We see the q/q drop in valuation for software and marketplace peers creating a soft backdrop for VNV’s Q1/26E NAV. However, we think the solid fundamentals of its underlying assets combined with a mature portfolio position VNV to unlock value through further exits, although we suspect the exit market will be more muted near term. Following listed peers trading down, we adjust our fair equity value range to SEK 20-27 (24-31) per share ahead of Q1/26E.
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