Kinnevik
unlisted portfolio weight fair value change interim report | Kinnevik
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Deck date
July 2023
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35 of 48
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Results
April 2023
consumer finance our consumer finance businesses are against different but in part overlapping public market reflecting their and similarities in business models betterment is primarily against digital wealth managers such as and save as well as the public company universe considering the recurring revenue cha of its fee based aum model aum was almost flat in despite the being down more than percent and the being down almost percent facing this considerable bet still grew revenues in double digit percentages in through an improved customer offering and a more diversified business model than historically has been the case growth is expected to pick up materially in but remains sensitive to movements in the stock market lunar is against a mix of the digital wealth managers and consumer subscription businesses such as and match group considering the similarities in business model albeit with very different offerings and underlying consumer markets in the company grew its customer base by more than percent during the first quarter lunar raised in new financing from existing investors participated with slightly less than our pro rata share of the round and our fair value is more than percent below the valuation implied by this funding round is against similar peer groups as lunar but with references drawn to licensing businesses such as cisco and oracle with respect to its revenue streams in this quarter we are writing down our investment by a magnitude that sets our valuation back to the levels prevailing during the first half of reflecting higher than expected investment in its offering the continued relative growth of the company offering also warrants a slightly increased multiple considering the more attractive margin structure of this business line relative to the consumer offering revenue and revenue growth key public as at quarter end unlisted portfolio weight fair value change interim report | Kinnevik
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investment portfolio investment portfolio consists of a diversified mix of secured debt and lower cost basis equity investments portfolio companies billion in fair value of total investment portfolio at fair value debt yielding of portfolio at cost of debt investments have first lien position of debt investments earn fixed rate interest over basis point net cash interest margin matched fixed interest rate on debentures and notes payable equity ownership in all portfolio companies representing average ownership position of portfolio at cost lower entry multiple valuations lower cost basis opportunity for dividend income fair value appreciation and periodic capital gains of companies with direct equity investment are currently paying dividends fair value appreciation of equity investments supports net asset value per share growth million or per share of cumulative tax net unrealized appreciation at june mains | Main Street Capital
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investment portfolio investment portfolio consists of a diversified mix of secured debt and lower cost basis equity investments portfolio companies billion in fair value of total investment portfolio at fair value debt yielding of portfolio at cost of debt investments have first lien position of debt investments earn fixed rate interest approximately basis point net cash interest margin matched fixed interest rate on debentures and notes payable equity ownership in all portfolio companies representing average ownership position of portfolio at cost opportunity for dividend income fair value appreciation and periodic capital gains of companies with direct equity investment are currently paying dividends fair value appreciation of equity investments supports net asset value per share growth lower entry multiple valuations lower cost basis million or per share of cumulative tax net unrealized appreciation at march mains | Main Street Capital
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investment portfolio investment portfolio is a pool of high quality seasoned assets with attractive risk adjusted return characteristics median portfolio credit statistics senior leverage of through main debt position to senior interest coverage total leverage of including debt junior in priority to main free cash flow leveraging improves credit metrics and increases equity appreciation average investment size of million at fair value or million on a cost basis less than of total investment portfolio opportunistic selective posture toward new investment activity over the economic cycle high quality seasoned portfolio total portfolio investments at fair value equals of cost equity component of portfolio at fair value equals of cost significant portion of portfolio has leveraged and a majority of the portfolio investments have experienced equity appreciation portfolio companies with unrealized appreciation on equity investments net unrealized appreciation on equity investments of million | Main Street Capital
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