VNV Global (VNV) AI Stock Analysis

• Market Cap: kr2.40B
• Dividend Yield: N/A
• Average Volume (3M): 324.17K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.58
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: SE
• Employees: 3
• Sector: Financial
• Sector Strength: 70
• Industry: Asset Management - Global
• EPS (TTM): -2.73
• Shares Outstanding: 130,978,240
• 10 Day Avg. Volume: 232,434
• 30 Day Avg. Volume: 324,168
• PEG Ratio: 0.16
• Price to Book (P/B): 0.57
• Price to Sales (P/S): 884.12
• P/FCF Ratio: 0.00
• 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): N/A

• Rating: 47 Neutral
• Price Target: kr18.00 ▼(-16.36% Downside)

The score is held down primarily by weak and volatile reported financial performance (sharp 2025 downturn and inconsistent cash generation) and bearish technicals (below key moving averages with negative MACD). The earnings call provides some offset via improving portfolio-company growth/profitability and continued buybacks alongside lower borrowings, while valuation support is limited because losses make P/E less informative and no dividend yield is provided.

Positive Factors

Conservative balance sheet

Low leverage (debt-to-equity ~0.15) gives VNV durable financial flexibility to support follow-on investments, weather liquidity cycles, and pursue opportunistic buybacks or partial bond redemptions without urgent refinancing. That structural strength lowers solvency risk over months.

High-growth, EBITDA-positive core holdings

A concentrated set of large portfolio companies delivering ~40% growth and majority EBITDA positivity provides a durable engine for NAV and potential realizations. Structural revenue and margin improvements at platform businesses increase odds of meaningful exits or cash returns over the medium term.

Proven capital recycling and buybacks

Management has executed meaningful exits and opportunistic buybacks, demonstrating disciplined capital allocation and the ability to realize value. This repeatable recycling of capital supports long-term compounding and provides optionality to redeploy into higher conviction growth positions.

Negative Factors

Weak cash generation / cash burn

Deeply negative operating and free cash flow (~-277M TTM) is a durable risk: ongoing cash burn can force asset sales, limit follow-on funding for portfolio winners, or require external financing. Over a 2–6 month horizon this increases execution and funding pressure on the investment strategy.

Persistently negative and volatile profitability

Very negative margins and volatile historical profits indicate earnings are driven by revaluations rather than steady operating income. This reduces predictability of returns, complicates planning for distributions or buybacks, and increases dependence on successful future exits for durable shareholder value.

NAV markdowns and large discount to NAV

Sequential NAV declines and valuation markdowns on key holdings, combined with a persistent ~49% share discount, create structural headwinds. A sustained discount can impair access to capital, reduce realized proceeds from secondary sales, and limit management's ability to convert NAV into shareholder value.

VNV Global Business Overview & Revenue Model

Company Description

VNV Global AB (publ) formerly known as Vostok New Ventures Ltd., is a private equity and venture capital firm specializing in growth capital, buyout investments, incubation, seed/startup, early venture, mid venture, late venture. It prefers to invest globally including Africa / Middle East, European Emerging Markets, Latin America and Caribbean, United States and Canada except China in online marketplaces, consumer-focused and business 2 business companies. It usually seeks investments where it can become a significant minority shareholder and actively manage the investment through board representation. The firm prefers to invest in unlisted companies. It prefers to take majority and minority stake in its portfolio companies. VNV Global AB (publ) was founded on April 5, 2007 and is based in Stockholm, Sweden .

How the Company Makes Money

VNV Global makes money through capital appreciation and investment returns from its portfolio of high-growth technology companies. The company invests in early-stage and growth-stage businesses, often acquiring significant equity stakes. As these companies grow and potentially go public or are acquired, VNV Global realizes returns on its investments. Additionally, the company may earn dividends or interest from its holdings, though its primary focus is on long-term capital gains. Strategic partnerships with technology firms and financial institutions may also enhance its investment capabilities and returns.

VNV Global Financial Statement Overview

Summary

Financials are pressured by a sharp 2025 deterioration (revenue down ~99% YoY, deep losses) and renewed cash burn (operating cash flow negative again; free cash flow ~breakeven). The balance sheet is a relative positive with low leverage (debt-to-equity ~0.08), but ongoing losses are eroding equity and returns (negative ROE).

Income Statement

Profitability and top-line trends have deteriorated sharply. 2025 shows extremely weak performance with revenue down ~99% year over year and deep losses (net margin around -89% and negative EBIT margin). Results have also been highly volatile across years (profits in 2020–2021 and 2023, but very large losses in 2022 and 2024), which reduces earnings quality and predictability.

Balance Sheet

Leverage appears manageable with low debt relative to equity (debt-to-equity ~0.08 in 2025, down from ~0.13 in 2024), providing balance-sheet flexibility. However, returns to shareholders are currently negative (2025 return on equity around -5.7%), and equity has declined versus earlier years, highlighting that recent losses are eroding capital over time.

Cash Flow

Cash generation is inconsistent and currently pressured. Operating cash flow turned negative again in 2025 (about -12.8m) after a strong positive year in 2024, and free cash flow fell to roughly breakeven in 2025 from a solid positive level in 2024. The swing in cash flow direction and weak cash conversion during loss-making periods increases financial risk despite the relatively low leverage.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	350.19K	-71.11M	45.29M	-758.29M	86.22M
Gross Profit	-19.44M	-77.78M	35.82M	-771.72M	77.74M
EBITDA	―	-84.80M	22.72M	-781.69M	64.09M
Net Income	-31.00M	-85.14M	22.43M	-782.00M	63.74M
Balance Sheet
Total Assets	593.01M	661.01M	824.62M	781.55M	1.55B
Cash, Cash Equivalents and Short-Term Investments	51.12M	15.68M	42.49M	66.13M	124.20M
Total Debt	46.13M	77.04M	152.12M	164.34M	144.94M
Total Liabilities	47.73M	79.62M	158.33M	168.12M	144.94M
Stockholders Equity	545.28M	581.39M	666.29M	613.43M	1.40B
Cash Flow
Free Cash Flow	0.00	46.38M	-29.41M	-80.55M	-191.01M
Operating Cash Flow	-12.81M	46.38M	-29.41M	-80.55M	-191.01M
Investing Cash Flow	101.60M	0.00	0.00	0.00	0.00
Financing Cash Flow	-55.05M	-67.82M	4.13M	22.73M	305.20M

VNV Global Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 21.52
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:VNV, the sentiment is Negative. The current price of 21.52 is above the 20-day moving average (MA) of 20.05, above the 50-day MA of 20.94, and above the 200-day MA of 20.52, indicating a bearish trend. The MACD of -0.66 indicates Positive momentum. The RSI at 38.63 is Neutral, neither overbought nor oversold. The STOCH value of 38.68 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:VNV.

VNV Global Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ORES	78 Outperform	kr5.45B	6.22	―	6.23%	-0.22%	-58.80%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
SVOL.B	67 Neutral	kr5.77B	12.77	7.83%	0.79%	-25.75%	-27.25%
BURE	53 Neutral	kr16.30B	-3.01	-23.18%	1.13%	22.38%	-153.85%
NAXS	51 Neutral	kr401.45M	-16.40	―	8.78%	―	―
VNV	47 Neutral	kr2.40B	-8.59	2.59%	―	―	―
KINV.A	47 Neutral	kr20.22B	176.01	―	―	-97.64%	―

VNV Global Corporate Events

VNV Global NAV Falls in 2025 as Portfolio Revaluations Drive Annual Loss

VNV Global AB reported a decline in net asset value for 2025, with NAV falling to USD 546.66 million, or USD 4.25 per share, from USD 581.39 million a year earlier, and a steeper drop in SEK terms due to currency effects. The company posted a full-year net loss of USD 29.22 million and a fourth-quarter loss of USD 37.47 million, driven largely by negative revaluations of key portfolio holdings BlaBlaCar and Voi and the completed divestments of Gett and Tise, though Voi also saw a positive revaluation earlier in the year. VNV Global continued to adjust its capital structure, partially redeeming its 2024/2027 bond to leave SEK 425 million outstanding and repurchasing nearly 1.3 million of its own shares during the fourth quarter. The results underscore both the valuation volatility in its core mobility and platform investments and management’s ongoing efforts to streamline the portfolio and balance sheet, with no significant events reported after year-end.

The most recent analyst rating on (SE:VNV) stock is a Hold with a SEK20.00 price target. To see the full list of analyst forecasts on VNV Global stock, see the SE:VNV Stock Forecast page.

VNV Global to Present Twelve-Month 2025 Report in Investor Webcast

VNV Global AB has announced it will publish its twelve-month and fourth-quarter 2025 report on 29 January 2026 and will host an interactive telephone conference and webcast the same day, led by CEO Per Brilioth, to discuss the results and recent developments. The scheduled presentation underscores the company’s efforts to maintain transparency with investors and other stakeholders, providing an opportunity to gauge portfolio performance, capital allocation strategy, and the progress of its network-effect investments amid evolving market conditions.

The most recent analyst rating on (SE:VNV) stock is a Hold with a SEK21.50 price target. To see the full list of analyst forecasts on VNV Global stock, see the SE:VNV Stock Forecast page.

VNV Global Boosts Treasury Stock with New Share Buyback

VNV Global has repurchased 40,636 of its own common shares on the market between 22 and 23 December 2025 at an average price of SEK 21.3179 per share, bringing its total holdings of treasury shares to 2,378,585 out of 130,978,236 outstanding common shares. The transaction modestly increases the proportion of capital returned to shareholders and may signal management’s confidence in the company’s valuation, while slightly reducing the free float in the market.

VNV Global Increases Treasury Share Holdings With December Buyback

VNV Global AB has repurchased 96,149 of its own common shares between 15 and 19 December 2025 at an average price of SEK 21.2038, bringing its total holdings of treasury shares to 2,337,949 out of 130,978,236 shares outstanding. The buyback underscores the company’s ongoing use of share repurchases as a capital allocation tool, potentially signalling management’s confidence in the valuation and offering a modest incremental benefit to remaining shareholders through a reduced free float.

VNV Global Enhances Shareholder Value Through Share Repurchase

VNV Global AB has repurchased 131,839 of its own common shares between December 8 and December 12, 2025, at an average price of SEK 21.2986. This move increases their total number of repurchased shares to 2,241,800, which is part of their strategy to manage share capital effectively and potentially enhance shareholder value.

VNV Global Strengthens Market Position with Share Repurchase

VNV Global AB has repurchased 158,225 of its own common shares between December 1 and December 5, 2025, at an average price of SEK 21.7491, bringing its total repurchased shares to 2,109,961. This move could potentially strengthen the company’s market position and shareholder value by consolidating ownership and demonstrating confidence in its business strategy.

VNV Global Enhances Shareholder Value with Recent Share Repurchase

VNV Global AB has repurchased 45,443 of its own common shares between November 24 and November 28, 2025, at an average price of SEK 21.5850. This strategic move increases the total number of repurchased shares held by the company to 1,951,736, out of a total of 130,978,236 common shares. This repurchase could potentially enhance shareholder value and reflect the company’s confidence in its market position.

VNV Global Repurchases 208,805 Shares

VNV Global has repurchased 208,805 of its own common shares between November 17 and November 21, 2025, at an average price of SEK 21.4426. This move increases the total number of repurchased shares held by the company to 1,906,293, out of a total of 130,978,236 common shares, potentially impacting its stock value and shareholder equity.

VNV Global Secures Final Proceeds from Gett Sale, Boosting Cash Position

VNV Global has confirmed the receipt of the remaining USD 26 million from the sale of Gett, completing the total proceeds of USD 86.7 million. This financial development, along with other recent activities such as the Tise exit and partial bond redemption, has resulted in VNV Global achieving a positive net cash position, which could enhance its operational flexibility and market positioning.

VNV Global Enhances Shareholder Value with Recent Share Repurchase

VNV Global has repurchased 254,431 of its own common shares between October 28 and October 31, 2025, at an average price of SEK 23.2042. This move increases the total number of repurchased shares held by the company to 1,337,137, reflecting a strategic decision to potentially enhance shareholder value and optimize capital structure.