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VEF’s Q2 NAV fell 40% QOQ, which we believe reflects conservatism from VEF, as its largest asset, Creditas, recently received funding from new investors at a 100%+ higher valuation than VEF’s NAV. The market is unlikely to dismiss private fintech-related events such as Klarna’s ~85% down round as an anomaly. However, as VEF is trading at a 44% discount to its Q2 NAV, the market appears to be implicitly pricing in an IRR of -5% on its invested capital over the next three years (versus its 18% 7-year NAVPS IRR and exits at ~27%). We have cut our fair value to SEK3.4–4.8 (6.3–7.4)
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