Starboard Value
we have serious questions regarding incumbent board members | Starboard Value
Company
Deck Type
Sector
Industry
Deck date
May 2012
Slide
86 of 96
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Kinnevik
Results
April 2022
part correlated with the development of the us and global stock market this may clearly affect performance and the near term outlook over the coming quarters considering the current market environment per the end of march the company assets under management exceeded the fair value of percent in lunar amounts to up around percent in the quarter in addition to the new capital invested the valuation of lunar relative to the peer group is calibrated by a secondary transaction in the company during the quarter but disregards the valuation level at which the company raised new financing from existing shareholders at around the same time the valuation is at an approximate percent discount to this higher valuation but still at a material premium to peers on a near term forward looking revenue multiple basis our carrying value normalizes into due to the company growth rate the fair value of percent in cedar amounts to effectively flat in the quarter the valuation implies a premium to the peer group average on a basis that normalizes into courtesy of cedar strong performance and improved outlook the fair value of percent in amounts to down almost percent in the quarter from a mark cor responding to where the company raised new financing at in the fourth quarter of the write down reflects the share price development of the peer group top quartile in the quarter the valuation still implies a significant premium to the peer group in the near term but normalizes over the longer term as is expected to grow significantly faster than the best in class companies in the peer group that are valued significantly above the peer group average valuation level the fair value of percent in amounts to effectively flat in the quarter the assessed valuation is in line with where the company raised new financing in late and the unchanged equity value reflects superior performance benefiting from a sharp rebound in travel as well as continued strong acquisition of new clients the valuation is largely in line with the peer group average on a revenue basis 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 down some percent in the quarter the peer group average multiple contracted by nearly percent in the first quarter and we continue to value betterment at an approximate percent premium to the peer group average in consideration of the company growth trajectory betterment revenues are primarily derived from fees on assets under management and therefore remain in interim report | Kinnevik
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