DNB Markets - VEF: One ‘unicorn’ down, two to go
The Covid-19 pandemic is accelerating fintech momentum in emerging markets, where VEF’s tech-enabling leaders are gaining significant advantage over incumbent banks with high fees and unsophisticated products. We see VEF as a unique, multifaceted story, and forecast ~20% NAV growth in 2021, driven mainly by Konfio; with a lot of sector liquidity and industry deals, we do not rule out portfolio exits. We have raised our fair value to SEK3.9–5.1 (3.2–4.4).Portfolio highlights in Q4. 1) VEF’s NAV rose 16% QOQ in Q4 (6% in local currencies), driven mainly by a recent USD255m funding round in