Kinnevik (MW): Kinnevik has proposed distributing its entire stake in Zalando to its shareholders. The stake is valued at around SEK55bn i.e. it represents just less than 50% of Kinneviks entire net asset value of SEK114bn at end Q4 20. The distribution has been proposed to quote “balance the portfolio and focus on younger high-growth and increasingly unlisted, businesses”. Our suspicion is that with the recent growth in the Zalando share price the holding has simply become to large relative to Kinnevik leaving it’s share very susceptible to swings in the Zalando share. We see it as positive that some risk concentration could be removed but also negative that the asset base will be substantially lower relative to gross debt. However we stress that since Kinnevik was net cash at end Q4 20 its debt to asset ceiling of 10% will not be breached due to this exercise. The deal has received preliminary approval from Kinnevik shareholders, representing 30% of the shares and 50% of the votes. Overall we see this as credit negative if completed.
Formue
Danske Bank kommentar: Kinnevik – Intends to distribute the entire stake in Zalando

Frederik Lorenzen
onsdag 17. februar 2021 kl. 13:52

Få dagens vigtigste
økonominyheder hver dag kl. 12
Bliv opdateret på aktiemarkedets bevægelser, skarpe indsigter
og nyeste tendenser fra Økonomisk Ugebrev – helt gratis.
Jeg giver samtykke til, at I sender mig mails med de seneste historier fra Økonomisk Ugebrev. Lejlighedsvis må I gerne sende mig gode tilbud og information om events. Samtidig accepterer jeg ØU’s Privatlivspolitik. Du kan til enhver tid afmelde dig med et enkelt klik.
[postviewcount]
Relaterede nyheder

TACO tirsdag: Markederne ignorerede Trumps Told-deadline, men risici lurer under overfladen
onsdag 09. juli 2025
06:59

Bestyrelsesguiden Brief 2/2025: Finanshus-analyser om geopolitik, logistik, forsvar, toldkrig og AI
onsdag 09. juli 2025
05:59
Jobannoncer

SUN-AIR i Billund søger en kreditorbogholder
Region Syddanmark

Finansiel controller med stærk forretningsforståelse
Region Sjælland

Udløber snart
Financial Controller til HMF Group A/S
Region Midt

Udløber snart
Dansk Sygeplejeråd søger en regnskabskonsulent med digitalt mindset og med erfaring i regnskabsprocessen fra A-Z (barselsvikariat)
Region Hovedstaden