Kinnevik
established cohorts thanks to continued strong underlying performance the write down becomes more muted than these percent and the valuation also benefits materially from the weakening krona looking an additional six months out on a revenue multiple basis the valuation is increasingly in line or at a discount to the more richly valued constituents of the peer group the fair value of percent in amounts to down some percent from last quarter level which in turn was percent below the fair value underpinned by the transaction with boots alliance during the fourth quarter of as for the revenue multiple is compressed in line with the peer group average of percent and remains valued at an unchanged premium to this average revenue multiple also similar to the valuation is increasingly in line or at a discount to the more richly valued constituents of the peer group on a revenue basis and benefits materially from a weakening krona the premium to the peer group average on an revenue basis is reflective of the company structural advantage and growth trajectory stemming from the unique partnership with boots alliance virtual care virtual care consists of businesses that deliver general or care services through virtual channels and leverage technology such as to improve the care outcomes for their users we these businesses against a peer set of listed companies both generalists such as and but also more vertical players such as hers and the companies in the peer set grew revenues by around percent on average in with gross margins of percent in the average expected peer growth rate is closer to percent and the peer group trades at an average revenues our businesses are growing revenues at a materially higher rate with comparable gross margins and are better positioned for long term growth compared to their more mature listed peers virtual care is nascent in itself and the current cohort of listed peers largely consists of companies facing structural challenges that our unlisted companies aim to disrupt as a consequence our virtual care companies are valued at a material premium to the peer group at around revenues on average more in line with with similar financial profiles to those of our unlisted virtual health businesses the fair value of percent in spring health amounts to the carrying value remains in line with the cap we invested into the company when it raised capital during the third quarter of but appreciates due to the weakening krona the underlying valuation of the company has been adjusted to reflect the approximate percent compression of the listed peer group average revenue multiple in the quarter but due to preferences the fair value of our remains unchanged in dollar terms also after this adjustment the valuation remains at a significant but unchanged premium to the forward looking multiples of a peer group of operators justified by spring health materially higher growth rate in relation to the revenue multiples of businesses with a similar financial profile as spring health our valuation is at a double digit discount platforms our platforms and businesses form the most diverse group of investments in the categorization introduced last quarter the group spans grocer businesses such as and oda with mid gross margins to pure like with gross margins more than twice as high accordingly these businesses are valued against different peer sets the average peer group valuation level is around revenues for lower margin commerce peers and around revenues on average for higher margin peers average peer growth rates were typically around percent in in both ends of the margin spectrum our platforms companies are in general valued in line with or at narrow premiums to their respective peer group average this is reflective of their later stage of maturity but also of the valuation levels that these businesses have raised capital relative to how their listed peer groups were valued at the time of these transactions the fair value of percent in amounts to up percent excluding our investment in the quarter the valuation is in line with where raised capital in the second quarter and is based on revenue multiples inferred from a set of logistics technology and mobility businesses such as as dash and revenue multiple is at a material premium to the peer group average a peer group which saw significant variance in this quarter development of valuation multiples spanning to percent contraction in relation to the peer group more richly valued constituents such as our valuation is at a significantly more narrow premium these premiums are reflective of materially higher growth rate solidified by the company proven underlying profitability the fair value of percent in amounts to which is percent below the valuation at the end of but in line with last quarter valuation and the valuation at which raised new equity capital in the quarter the valuation is based on revenue multiples of a composite peer group of inventory hold ing commerce retailers and meal kit businesses such as and as well as estimates of market valuations of retail business the peer group average revenue multiple contracted by almost percent in the quarter with the bulk of this contraction occurring ahead of raising its funding round in mid may the assessed valuation implies a multiple of the company revenues during the last twelve months as at march as disclosed on but pro the acquisition of mat but naturally takes the forward outlook into account the fair value of percent in oda amounts to down percent in the quarter the valuation is based on revenue multiples of the same composite peer group used in valuing the decrease in fair value is due to oda growth not fully offset ting the material peer multiple contraction in the quarter the assessed valuation implies a multiple of around the company revenues during the last twelve months as at march as disclosed on at a significant premium to the peer group and clearly takes the forward outlook into account the multiple declines to a level more in line with key peers looking further out into the future as oda is expected to grow ona | Kinnevik
Company
Deck Type
Sector
Industry
Deck date
July 2022
Slide
32 of 46
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financial development revenue for the segment in the fourth quarter of totaled million broadly unchanged compared to the corresponding period in for revenue amounted to million which represents growth of compared to of the segment revenue in the fourth quarter of stemmed from hydrogen infrastructure solutions which grew year over year within hydrogen infrastructure solutions hydrogen distribution solutions made up most of the revenue in the quarter with product deliveries to customers like air hydrogen and revenue from mobile refueling stations and stationary storage solutions also increased year over year as units were delivered to amongst other during the fourth quarter of hydrogen mobility which covers revenue from the sale of type hydrogen cylinders and cylinder systems for hydrogen powered on road and off road vehicles kept stable year over year in the fourth quarter of and made up of total segment revenue revenue from the transit bus segment continued to grow strongly in the quarter and was higher than the same period last year but was negatively offset by lower activity in the heavy duty vehicle and rail segment revenue from the company industrial gas business delivering solutions for stationary storage of primarily air gases such as nitrogen and oxygen to industrial customers grew by in the fourth quarter of compared to the same period last year the company activities which supports privately held space exploration companies in north with storage solutions for space expeditions kept stable year over year in the fourth quarter of combined these application areas made up of segment revenue in the fourth quarter of for the segment in the fourth quarter of ended at million equivalent to an margin of for ended at million equivalent to an margin of operational update the majority of the company capacity expansion program for hydrogen cylinder production and hydrogen infrastructure solutions assembly in and weeze has been completed with some spill over of final payments into given an uncertain near term demand outlook going into measures to reduce costs across the group is being implemented for short time work has been implemented for the company hydrogen distribution assembly site in weeze and approximately of the company employees at its facility is expected to be laid off during the first half of as mass adoption of hydrogen mobility for heavy duty vehicles is pushed out wide spread adoption of liquid hydrogen storage solutions for heavy duty mobility is no longer expected in the current decade consequently the company is seizing funding to and ending the development of liquid hydrogen storage solutions for heavy duty mobility battery systems and vehicle integration the battery systems and vehicle integration segment covers hexagon industry leading battery storage systems technology and complete vehicle integration services for medium and heavy duty trucks in north revenue financial development revenue for the segment in the fourth quarter of was million the year over year revenue growth was mainly driven by initial vehicle deliveries of the tern to as well as deliveries of battery systems to motors north for revenue ended at million | Hexagon Purus
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