We find more limited movements in the listed peer universe q/q during Q2. With the share trading at a 52% discount to VNV’s Q1 NAV, we believe the market is pricing in a continued downward trend to VNV’s portfolio. However, we see underlying performance for its two largest holdings accelerating, and valuation support from Voi’s peer Lime potentially going public in the US. Ahead of Q2, we adjust our fair equity range to SEK 21-28 (20-27) per share.
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