Kinnevik
| Kinnevik
Company
Deck Type
Sector
Industry
Deck date
October 2022
Slide
33 of 44
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at a significantly higher rate fuelled by its geographical expansion the valuation also reflects the exceptional operational efficiency of the proprietary solution the fair value of percent in amounts to effectively flat in the quarter save for currency the valuation is mainly based on forward looking multiples of a peer group of global with high user engagement such as our assessed value of the company as a whole is written down in line with the trading of the peer group in the quarter which has seen its average forward looking multiple contract by around percent the valuation remains at an unchanged and relatively material discount to the peer group average multiple as our holding benefits from downside protection from the preferential terms of our investment in the company latest equity the fair value of our investment remains largely unchanged the fair value of percent in amounts to effectively flat in the quarter the valuation is based on near term forward looking revenue multiples of a peer group consisting of human capital focused businesses such as and upwork with reference also drawn to the peer group average revenue multiple contracted by around percent in the second quarter with the company revenue growth muting the impact of a contracting multiple somewhat the company remains valued at an unchanged premium to the peer group consider ing its significantly revenue growth relative to the peer group constituents while maintaining comparable margins our holding benefits from downside protection from the preferential terms of our investment in the company in the fourth quarter of supporting an effectively unchanged fair value our businesses are typically against a peer set of businesses such as team and and of more transactional businesses like and shop the companies in the peer set typically grew revenue at around percent in and have gross margins of percent compared to our businesses which typically are growing more than four times faster with almost comparable gross margins the fair value of percent in cedar amounts to down around percent in the quarter the valuation reflects an unchanged premium to the peer group average revenue multiple which has contracted by around percent in the quarter our fair value is supported upwards by continued strong revenue growth and the krona depreciation against the dollar the company is valued in line with the valued companies in its peer group cor responding to a material premium to the peer group average to reflect cedar considerably growth rate in relation to this average the valuation normalizes materially twelve months out courtesy of the company strong outlook the fair value of percent in amounts to down around percent from last quarter valuation which in turn was percent below where the company raised new financing at in the fourth quarter of the write down reflects a largely unchanged premium to the peer group more resilient quartile on an revenue basis which has contracted by around percent in the quarter due to significantly higher pace of growth than the peer group aver age the write down becomes more muted the valuation still implies a significant premium to the peer group on an basis but normalizes over the coming months in relation to the best in class companies in the peer group as is expected to grow at a significantly faster pace the fair value of percent in amounts to effectively flat in dollar terms in the quarter but gaining percent from a weakening krona the assessed valuation is fairly in line with where the company raised new financing in late and where smaller secondary transactions took place during the quarter in which participated the resilience of the carrying value of our investment reflects the company superior performance benefiting from a sharp rebound in travel as well as continued strong acquisition of new clients more than offsetting an approximate percent decline in the revenue multiple during the first half of consumer finance our consumer finance businesses are typically against a peer set of digital wealth managers such as and save and consumer facing subscription businesses such as match group and on average the companies in the composite peer set grew revenue by percent in with gross margins above percent largely in line with our investments in the sector the fair value of percent in betterment amounts to effectively flat in the quarter in terms the peer group average revenue multiple contracted by nearly percent in the second quarter and we continue to value betterment at an unchanged approximate percent premium to the peer group in consideration of the company growth trajectory per the end of may the company assets under management amounted to around while the revenue mix is becoming more diversified betterment revenues are still primarily derived from fees on these assets under management and therefore remain in part correlated with the development of the us and global stock market to reflect the drawdown in equity markets our revenue outlook has been adjusted by double digit percentages relative to last quarter forecast at the current valuation level the carrying value of our investment is positively affected by liquidation preferences causing a more muted change in fair value relative to our underlying valuation of the business the fair value of percent in lunar amounts to down percent in the quarter and from the valuation applied in a secondary transaction in the company during the first quarter the peer group average revenue multiple contracted by around percent in the quarter and this contraction is reflected in our valuation the valuation remains at a premium to peers on an revenue multiple basis but is within the peer group spread on a revenue basis due to the company continued growth rate relative to the peer group | Kinnevik
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