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  "documentTitle": "Kinnevik | Results Presentation Deck | 20 slides",
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  "notes": "The chart compares high-growth (>30%) vs low-growth (<20%) SaaS multiples against the 5-year median and US Treasury yields.",
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      "text": "EV/NTM Revenue, BVP Emerging Cloud Index, Q1 2017-22",
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      "text": "Sector averages can be deceiving - the median SaaS businesses in BVP's Emerging Cloud index growing by >30% trades at around 13x NTM revenues while the median business growing by <20% trades at around 4x NTM revenues",
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      "text": "Note: BVP's Emerging Cloud Index is designed to track the performance of emerging public companies primarily involved in providing cloud software to their customers. Source: BVP, FactSet",
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      "text": "AFTER EXPANDING MATERIALLY DURING THE PANDEMIC, MULTIPLES ARE NOW BELOW PRE-PANDEMIC AND FIVE-YEAR MEDIAN LEVELS",
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