VNV Global: (Gett)ing by just fine - SEB
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VNV Global: (Gett)ing by just fine - SEB

We think the underlying portfolio is well-positioned to deliver solid growth in 2025 and to weather the current macro uncertainty, supported by solid funding and continued progress towards profitable growth. With FX headwinds and listed peers trading down, the valuation environment turned negative in Q1, causing the share price discount to NAV to hover at 69% versus the three-year average of 61%. We lower our fair equity value range to SEK 22-30 (28-37).

We think the underlying portfolio is well-positioned to deliver solid growth in 2025 and to weather the current macro uncertainty, supported by solid funding and continued progress towards profitable growth. With FX headwinds and listed peers trading down, the valuation environment turned negative in Q1, causing the share price discount to NAV to hover at 69% versus the three-year average of 61%. We lower our fair equity value range to SEK 22-30 (28-37).
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