Q2’22 NAVPS (SEK) -35% q-o-q and +4% y-o-y
VEF trades at a 49% discount to NAVPS
Solid cash position at USD 64.1m, 15% of NAV
Q2’22 NAVPS (SEK) -35% q-o-q and +4% y-o-y
The NAV of VEF’s portfolio decreased with 40% q-o-q in Q2’22 to USD 441.2m. The NAV per share (SEK) fell by 35% q-o-q but is up by 4% y-o-y, to SEK 4.3 per share. The NAVPS (SEK) has been helped by favorable FX (SEK/USD), which is up 9% q-o-q. In the portfolio in Q2, it was primarily the write down of the two largest portfolio companies, Creditas and Konfio, where the fair value was written down with 50% and 55% respectively q-o-q, which drove the decrease of the net asset value of the group. 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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