Kinnevik
platforms our platform businesses span grocer businesses such as and oda with gross margins in the to pure mar like and with gross margins in the considering not only the difference in financial profile but also the underlying differences in our businesses end markets we each of our platform investments against more bespoke sets of public market peers all our platform investments however share a exposure direct or indirect to consumer facing commerce this is a particular challenge in the current environment the combination of and grew pro revenues by more than percent in growth is expected to be lower in with a commerce market and the company focusing on integration and unleashing profitability we have revised our expectations on near term growth from the previous quarter which is what drives the not immaterial write down in this quarter as the company eventually refocuses on market expansion potentially underpinned by cyclical growth rates are expected to increase we our valuation of against a diverse peer set encompassing businesses such as last mile logistics operator as food delivery dash and commerce enabler shop at oda the revenue multiple of key commerce peers such as and expanded in low single digit percentages and the multiple we apply in valuing oda expanded at a similar magnitude ongoing price competition in grocery retail and a considerable depreciation of the nor krona more than offset this slight multiple expansion causing a write down in the quarter the valuation of is primarily against human capital focused businesses such as and upwork as well as such as and which saw multiple expansion of around percent on average in the quarter our underlying valuation change is muted by liquidation preferences that causes an unchanged fair value in terms revenue and revenue growth key public as at quarter end unlisted portfolio weight fair value change interim report | Kinnevik
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April 2023
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32 of 45
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