The NAV of VEF’s portfolio increased during Q4’21, to USD 761.7m. The NAV per share increased by 42% q-o-q and 72% y-o-y, to SEK 6.61 per share. In the portfolio during Q4, it was primarily Creditas that grew its fair value, increasing by 133% q-o-q (USD 225m) following the closing of its USD 260m Series F financing round. VEF participated with a short-term convertible loan note of USD 25m, which converted into equity. There was also healthy growth for Juspay in the fourth quarter, where the fair value increased by 48% q-o-q to USD 42.4m following a financing round led by Softbank, which VEF also participated in.
Trading at a significant discount (27%) to NAVPS
2021 has been one of VEF’s strongest years since its inception: the NAV has almost doubled, and the NAV per share in local currencies has increased by 55% y-o-y. The Q4 report was further evidence that the company continues to grow its NAVPS, and the company has built up an impressive track record, growing NAV per share by a CAGR of 33% since inception. The liquidity position remains strong, which will both support the current portfolio of companies in future financing rounds as well as future new deals which will enable them to further grow NAVPS. VEF’s share price is down 20% YTD, most likely partly driven by valuation worries in the portfolio. However, we do not expect to see any significant markdown in NAV the coming quarter, given that only a small part (3%) of the portfolio is currently valued using Mark-to-Model, and also >80% of NAV is well-funded, given the recent financing rounds in H2’21. Given the latest reported NAVPS, we assess that VEF is currently trading at a 27% discount to NAV, which is well above its one-year average of trading at a 2% discount to NAV.
Fair value range per share of SEK 5.0-7.8 ... Läs mer på Introduce
Aktuellt
SENASTE
