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VEF AB
(VEFAB)
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Rating:63Neutral
Price Target:
kr2.00
▼(-7.41% Downside)
Action:Reiterated
Date:08/04/26
The score is driven primarily by financially resilient balance-sheet positioning but weighed down by volatile, valuation-driven results and recently negative cash flow alongside contracting TTM revenue. The earnings call was constructive with explicit growth guidance and strong portfolio operating metrics, while technicals remain mixed with the stock still below key longer-term moving averages. Valuation is a support due to the low P/E.
Positive Factors
Conservative balance sheet & sizable NAV
VEF’s low leverage and large NAV (~$406m) provide durable financial flexibility to withstand mark volatility, fund follow-on investments or opportunistic support, and execute deleveraging or buybacks once exits materialize, reducing refinancing pressure over the next 2–6 months.
Negative Factors
Inconsistent and negative cash flow TTM
VEF’s cash conversion is uneven: several prior years and the TTM period show negative operating/free cash flow. Persistent or recurring negative cash generation can force reliance on asset sales or external financing, raising execution risk for buybacks or deleveraging plans over the next few quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet & sizable NAV
VEF’s low leverage and large NAV (~$406m) provide durable financial flexibility to withstand mark volatility, fund follow-on investments or opportunistic support, and execute deleveraging or buybacks once exits materialize, reducing refinancing pressure over the next 2–6 months.
Read all positive factors
VEF AB (VEFAB) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr1.91B
Dividend YieldN/A
Average Volume (3M)1.15M
Price to Earnings (P/E)4.8
Beta (1Y)0.69
Revenue GrowthN/A
EPS GrowthN/A
CountrySE
Employees8
SectorGeneral
Sector StrengthN/A
IndustryAsset Management
Share Statistics
EPS (TTM)0.04
Shares Outstanding1,041,865,700
10 Day Avg. Volume959,721
30 Day Avg. Volume1,147,743
Financial Highlights & Ratios
PEG Ratio-0.02
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...
VEF AB Earnings Call Summary
Earnings Call Date:Jul 15, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 21, 2026
Earnings Call Sentiment Positive
Positive overall. The call emphasized strong underlying portfolio performance (Creditas and Abhi), transaction-anchored marks covering 70% of NAV, FX tailwinds, high cash-generation (90% self-sustaining), and forward revenue/gross-profit guidance (20–30%/~30% over 12 months). Headwinds included quarter-level multiple compression (notably impacting Konfio), no exits in Q2, a share-price discount and near-term debt of ~$24.7M due by year-end. Management presented a credible plan to deleverage, pursue exits, and use excess capital to reduce the discount. The magnitude and durability of the operational positives and YoY NAV growth outweigh the identified near-term valuation and liquidity challenges.Positive Updates
NAV Year-over-Year Growth
NAV at end of Q2 $406M; quarter-on-quarter change -$2.5M (-0.6% in USD) but year-on-year NAV +8.4% in USD and SEK per share +11.6% YoY.
Negative Updates
Quarterly NAV Compression and Multiple Pressure
NAV was broadly flat Q/Q (down $2.5M, -0.6% USD) with multiple compression across traded LATAM fintech comps contributing a ~$8M drag on NAV in the quarter.
Read all updates
Q2-2026 Updates
Positive
Negative
NAV Year-over-Year Growth
NAV at end of Q2 $406M; quarter-on-quarter change -$2.5M (-0.6% in USD) but year-on-year NAV +8.4% in USD and SEK per share +11.6% YoY.
Read all positive updates
Company Guidance
The management reiterated clear near‑term guidance to strengthen the balance sheet and drive portfolio compounding: NAV was $406m at end‑Q2 (down $2.5m or 0.6% q/q, up 8.4% YoY; SEK per share +11.6% YoY) with a 70/30 split between transaction‑anchored and mark‑to‑model holdings (70% of NAV tied to third‑party transactions closed within the last seven months); mark‑to‑model performance added ~$5m and FX added ~$3m (Mexican peso +30%, real +1% q/q) while peer multiple compression subtracted ~$8m, corporate cash fell ~$3m and bond translation added ~$1m. Management expects the portfolio to grow ~20–30% in revenue and ~30% in gross profit over the next 12 months, notes that >90% of holdings are self‑sustaining cash‑flow positive, and flagged Creditas momentum (loan book and top‑line >20% growth in Q1, record originations +29% YoY, incremental CAC <10%, headcount down from ~4,000 to <1,800) and rising‑star Abhi metrics ($200m loan book, $260m deposits, ~$85m run‑rate revenue, >$20m EBITDA). They plan to pay down debt ($24.7m outstanding, due year‑end) from current cash (~$22m) and proceeds from expected exits over the next 18 months, then prioritize closing the share‑price discount (including share buybacks) once the debt hurdle is addressed.VEF AB Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
78
Positive
Cash Flow
44
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 34.41M | 394.00K | -290.00K | 74.93M | 431.00K | -33.64M |
| Gross Profit | 102.16K | 394.00K | -2.50M | 72.44M | -1.73M | -36.30M |
| EBITDA | 35.60M | 89.44M | -81.70M | 68.22M | -374.22M | 275.65M |
| Net Income | 32.72M | 85.44M | -89.86M | 60.07M | -377.36M | 275.51M |
Balance Sheet | ||||||
| Total Assets | 434.79M | 463.69M | 392.66M | 482.35M | 430.09M | 762.85M |
| Cash, Cash Equivalents and Short-Term Investments | 8.22M | 10.51M | 8.68M | 17.72M | 8.61M | 11.13M |
| Total Debt | 24.63M | 25.66M | 35.81M | 38.94M | 47.03M | 63.00K |
| Total Liabilities | 28.70M | 29.87M | 39.70M | 40.12M | 48.38M | 1.12M |
| Stockholders Equity | 406.08M | 433.82M | 352.96M | 442.23M | 381.83M | 761.73M |
Cash Flow | ||||||
| Free Cash Flow | -2.90M | 25.83M | -4.28M | 24.06M | -47.97M | -90.13M |
| Operating Cash Flow | -2.90M | 25.83M | -4.28M | 24.06M | -47.97M | -90.13M |
| Investing Cash Flow | 131.75K | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Financing Cash Flow | -1.78M | -24.98M | -3.99M | -17.73M | 48.28M | 97.77M |
VEF AB Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | kr643.69M | 17.24 | ― | ― | 7.49% | 6.57% | |
63 Neutral | kr1.91B | 4.83 | ― | ― | ― | ― | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
53 Neutral | kr397.53M | -8.96 | ― | ― | -57.62% | 19.14% | |
47 Neutral | kr346.76M | -3.63 | ― | 51.14% | ― | -765.84% |
* General Sector Average
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VEF AB Corporate Events
VEF’s core holding Creditas posts record growth as AI-driven automation boosts 2Q26 results
Aug 4, 2026
Creditas, the largest holding in VEF AB’s portfolio, reported another quarter of record loan origination in 2Q26, reaching R$1.14bn and expanding its portfolio to R$8.1bn, up 26.4% year-on-year. Revenue rose to R$722.9mn with gross profit ou...
VEF AB Updates Share Count After Redemption of Class C 2021 Shares
Jul 31, 2026
VEF AB has reduced its total share count by redeeming 6,878,585 Class C 2021 shares, leaving 1,084,967,207 shares outstanding as of July 31, 2026. The capital structure now comprises over 1.04 billion ordinary shares alongside multiple series of C...
VEF AB Holds NAV Growth as Creditas Drives AI-Efficiency and Board Strengthens
Jul 15, 2026
VEF AB reported second-quarter 2026 net asset value of USD 406.1 million, effectively flat quarter-on-quarter but up 8.4% year-on-year, with currency movements providing a tailwind and peer comparisons weighing on the portfolio. In SEK terms, NAV ...
VEF AB Schedules Q2 2026 Report Release and Webcast
Jul 8, 2026
VEF AB will publish its report for the second quarter of 2026 on Wednesday, July 15, and host a results webcast the same day at 14:00 CEST to discuss the figures and recent company developments. The scheduled presentation underscores VEF’s o...
VEF Revamps Board as Co‑Founder Steps Down and Emerging Market Fintech Experts Join
May 11, 2026
VEF AB has refreshed its board of directors with the addition of Will Pruett and Torun Litzén, both bringing extensive experience in global capital markets, investor relations and emerging market fintech, areas that are central to VEF’s...
VEF Portfolio Star Creditas Posts Record Growth and Narrows Loss in Q1 2026
May 7, 2026
VEF AB has highlighted first-quarter 2026 results from Creditas, its largest portfolio holding, which reported record loan origination of R$1.1bn and a portfolio of R$7.6bn despite a higher-for-longer interest rate backdrop in Brazil. Revenues ros...
VEF AGM Backs New Incentive Plan and Expands Capital Flexibility
May 6, 2026
VEF AB’s annual general meeting in Stockholm approved the 2025 accounts, agreed to retain earnings rather than pay a dividend, and set board size at seven members, re-electing five directors while adding Torun Litzén and Will Pruett, wi...
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.