VEF AB (SE:VEFAB)
:VEFAB
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VEF AB
(VEFAB)
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Rating:61Neutral
Price Target:
kr2.00
▼(-7.41% Downside)
Action:ReiteratedDate:04/16/26
The score is anchored by a solid balance sheet and attractive low P/E, plus a constructive earnings call with improved realizations and growth guidance. These positives are tempered by highly volatile financial results and inconsistent cash flows, and by weak technicals with the stock trading below key moving averages.
Positive Factors
Balance sheet strength and deleveraging
Sustained low leverage and a sizeable equity cushion materially improve the firm's resilience to portfolio mark swings. A conservative balance sheet preserves optionality for debt repayment, opportunistic buybacks or selective reinvestment, reducing insolvency and funding risk over the medium term.
Negative Factors
Earnings and revenue volatility
Large year-to-year swings in earnings and revenue undermine predictability of cash generation and NAV. Persistent volatility complicates capital allocation, makes forecasting and debt servicing riskier, and raises the chance that short-term mark-to-model shifts materially alter corporate liquidity over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance sheet strength and deleveraging
Sustained low leverage and a sizeable equity cushion materially improve the firm's resilience to portfolio mark swings. A conservative balance sheet preserves optionality for debt repayment, opportunistic buybacks or selective reinvestment, reducing insolvency and funding risk over the medium term.
Read all positive factors
VEF AB (VEFAB) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr2.10B
Dividend YieldN/A
Average Volume (3M)1.15M
Price to Earnings (P/E)―
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...
VEF AB Earnings Call Summary
Earnings Call Date:Apr 15, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 22, 2026
Earnings Call Sentiment Positive
Overall the call conveyed constructive momentum: NAV and cash realizations improved, high‑quality exits were delivered at premiums, Creditas and other large holdings show accelerating growth and clear AI‑driven efficiency gains, and the balance sheet has materially improved toward neutrality. Offsetting factors are mark‑to‑model markdowns from a comps sell‑off, concentration risk in Brazil/Creditas, remaining debt with a bond due year‑end, and macro/geopolitical uncertainties. On balance, the positive operational progress, successful realizations and clearer path to deleveraging outweigh the near‑term valuation volatility and risks.Positive Updates
NAV and Currency Movement
Net asset value (NAV) of $408.6 million for Q1 FY2026, up 5.8% quarter‑on‑quarter in U.S. dollar terms; NAV per share in SEK down 2.8% quarter‑on‑quarter due to SEK weakness.
Negative Updates
Mark‑to‑Model Volatility and Comps Sell‑off
Approximately 30% of the portfolio is mark‑to‑model and was impacted by a market sell‑off in comparable tech/fintech/SaaS multiples. Management quantified the comps/multiple impact at roughly $14 million negative to NAV this quarter, affecting names such as Konfio, Solfacil and Nibo.
Read all updates
Q1-2026 Updates
Positive
Negative
NAV and Currency Movement
Net asset value (NAV) of $408.6 million for Q1 FY2026, up 5.8% quarter‑on‑quarter in U.S. dollar terms; NAV per share in SEK down 2.8% quarter‑on‑quarter due to SEK weakness.
Read all positive updates
Company Guidance
VEF guided that its portfolio should grow roughly 25–30% year‑over‑year driven by its top late‑stage holdings, citing Creditas’ target range of ~25–30% revenue growth (loan book ~20% YoY as of Q4) and Konfio tracking toward similar mid‑teens to low‑20s growth; management highlighted AI‑driven efficiency benefits (Creditas’ CAC down from ~20% of originations to below 10%, origination growth ≈2x vs. OpEx growth at ~25% over two years, headcount reduced from >4,000 to <2,000). Financially, NAV was reported at ~$408.6m (70% latest‑transaction / 30% mark‑to‑model), corporate cash roughly ~$25m versus debt ~= $25m (cash‑neutral), corporate cash up ~$10m in Q1 from exits; recent liquidity events include a $50m Juspay Series D (VEF sold ~$14.6m for cash), four exits since Nov‑2024 totaling $52m (executed at an 8% premium to marks, 1.4x aggregate MOIC and 11% gross IRR over 3.5 years; including retained Juspay stake = 2.5x MOIC, 24% IRR). Management’s capital‑allocation priorities remain deleveraging (bond maturing year‑end), opportunistic buybacks, and continued opportunistic exits at or above marks.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 |
|---|---|---|---|---|---|---|---|
78 Outperform | kr765.99M | 18.21 | ― | ― | 26.63% | 125.02% | |
62 Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% | |
61 Neutral | kr2.10B | -2.17 | ― | ― | ― | ― | |
49 Neutral | kr370.49M | -21.76 | ― | 8.78% | ― | -567.36% | |
46 Neutral | kr277.89M | -6.03 | ― | ― | -68.02% | -242.58% |
* Consumer Defensive Sector Average
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VEF AB Corporate Events
VEF AB NAV Slips on Market Volatility as Key Fintech Bets Deliver Strong Gains
Apr 15, 2026
Emerging markets fintech investor VEF AB reported a 6% quarter-on-quarter decline in net asset value to USD 408.6 million in the first quarter of 2026, hit by a broad sell-off in comparable listed names amid Middle East conflict-driven uncertainty...
VEF to Present First-Quarter 2026 Results in Investor Webcast
Apr 8, 2026
VEF AB will publish its report for the first quarter of 2026 on Wednesday, April 15, 2026, and host a webcast at 15:00 CEST where Managing Director Dave Nangle will discuss the results and recent developments. The event, accessible via pre-registr...
VEF keeps SEK 300m sustainability bond fully allocated to impact fintechs
Apr 1, 2026
VEF AB has released its third Sustainability Bond Impact and Allocation Report, confirming that its SEK 300 million sustainability bonds remain fully allocated to four fintech portfolio companies in Mexico, Brazil, India and Pakistan that promote ...
VEF AB Sets May 6 Date for 2026 Annual General Meeting in Stockholm
Mar 31, 2026
VEF AB has called its 2026 Annual General Meeting for 6 May in Stockholm, giving shareholders the option to attend in person or vote in advance. The notice outlines registration deadlines, proxy rules and procedures for nominee-registered sharehol...
VEF AB Publishes 2025 Annual Report Highlighting Emerging-Market Fintech Portfolio
Mar 23, 2026
VEF AB has released its 2025 annual report, detailing audited administration and financial statements, a reviewed corporate governance report and an unaudited sustainability report that outlines the impact of its portfolio companies. The document ...
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...
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.