In Q4/23, VNV’s reported NAV decreased 6% q/q in USD terms, and fell 8% on a per-share basis (in SEK terms) during 2023. With no significant investments during the quarter, we find fair value changes are due mostly to listed peers trading down in Q4. We estimate a fair value range of SEK 25-33 (24-32) with an implied mid-point of SEK 29 (28).
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