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SENASTE
VNV's Q4 NAV remained broadly flat in USD terms (+1% q/q) but increased by 10% q/q in SEK per share terms, driven by favorable FX. The largest fair value changes include a negative revaluation of BlaBlaCar, following the same trend as in Q3, while VNV marked up the valuation of Voi by 26% q/q, driven by a change in valuation method. A neutral report, in our view.
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