VEF is increasingly getting recognition for its impressive 5-year NAVPS CAGR and rare emerging market VC fintech portfolio, in our view, with its discount to reported NAV reversing to a 29% premium. This implies the market believes it can generate a ~25% IRR from its unlisted portfolio over the next five years (3.2x MOIC), in line with its track record. VEF is well capitalised after its capital raise, reducing the financial risk, and we see ~20% 12-month forward NAV growth, with several potential NAV catalysts to support a re-rating. We have raised our fair value to SEK5.5–7.0 (4.6–6.2).
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