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VNV Global: Venturing into VNV – Initiation of coverage - SEB

VNV Global has a long track record of successful investments, including notable examples such as Avito, Tinkoff Bank, and Hemnet. The share is currently trading at a historically high discount to NAV; however, we argue that the large share of profitable holdings mitigates the risks associated with a sector-concentrated portfolio and initiate coverage with a valuation range of SEK 30-38 per share.

VNV Global has a long track record of successful investments, including notable examples such as Avito, Tinkoff Bank, and Hemnet. The share is currently trading at a historically high discount to NAV; however, we argue that the large share of profitable holdings mitigates the risks associated with a sector-concentrated portfolio and initiate coverage with a valuation range of SEK 30-38 per share.
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