DNB Markets: VEF - On track with more expected
VEF’s 30%+ NAV CAGR track record and improved ESG assessment have become increasingly credited by the investment community as its discount to NAV has eroded in recent months. VEF offers exposure to a diversified, fast-growing unlisted fintech portfolio. We forecast 30%+ NAV growth to 2022e and have applied a 10% premium to our NAV forecasts. We have raised our fair value to SEK4.6–6.2 (4.0–5.3).Q2 portfolio highlights. 1) VEF’s NAV was largely unchanged QOQ in Q2 in USD although the stage appears set for NAV growth from Juspay, TransferGo, and Jumo in the coming quarters; 2) investment