VEF AB (SE:VEFAB)
:VEFAB
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VEF AB
(VEFAB)
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Rating:60Neutral
Price Target:
kr2.00
▼(-7.41% Downside)
Action:UpgradedDate:01/26/26
The score is primarily supported by a solid balance sheet profile and constructive earnings-call guidance around NAV growth and portfolio momentum. It is held back by highly volatile financial results and inconsistent cash flow, plus weak technical momentum and limited valuation clarity due to a negative P/E.
Positive Factors
Conservative balance sheet
VEF’s balance sheet is structurally strong with historically low leverage and substantial equity relative to assets, reducing insolvency risk and giving management durable financial flexibility to fund exits, support portfolio companies, and execute deleveraging over the medium term.
Negative Factors
Volatile earnings and revenue collapse
Sharp year-to-year swings in revenue and net income show the firm’s earnings are highly cyclical and sensitive to transaction timing and valuations. This volatility reduces predictability of returns, complicates capital allocation decisions, and weakens the reliability of margins for forecasting.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
VEF’s balance sheet is structurally strong with historically low leverage and substantial equity relative to assets, reducing insolvency risk and giving management durable financial flexibility to fund exits, support portfolio companies, and execute deleveraging over the medium term.
Read all positive factors
VEF AB (VEFAB) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr2.07B
Dividend YieldN/A
Average Volume (3M)1.15M
Price to Earnings (P/E)2.9
Beta (1Y)0.72
Revenue GrowthN/A
EPS GrowthN/A
CountrySE
Employees3
SectorConsumer Defensive
Sector Strength42
IndustryAsset Management
Share Statistics
EPS (TTM)N/A
Shares Outstanding1,041,865,700
10 Day Avg. Volume959,721
30 Day Avg. Volume1,147,743
Financial Highlights & Ratios
PEG Ratio-0.01
Price to Book (P/B)0.57
Price to Sales (P/S)626.42
P/FCF Ratio9.55
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)kr21.12M
VEF AB Business Overview & Revenue Model
Company Description
VEF AB (Publ) is a venture capital firm specializing in early venture, emerging growth and growth capital investments. The firm primarily invests in modern financial services and fintech sector. The financial services sector includes payments prov...
How the Company Makes Money
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VEF AB Earnings Call Summary
Earnings Call Date:Jan 21, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 15, 2026
Earnings Call Sentiment Positive
The call presents a predominantly positive operational and valuation story: NAV and per-share NAV grew strongly in 2025, Creditas delivered a transformational funding round and operational progress, Juspay continued fast growth, and management realized meaningful exits and NAV-to-cash conversions. However, material near-term balance-sheet constraints (negative net cash, ~$26.1M bonds outstanding due 2026), a paused buyback program, a persistent ~50% share price discount to NAV, and a portion of the portfolio still mark-to-model temper the outlook. Management’s plan to prioritize deleveraging and then redeploy capital, combined with a healthy pipeline and transaction-backed valuations, supports a cautiously optimistic view.Positive Updates
NAV Growth (Dollar Terms)
Net asset value rose 6.9% in Q4 2025 and 22.9% for the full year (dollar terms), reaching a reported NAV of $434 million.
Negative Updates
Deep Discount to NAV and Weak Share Price
VEF shares trade at an approximately 50% discount to NAV; share price was flat year-on-year and only up ~3.3% in Q4 — signaling persistent market skepticism despite NAV strength.
Read all updates
Q4-2025 Updates
Positive
Negative
NAV Growth (Dollar Terms)
Net asset value rose 6.9% in Q4 2025 and 22.9% for the full year (dollar terms), reaching a reported NAV of $434 million.
Read all positive updates
Company Guidance
The management guided that VEF’s recovery should continue into 2026, citing a dollar NAV that rose 6.9% in Q4 and ~22.9% for 2025 to $434m (SEK +4.6% Q4, +2.8% FY), with an $81m positive NAV evolution and a 26% y/y per‑share increase after buybacks; 69% of the portfolio is marked to latest transactions (31% mark‑to‑model, >90% of those on P&L multiples). Key portfolio metrics driving guidance include Creditas’ $108m Series G (a $33m NAV uplift), roughly 9% ownership, ~20% y/y loan growth in Q4 and improving revenue/efficiency trends; Juspay grew ~40% top line in 2025 and is expected to grow ~40–50% in 2026; Konfio is growing ~20% y/y with upside to 30%+. They converted $37m of NAV to cash (net +$18m cash impact during the year), ended Q4 with $15.9m cash/liquids, paid down ~half their bonds and still have $26.1m bonds outstanding (due year‑end 2026) with a stated aim to be debt‑free by year‑end, while balancing exits, buybacks and selective new investments to narrow the ~50% discount to NAV.VEF AB Financial Statement Overview
Summary
Income Statement
55
Neutral
Balance Sheet
78
Positive
Cash Flow
50
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 52.38M | 394.00K | -290.00K | 74.93M | 431.00K | -33.64M |
| Gross Profit | 52.38M | 394.00K | -2.50M | 72.44M | -1.73M | -36.30M |
| EBITDA | -50.47M | 89.44M | -81.70M | 68.22M | -374.22M | 275.65M |
| Net Income | -58.68M | 85.44M | -89.86M | 60.07M | -377.36M | 275.51M |
Balance Sheet | ||||||
| Total Assets | 404.08M | 463.69M | 392.66M | 482.35M | 430.09M | 762.85M |
| Cash, Cash Equivalents and Short-Term Investments | 14.59M | 10.51M | 8.68M | 17.72M | 8.61M | 11.13M |
| Total Debt | 24.74M | 0.00 | 35.81M | 38.94M | 47.03M | 63.00K |
| Total Liabilities | 29.52M | 29.87M | 39.70M | 40.12M | 48.26M | 1.12M |
| Stockholders Equity | 374.56M | 433.82M | 352.96M | 442.23M | 381.83M | 761.73M |
Cash Flow | ||||||
| Free Cash Flow | 26.62M | 25.83M | -4.28M | 24.06M | -47.97M | -90.13M |
| Operating Cash Flow | 26.62M | 25.83M | -4.28M | 24.06M | -47.97M | -90.13M |
| Investing Cash Flow | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Financing Cash Flow | -24.52M | -24.98M | -3.99M | -17.73M | 48.28M | 97.77M |
VEF AB Peers Comparison
UnderperformOutperform
Sector (62)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | kr688.75M | 18.21 | ― | ― | 34.18% | 242.91% | |
62 Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% | |
60 Neutral | kr2.07B | 2.89 | ― | ― | ― | ― | |
49 Neutral | kr363.27M | -16.11 | ― | 8.78% | ― | ― | |
46 Neutral | kr277.89M | -6.03 | ― | ― | ― | ― |
* Consumer Defensive Sector Average
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VEF AB Corporate Events
VEF’s Top Holding Creditas Posts Record Q4 Growth Amid AI-Driven Efficiency Push
Mar 2, 2026
Creditas, the largest holding in VEF’s portfolio, reported record fourth-quarter 2025 performance with loan origination hitting R$1.1bn and the credit portfolio expanding to R$7.1bn despite Brazil’s high SELIC rate. Revenues climbed to...
VEF boosts balance sheet with high-return partial exit from Juspay
Jan 23, 2026
VEF AB has realised USD 14.6 million through an additional partial exit from Indian payments technology firm Juspay, conducted as part of a USD 50 million Series D follow-on round led by WestBridge Capital at a USD 1.2 billion valuation. The sale,...
VEF AB Delivers Strong 2025 as Creditas Drives NAV and Earnings Rebound
Jan 21, 2026
VEF AB reported strong full-year 2025 results, with net asset value (NAV) rising 23% in USD terms to USD 433.8 million and NAV per share up 26%, supported by a 7% NAV increase in the fourth quarter. The main driver was the performance of core hold...
VEF Sets Date for Fourth-Quarter 2025 Results and Webcast
Jan 14, 2026
VEF AB has announced that it will publish its report for the fourth quarter of 2025 on Wednesday, January 21, 2026, and will host a webcast the same day where Managing Director Dave Nangle will discuss the results and recent developments. The sche...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.