The NAV of VEF’s portfolio (excluding cash) increased during Q4’21 to USD 700.3m. The NAV per share (SEK) increased by 42% q-o-q and 72% y-o-y, to SEK 6.61 per share. In the portfolio in Q4, it was primarily Creditas which grew its fair value, being up 133% q-o-q (USD 225m). There was also healthy growth for Juspay in the quarter, where the fair value increased by 48% q-o-q.
Now trading at a 27% discount to NAVPS…
During the fourth quarter, VEF’s largest holding Creditas, announced the closing of its USD 260m Series F financing round. VEF participated in the form of a short-term convertible loan note of USD 25m, which converted into equity. VEF has invested a total of USD 98.5m into Creditas, and with this round closed, the value of VEFs stake in Creditas is USD 394m. The financing round had a positive net NAV impact of USD 200m q-o-q (133% q-o-q). Creditas is VEF’s largest portfolio holding, representing ~52% of VEF’s NAV. Between Q3’21 and Q4’21, the NAVPS has increased by 42%, while the share price has only risen by 7%. Following Q4’21, the share price of VEF has fallen by 18%. Given the latest reported NAVPS, we asses VEF currently trades at a 27% discount to NAV. This is well above their one-year average of trading to a 2% discount to NAV.
… yet the NAVPS has grown with 33% CAGR since inception
The Q4 report shows that company continues to grow its NAVPS and that they have a solid liquidity position to support further deals and as well as the current portfolio companies in future financing rounds, which in turn will enable them to further grow its NAVPS. The company has built up an impressive track-record, growing NAV per share by a CAGR of 33% since inception. Even though the effect from the Creditas financing round was preannounced, we expect the share can outperform the market today w
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