VEF: Market volatility not new to VEF - DNB

VEF’s NAV declined only ~3% QOQ in Q1 despite turbulent markets. With a portfolio of leading fintech holdings across some of the world’s fastest-growing markets, the investment community now expects VEF to report only a ~7% IRR on invested capital (versus its 30% track record), as the stock is trading 47% below NAV. We have cut our fair value to SEK6.3–7.4 (6.8–8.1) on our updated NAV forecasts, to which we apply a 10% discount to NAV.

Länk till analysen i sin helhet: https://www.dnb.no/seg-fundamental/fundamentalweb/GetReportSpon.aspx?file=CMPSP_193059.pdf