A it is kr 90.91 per share (as of Oct 2, 2026), against a price of kr 69.80. It is the blended result of 2 valuation models (cash flow, earnings, asset, dividend).
Is Kinnevik Investment AB ser. A stock overvalued or undervalued in 2026?
As of Oct 2, 2026, KINV-A trades below its calculated fair value: price kr 69.80, fair value kr 90.91, a gap of about +30% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of KINV-A?
No. The price is what the market pays today (kr 69.80); the fair value is what the company's own numbers justify (kr 90.91). For Kinnevik Investment AB ser. A the two are kr 21.11 per share apart. That gap is exactly why we show both numbers side by side.
How much is Kinnevik Investment AB ser. A worth?
The market values Kinnevik Investment AB ser. A at about 19.3B SEK (market capitalisation, as of Oct 2, 2026). Per share that is kr 69.80; our models calculate a fair value of kr 90.91 per share.
What do the bullish and bearish scenarios say about KINV-A?
Our models span a range for Kinnevik Investment AB ser. A: cautious scenario kr 68.18, base kr 90.91, optimistic kr 113.64 per share (as of Oct 2, 2026, price kr 69.80). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the PEG ratio of KINV-A?
The PEG ratio of Kinnevik Investment AB ser. A is 4.75 (P/E divided by earnings growth, as of Oct 2, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Kinnevik Investment AB ser. A (KINV-A)?
Balance-sheet figures for Kinnevik Investment AB ser. A (as of Oct 2, 2026): return on equity −21.6%, debt of 0.10 per unit of equity. They feed the Quality Score of 42/100, which measures business quality independently of the share price.
How far is KINV-A from its 52-week high?
Kinnevik Investment AB ser. A trades at kr 69.80, about 25% below its 52-week high of kr 92.60 and 22% above the low of kr 57.00 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of kr 90.91 is for.
Which stocks are comparable to Kinnevik Investment AB ser. A?
From the same area (Financial Services) we also value Blackstone Inc, KKR & Co, Brookfield Corporation, Apollo Global Management, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Kinnevik Investment AB ser. A stock attractive at the current price?
The data as of Oct 2, 2026: price kr 69.80, calculated fair value kr 90.91 (+30%), Quality Score 42/100, from 2 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of KINV-A calculated?
We run Kinnevik Investment AB ser. A through 2 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of kr 90.91, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Kinnevik Investment AB ser. A currently trades 23 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Kinnevik Investment AB ser. A (KINV-A)?
The closing price on Oct 2, 2026 was kr 69.80. Our model-based fair value is kr 90.91, about +30% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Kinnevik Investment AB ser. A right now?
The large discount to fair value meets weak quality (42/100). That raises the risk this is a value trap rather than a bargain. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.

Key figures of Kinnevik Investment AB ser. A

How large is the market capitalisation of Kinnevik Investment AB ser. A (KINV-A)?
The market capitalisation of Kinnevik Investment AB ser. A is 19.3B SEK (≈ $1.9B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What are the earnings per share of Kinnevik Investment AB ser. A (KINV-A)?
Earnings per share at Kinnevik Investment AB ser. A are kr −25.95. Earnings per share over the last twelve months: total profit spread across every single share.
What is the return on equity of Kinnevik Investment AB ser. A (KINV-A)?
The return on equity (ROE) of Kinnevik Investment AB ser. A is −21.6% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Kinnevik Investment AB ser. A (KINV-A)?
On an EBIT basis the return on assets of Kinnevik Investment AB ser. A is −8.3% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Kinnevik Investment AB ser. A (KINV-A)?
The operating margin of Kinnevik Investment AB ser. A is 95.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How much revenue does Kinnevik Investment AB ser. A (KINV-A) generate?
Kinnevik Investment AB ser. A generates revenue of −8.1B SEK (last twelve months). Revenue of the last twelve months (TTM), the most recent full year, not the calendar year.
How fast is revenue growing at Kinnevik Investment AB ser. A (KINV-A)?
Revenue at Kinnevik Investment AB ser. A is growing +164% versus a year earlier. How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Kinnevik Investment AB ser. A (KINV-A)?
Earnings per share at Kinnevik Investment AB ser. A are growing +174% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Kinnevik Investment AB ser. A (KINV-A) generate?
The free cash flow of Kinnevik Investment AB ser. A is −215M SEK (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Kinnevik Investment AB ser. A (KINV-A) carry?
The net debt of Kinnevik Investment AB ser. A is 1.7B SEK (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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