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SENASTE
VNV’s Q1 NAV decreased by 2.5% q/q in USD terms, reaching USD 567m. On a per-share basis, the NAV declined by 11% in SEK terms, driven by a mix of unfavourable FX and company-level markdowns to BlaBlaCar, offset by a positive revaluation of Voi. Overall, a largely neutral report in which FX is the main headwind, in our view. The share price discount to the reported NAV lands at 63% now versus 62% in Q4/24.
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