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SENASTE
VEF has taken a conservative stance on its NAV while adjusting its holdings growth strategies through 2022–2023, with cash available equal to 11% of NAV in a tighter liquidity environment. We believe the main potential NAV catalysts that could challenge VEF shares’ 42% discount to NAV are: 1) Creditas nearing its break-even ambitions (volume growth, widening margins, and lower CAC); 2) funding rounds at or above VEF’s reported NAV (mainly Juspay); and 3) a continued recovery in long-duration growth valuation multiples, should interest rates peak. We have raised our fair value to SEK3.3–5.7 (3.0–5.7).
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