VEF: Starting to lean forward again - DNB

VEF continues to trade below pre-covid levels at a 40% discount to reported NAV (58% to our estimated NAV). We believe the ice-cold winds blowing in the fintech VC industry appear relatively warmer at VEF’s holdings’ southern latitudes with still-strong operational performance (120%+ portfolio-weighted revenue growth YOY) with 65% of its NAV capitalised to break-even. Hence, we have raised our fair value to SEK3.7–5.4 (3.4–4.8).

Länk till analysen i sin helhet: https://www.dnb.no/seg-fundamental/fundamentalweb/GetReportSpon.aspx?file=CMPSP_202871.pdf