NAVPS down 35% q-o-q, reflecting market conditions
Strong cash position for future needs
Excessive discount to NAV, and far below historical levels
NAVPS (SEK) down 35% q-o-q, reflecting market conditions
The NAV of VEF’s portfolio decreased by 40% q-o-q in Q2’22 to USD 441.2m. Given favourable FX tailwinds, where the USD/SEK is up 9% q-o-q, the NAV per share (SEK) posted a smaller decline, falling by 35% q-o-q to SEK 4.3 per share. In the portfolio in Q2, the write-down of the two largest portfolio companies, Creditas and Konfio, where the fair value was written down by 50% and 55% respectively q-o-q, was the main driver of the group’s NAV decline. The underlying drop in NAV is driven by the turmoil in financial markets, where multiples for comparable listed companies have fallen sharply.
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