DNB Markets - Vostok Emerging Finance: Scarcity value with upside potential
VEF offers rare access to: 1) leading VC fintech companies in emerging markets; and 2) a strong NAV value creation track record. We see several potential NAV catalysts by 2021e that could make investors more confident in the medium-term NAV growth prospects. Although it is not a low-risk investment, we like the investment opportunity evolving in VEF and initiate coverage with a fair value of SEK2.6–4.2/share.Rare VC access to one of the most attractive emerging fintech markets. Vostok Emerging Finance (VEF) is an investment company that lends access to scarce VC fintech in scale emerging