Kinnevik
unlisted portfolio weight fair value change revenue and capital efficiency interim report | Kinnevik
Company
Deck Type
Sector
Industry
Deck date
July 2023
Slide
31 of 48
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Results
April 2023
value based care value based care consists of care delivery companies that take risk and reward on patient health outcomes this stands in contrast to care delivery businesses that charge patients and payers on a fee for service basis value based care enjoys strong secular and companies employing this business model has therefore historically been valued at a significant premium to fee for service businesses during the last two quarters our investments most comparable peers one medical signify and oak street health have all been subject to offers this causes a challenge in triangulating appropriate valuation levels for our businesses we mitigate some of this through two measures firstly we reference more traditional businesses such as united health and hum in our calibrations secondly we expand our valuation multiples more cautiously than what we have observed in the limited number of public value based care businesses in the quarter in order to relate our value based care investments to more traditional businesses we increasingly focus on capital efficiency metrics revenue growth plus margins when calibrating our valuation multiples as depicted in the scatter chart on the right hand side for a business with structurally higher gross margins we our valuation against higher margin technology businesses grew considerably faster than its public peers in and is now focused on improving margins by consolidating its footprint where its care model is proving the results at the same time is expanding into geographies where the population faces health and social challenges that can be alleviated by partnership driven strategy and high touch care model the company is funded to break even having raised nearly in our valuation corresponds to an revenue multiple in line with where one medical was taken private and at a discount to where oak street ended the quarter is integrating its acquisition of summit health and is per forming in line with plan the combined company is growing revenues at around percent and is expected to be profitable in we value the business in line with where it raised equity in late to finance the acquisition of summit health corresponding to an unchanged percent premium to the revenue multiple used in valuing unlisted portfolio weight fair value change revenue and capital efficiency revenue growth plus margin key public as at quarter end excluding technology peers interim report | Kinnevik
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