VEF AB (VEFAB) AI Stock Analysis

• Market Cap: kr2.18B
• Dividend Yield: N/A
• Average Volume (3M): 1.15M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.82
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: SE
• Employees: 3
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Asset Management
• EPS (TTM): N/A
• Shares Outstanding: 1,041,865,700
• 10 Day Avg. Volume: 959,721
• 30 Day Avg. Volume: 1,147,743
• PEG Ratio: -0.01
• Price to Book (P/B): 0.57
• Price to Sales (P/S): 626.42
• P/FCF Ratio: 9.55
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): kr21.12M

• Rating: 60 Neutral
• Price Target: kr2.00 ▼(-7.41% Downside)
• Action: Upgraded Date: 01/26/26
• Date: Action: Upgraded 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.

Sustained NAV appreciation

Meaningful NAV growth in 2025 reflects portfolio value realization and underlying asset appreciation. Persistent NAV expansion supports long-term shareholder value creation, improves optionality for exits or buybacks, and underpins strategic capital allocation across cycles.

High-growth portfolio drivers

Core holdings exhibiting multi-year revenue expansion provide durable upside to NAV and cash realization potential. High organic growth at key names increases the probability of accretive exits or revaluations, supporting medium-term portfolio compounding and value creation.

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.

Liquidity and debt timing risk

Negative net cash and material bond maturities create persistent near‑term liquidity pressure, forcing prioritization of deleveraging over opportunistic investments. This constraint can delay strategic exits, limit buybacks, and amplify risk if exit timing or market conditions deteriorate.

Valuation transparency gaps

A sizable portion of assets marked to models rather than transaction evidence weakens NAV confidence until more realized transactions occur. Ongoing mark‑to‑model exposure raises execution risk for monetization and can sustain a persistent discount to NAV, limiting capital markets options.

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 providers, Credit, mobile money and all forms of financial marketplaces. It typically invests in the emerging and frontier markets. It prefers to take a minority stakes and board representation. VEF AB (Publ) was founded in 2015 and is based in Stockholm, Sweden with additional office in Hamilton, Bermuda.

How the Company Makes Money

VEF AB Financial Statement Overview

Summary

Balance sheet strength is a clear positive (low leverage historically and debt dropping to zero in 2025; substantial equity vs. assets). However, earnings and revenue are highly volatile (profit/loss swings and a ~99% revenue collapse in 2025) and operating cash flow has been inconsistent across multiple years, limiting predictability.

Income Statement

Earnings power is highly volatile: profitability swung from strong profits in 2023 (net income 60.1m) to a large loss in 2024 (-89.9m), then back to a strong profit in 2025 (85.4m). Revenue is extremely unstable and collapsed in 2025 (down 99.248% vs. prior year), which limits visibility and makes reported margins less reliable for trend analysis. Overall, the income statement shows the ability to generate sizable profits, but with sharp year-to-year reversals and weak revenue consistency.

Balance Sheet

The balance sheet looks solid and conservatively financed. Debt is low-to-moderate historically (debt-to-equity ~0.09–0.12 in 2022–2024) and drops to zero in 2025, while equity remains substantial (433.8m in 2025) against 463.7m of assets. Returns on equity are strong in profitable years (about 19.7% in 2025, 13.6% in 2023) but can turn sharply negative in down years (2024), highlighting that asset values/earnings can be cyclical even with low leverage.

Cash Flow

Cash generation is inconsistent. Operating cash flow was positive in 2023 (24.1m) and 2025 (25.8m) but negative in 2021, 2022, and 2024, indicating uneven cash conversion through the cycle. In 2025, operating cash flow was roughly in line with reported profit (coverage ~0.98), which is supportive, but the multi-year pattern of cash outflows and the small decline in free cash flow in 2025 (-2.96%) temper the outlook.

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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CASE	71 Outperform	kr727.37M	17.29	―	―	34.18%	242.91%
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
VEFAB	60 Neutral	kr2.18B	-2.19	―	―	―	―
NAXS	49 Neutral	kr398.36M	-16.48	―	8.78%	―	―
ATIN	46 Neutral	kr248.94M	-4.32	―	―	―	―

VEF AB Corporate Events

VEF boosts balance sheet with high-return partial exit from Juspay

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, executed at a 16% premium to VEF’s fourth-quarter 2025 valuation of Juspay, will lift VEF’s net asset value by 2.5%, delivers a 38% IRR and 6.6x cash-on-cash return, and further strengthens the company’s balance sheet while it retains a meaningful 6.3% stake in one of its top-performing holdings, underlining its ability to generate value-accretive exits and redeploy capital into new fintech opportunities across emerging markets.

The most recent analyst rating on (SE:VEFAB) stock is a Hold with a SEK2.00 price target. To see the full list of analyst forecasts on VEF AB stock, see the SE:VEFAB Stock Forecast page.

VEF AB Delivers Strong 2025 as Creditas Drives NAV and Earnings Rebound

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 holding Creditas, which completed a USD 108 million Series G funding round at a USD 3.3 billion valuation, closed the acquisition of Andbank Brazil, and posted record quarterly revenues alongside solid loan growth. VEF’s net result swung sharply into positive territory, delivering USD 85.4 million for 2025 versus a loss in 2024, while maintaining a stable cash position and reporting no significant post-period events, underscoring renewed portfolio momentum and improved earnings power for shareholders.

The most recent analyst rating on (SE:VEFAB) stock is a Hold with a SEK2.50 price target. To see the full list of analyst forecasts on VEF AB stock, see the SE:VEFAB Stock Forecast page.

VEF Sets Date for Fourth-Quarter 2025 Results and Webcast

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 scheduled presentation underlines the company’s efforts to maintain transparency with investors and other stakeholders, providing an opportunity for market participants to gain insights into VEF’s portfolio performance and strategic direction in the fintech-focused emerging markets segment.

The most recent analyst rating on (SE:VEFAB) stock is a Hold with a SEK2.00 price target. To see the full list of analyst forecasts on VEF AB stock, see the SE:VEFAB Stock Forecast page.

Creditas Expands with Andbank Brazil Acquisition and Series G Funding

Creditas, a major portfolio company of VEF AB, has successfully closed its acquisition of Andbank Brazil and initiated a Series G funding round, raising USD 108 million. This strategic move, approved by the Brazilian Central Bank, enhances Creditas’ market position by integrating banking services with its existing credit, insurance, and investment offerings. The funding round, led by Andbank, values Creditas at USD 3.3 billion and positively impacts VEF’s financial metrics, reflecting an 8.2% increase in their reported NAV. Additionally, Creditas strengthens its leadership team by appointing Ricardo Forcano as CTO/COO, leveraging his extensive experience from BBVA to drive technology and operational advancements.

Creditas Reports Strong 3Q25 Results, Emphasizes AI-Driven Growth

Creditas, the largest portfolio holding of VEF AB, reported strong financial results for the third quarter of 2025, with significant growth in loan origination and revenue. The company is leveraging AI to enhance operational efficiency and customer experience, positioning itself for sustained growth and profitability. Creditas aims for a 25%+ annual growth target, supported by high client recurrence and a solid product-market fit.

VEF AB Announces 2026 Nomination Committee Composition

VEF AB has announced the composition of its Nomination Committee for the 2026 Annual General Meeting, which includes representatives from Acacia Partners, Gemsstock, and City of London, along with the Chairman of the Board of Directors of VEF as a non-voting member. This committee is tasked with proposing key appointments and remuneration for the upcoming meeting, impacting the company’s governance and strategic direction.