VEF AB (VEFAB) AI Stock Analysis

• Market Cap: kr2.28B
• Dividend Yield: N/A
• Average Volume (3M): 1.15M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.86
• 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): 0.59
• Price to Sales (P/S): -714.61
• P/FCF Ratio: -48.37
• 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): 2
• Revenue Forecast (FY): kr2.70B

• Rating: 49 Neutral
• Price Target: kr2.00 ▼(-7.41% Downside)

The score is held back primarily by unstable financial performance and weak cash flow, reinforced by technically bearish price action below key moving averages. The earnings call provides a partial offset via improving NAV and stronger portfolio-company momentum, but valuation remains constrained by losses (negative P/E) and no stated dividend support.

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

Income Statement

Balance Sheet

Cash Flow

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	52.38M	-290.00K	74.93M	431.00K	-33.64M	408.00K
Gross Profit	52.38M	-2.50M	72.44M	-1.73M	-36.30M	-1.37M
EBITDA	-50.47M	-81.70M	68.22M	-374.22M	275.65M	79.61M
Net Income	-58.68M	-89.86M	60.07M	-377.36M	275.51M	79.45M
Balance Sheet
Total Assets	404.08M	392.66M	482.35M	430.09M	762.85M	388.94M
Cash, Cash Equivalents and Short-Term Investments	14.59M	8.68M	17.72M	8.61M	11.13M	4.22M
Total Debt	24.74M	35.81M	38.94M	47.03M	63.00K	136.00K
Total Liabilities	29.52M	39.70M	40.12M	48.26M	1.12M	874.00K
Stockholders Equity	374.56M	352.96M	442.23M	381.83M	761.73M	388.07M
Cash Flow
Free Cash Flow	26.62M	-4.28M	24.06M	-47.97M	-90.13M	-59.83M
Operating Cash Flow	26.62M	-4.28M	24.06M	-47.97M	-90.13M	-59.83M
Investing Cash Flow	0.00	0.00	0.00	0.00	0.00	0.00
Financing Cash Flow	-24.52M	-3.99M	-17.73M	48.28M	97.77M	58.19M

VEF AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
CASE	61 Neutral	kr740.24M	20.11	―	―	34.18%	242.91%
NAXS	51 Neutral	kr406.61M	-32.31	―	8.78%	―	―
ATIN	51 Neutral	kr289.46M	-5.49	―	―	―	―
VEFAB	49 Neutral	kr2.28B	-2.28	―	―	―	―

VEF AB Corporate Events

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.

VEF AB Reports Strong Q3 2025 Growth and Strategic Moves

VEF AB reported an 8% increase in its net asset value (NAV) for the third quarter of 2025, reaching USD 405.7 million, driven by strong portfolio performance and favorable market conditions. Key contributors included Konfío and Creditas, with the latter planning a new equity fundraise of at least USD 100 million, which could further strengthen its capital position. The company’s cash position improved to USD 17.6 million by the end of the first nine months of 2025, and Creditas successfully raised USD 50 million through a bond issue post-period.

VEF AB to Release Q3 2025 Financial Report

VEF AB announced the release of its third quarter 2025 report, scheduled for October 22, 2025. The report will be discussed in a webcast by Managing Director Dave Nangle, highlighting the company’s latest developments and potentially impacting its operational and strategic positioning within the fintech investment landscape.