Kinnevik (OM:KINV B) At 0.6x P B Looks Cheap Following Mixed Q3 Earnings

Kinnevik’s latest earnings jolt investor focus

Kinnevik (OM:KINV B) has swung back into the spotlight after its third quarter 2026 report, which showed a quarterly profit alongside a sizeable loss for the first nine months.

The contrast between a SEK 218 million net income in the quarter and a SEK 6.03b loss year to date has sharpened the debate over what the recent share price rebound really reflects.

Recent trading has been choppy for Kinnevik, with the share price climbing about 29% over the past 90 days but still down roughly 22% year to date, and the 1 year total shareholder return falling about 29%.

The latest 30 day share price return of about 6% suggests investors are reacting to the third quarter profit as a possible sign of stabilisation. However, multi year total shareholder returns, down about 76% over 5 years, keep longer term sentiment cautious.

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Bulls see Kinnevik’s recent profit and 90 day bounce as the start of a repair job. Bears point to multi year losses and value destruction. Which story do the current valuation markers lean toward next?

Preferred price to book for Kinnevik: Is it justified?

Valuation for Kinnevik currently leans on a single clear marker. The shares trade on a P/B ratio of 0.6x compared with roughly 1x for both the European diversified financials group and Kinnevik’s peer set.

P/B compares the market value of the equity to the book value on the balance sheet. For an investment holding company like Kinnevik, that ratio often acts as a shorthand for how far the share price sits from the underlying portfolio value, even if the accounting book value and any internal net asset value differ.

With Kinnevik on 0.6x and peers closer to 1x, the market is assigning a clear discount relative to other diversified financial groups. That gap suggests investors are pricing in weaker profitability, higher perceived risk or doubts about the quality of past returns rather than paying up for future potential.

Against an industry average of 1x, Kinnevik’s 0.6x P/B represents a materially lower valuation multiple. The stock is valued at a steeper discount than the wider diversified financials space, which points to a market view that is more cautious on this business than on the sector overall.

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

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

Still, Kinnevik’s recent loss of SEK 7.71b and multi-year total shareholder returns that declined 76% over 5 years keep trust in the rebound fragile.

Find out about the key risks to this Kinnevik narrative.

Next Steps

Mixed messages in Kinnevik’s story so far. If the push and pull between rebounds and setbacks feels unresolved, move quickly and weigh both sides of the latest data yourself. A good starting point is to line up the 1 key reward and 1 important warning sign

Looking for more Kinnevik style investment ideas?

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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