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SENASTE
VEF continued the strong 30%+ NAVPS CAGR seen over the past six years, while its share price appears to have decoupled from NAV: it is trading 21% below NAV (compared to its recent 20%+ above). As we continue to believe Creditas could seek a US IPO in 2022, VEF may offer the highest NAV growth prospects in the investment company sector for 2022 as well as insulation owing to its sharp difference to NAV. If not for its pending main market re-listing, we believe the company would buy back its own shares at the current share price. We have raised our fair value to SEK6.8–8.1 (5.5–7.0) on our updated NAV forecasts.
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