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    Is Kinnevik (OM:KINV B) A Bargain As Weak Results Test Its 0.6x P B Valuation?

    Simply Wall St·10/25/2026 16:33:32
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    Kinnevik (OM:KINV B) returned to focus after reporting third quarter 2026 results, with a quarterly profit of SEK 218 million compared with a much larger loss over the first nine months.

    The latest 5.36% one-day share price return, and 33.24% gain over 90 days, suggests momentum in Kinnevik is picking up even though the year-to-date share price return has fallen 16.63% and the 5-year total shareholder return is down 75.11%.

    Spot check Kinnevik’s recent swing in context by comparing it with hand-picked 194 high quality undervalued stocks that also pair momentum with balance sheet strength.

    This rebound in Kinnevik comes after a quarter that still showed pressure on earnings, which raises a simple question: Is the price move pointing to improving business quality, or just a swing in sentiment that the valuation now needs to explain?

    Price-to-Book of 0.6x: Is it justified?

    Valuation for Kinnevik currently hinges on its P/B ratio of 0.6x, which sits below both its peer group and the wider European diversified financials sector.

    The P/B multiple compares the stock price with the net assets on the balance sheet. For an investment company like Kinnevik, which holds portfolios of other businesses rather than generating large operating revenues itself, this measure often becomes a primary reference point because it links directly to the value of its underlying holdings.

    A P/B of 0.6x suggests the market is pricing Kinnevik’s equity at a discount to its reported book value. That discount sits alongside an unprofitable track record, losses of SEK 7,710m and a negative return on equity of 25.84%, as well as an earnings forecast that points to improvement over the next three years. The low multiple can be read as the market applying a clear penalty to current profitability, even though analysts expect earnings to move into positive territory over time.

    Compared with both local peers and the broader European diversified financial industry, where the average P/B sits around 1x, Kinnevik trades at a much lower level. The gap suggests investors are attaching more caution to this stock than to the sector as a whole, even though the stated asset backing would support a higher valuation if sentiment or results were to align more closely with those peers.

    See what the numbers say about this price — find out in our valuation breakdown.

    Result: Price-to-book of 0.6x (UNDERVALUED).

    Still, the ongoing losses of SEK 7,710m and a 25.84% negative return on equity leave open the risk that sentiment toward Kinnevik’s portfolio turns again.

    Find out about the key risks to this Kinnevik narrative.

    Next Steps

    Mixed signals around Kinnevik can feel messy, so move quickly and pressure test the numbers and commentary against your own expectations using the 1 key reward and 1 important warning sign.

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