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VNV Global
(VNV)
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Rating:48Neutral
Price Target:
kr16.50
▼(-23.33% Downside)
Action:Reiterated
Date:07/15/26
The score is held back primarily by weak and highly volatile financial performance (loss-making TTM and negative operating/free cash flow), alongside a bearish-to-weak technical setup (below key moving averages with negative MACD). The latest earnings call provides a partial offset via operational momentum in core holdings, active buybacks, and a clearer plan to address the large discount to NAV, but valuation remains difficult to support given negative earnings and no dividend data.
Positive Factors
Conservative Balance Sheet
Material debt reduction and low leverage provide durable financial flexibility. Lower borrowings reduce interest/service risk, support follow‑on investments or opportunistic buys, and enable management to pursue buybacks/exits without immediate refinancing pressure, improving resilience through market cycles.
Negative Factors
Loss-making & Cash Burn
Sustained losses and negative operating/free cash flow erode the firm's ability to fund follow‑ons and support portfolio companies internally. Over months this increases reliance on external capital or asset disposals, heightens execution risk for exits and buybacks, and can compress long‑term shareholder returns.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative Balance Sheet
Material debt reduction and low leverage provide durable financial flexibility. Lower borrowings reduce interest/service risk, support follow‑on investments or opportunistic buys, and enable management to pursue buybacks/exits without immediate refinancing pressure, improving resilience through market cycles.
Read all positive factors
VNV Global (VNV) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr2.13B
Dividend YieldN/A
Average Volume (3M)324.17K
Price to Earnings (P/E)―
Beta (1Y)1.20
Revenue Growth-29.17%
EPS Growth-2541.25%
CountrySE
Employees7
SectorFinancial
Sector Strength70
IndustryAsset Management - Global
Share Statistics
EPS (TTM)-1.03
Shares Outstanding128,112,290
10 Day Avg. Volume232,434
30 Day Avg. Volume324,168
Financial Highlights & Ratios
PEG Ratio0.16
Price to Book (P/B)0.57
Price to Sales (P/S)884.12
P/FCF Ratio-24.17
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)-0.05
Revenue Forecast (FY)kr590.00K
VNV Global Business Overview & Revenue Model
Company Description
VNV Global AB (publ), formerly known as Vostok New Ventures Ltd., functions as a private equity and venture capital firm. The company specializes in a broad spectrum of investment stages, including seed/startup, early, mid, and late venture, as we...
How the Company Makes Money
VNV Global primarily makes money through investment returns rather than operating revenue from selling products or services. Its key economic drivers are: (1) Fair value gains on equity holdings: As portfolio companies increase in value, VNV’s rep...
VNV Global Earnings Call Summary
Earnings Call Date:Jul 14, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 27, 2026
Earnings Call Sentiment Neutral
The call highlighted strong operational momentum across several core portfolio companies (notably Voi, Breadfast, HousingAnywhere, and improving margins at BlaBlaCar), strategic initiatives to create a regulated fund vehicle and a pipeline of exits to generate liquidity. Offsetting these positives are a very large YTD NAV decline in USD, a persistent ~53% discount to NAV, reduced short‑term liquidity after the bond buyback, and some valuation mark volatility. Management is actively pursuing buybacks, exits and a fund strategy to address the discount, but near‑term balance‑sheet constraints and the deep market discount remain clear challenges.Positive Updates
Quarterly NAV Stability (USD) and SEK Growth
Net asset value (NAV) as of June 30 was $461 million ($360 per share), flat in USD during the quarter and up 2% in SEK terms (SEK 4.5 billion, ~35 SEK per share).
Negative Updates
Large YTD NAV Decline in USD
For the six‑month period NAV is down 60% in USD terms (and down 11% in SEK), representing a significant currency‑adjusted decline year‑to‑date.
Read all updates
Q2-2026 Updates
Positive
Negative
Quarterly NAV Stability (USD) and SEK Growth
Net asset value (NAV) as of June 30 was $461 million ($360 per share), flat in USD during the quarter and up 2% in SEK terms (SEK 4.5 billion, ~35 SEK per share).
Read all positive updates
Company Guidance
Management guided several near‑term actions and portfolio implications: they will launch a regulated fund (update within the quarter) and hold a Capital Markets Day on Sept 16, continue share buybacks (YTD ~600k repurchased, ~100k treasury shares at June 30) and pursue a string of exits (some at/above NAV) to address the ~53% discount to Q2 NAV of $461m ($360/share; SEK4.5bn, ~SEK35/share); cash ended Q2 at $16m plus $9m in liquidity investments (down from ~$30m) and borrowings fell to $27m from $46m after a SEK167m bond repurchase at SEK104. On portfolio guidance: BlaBlaCar will wind down operated buses by year‑end (reducing revenues from 2027 but lifting gross margin from ~50% to ~90% and moving its pre‑discount EV/rev NTM multiple from ~2.7x to ~4.2x), Voi continues strong momentum (LTM Q1 revenue €188m, +36% YoY; adj. EBITDA ~€30m, +40%; Q1 growth +38% YoY; pre‑discount EV/EBITDA ~11.1x with effective <10x after discounts; Q2 report due July 23 and Lime IPO will be used as a peer next quarter), HousingAnywhere’s AI assistant now handles >50% of traffic, Numan (model value $36m) shows improved retention (half of new customers on commitment packages) and an 18k waitlist for an oral Wegovy launch, Breadfast reports ~$300m annualized GMV, ~500k monthly users and ~60 fulfillment points, and Bokadirekt is valued at $26m (+5%) with ~16% ownership and a Zoezi acquisition adding ~10% to top line.VNV Global Financial Statement Overview
Summary
Income Statement
32
Negative
Balance Sheet
68
Positive
Cash Flow
38
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | -77.75M | 350.19K | -71.11M | 45.29M | -758.29M | 86.22M |
| Gross Profit | -83.87M | 17.40M | -77.78M | 35.82M | -771.72M | 77.74M |
| EBITDA | -123.72M | ― | -84.80M | 22.72M | -781.69M | 64.09M |
| Net Income | -132.24M | -31.00M | -85.14M | 22.43M | -782.00M | 63.74M |
Balance Sheet | ||||||
| Total Assets | 489.86M | 593.01M | 661.01M | 824.62M | 781.55M | 1.55B |
| Cash, Cash Equivalents and Short-Term Investments | 16.35M | 51.12M | 15.68M | 42.49M | 66.13M | 124.20M |
| Total Debt | 26.76M | 46.13M | 77.04M | 152.12M | 164.34M | 144.94M |
| Total Liabilities | 29.32M | 47.73M | 79.62M | 158.33M | 168.12M | 144.94M |
| Stockholders Equity | 460.54M | 545.28M | 581.39M | 666.29M | 613.43M | 1.40B |
Cash Flow | ||||||
| Free Cash Flow | -12.10M | -12.81M | 46.38M | -29.41M | -80.55M | -191.01M |
| Operating Cash Flow | -23.37M | -12.81M | 46.38M | -29.41M | -80.55M | -191.01M |
| Investing Cash Flow | 99.07M | 101.60M | 0.00 | 0.00 | 0.00 | 0.00 |
| Financing Cash Flow | -76.56M | -55.05M | -67.82M | 4.13M | 22.73M | 305.20M |
VNV Global Technical Analysis
Positive
21.52
Price Trends
17.28
Negative
17.79
Negative
19.74
Negative
Market Momentum
-0.18
Negative
48.32
Neutral
56.73
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:VNV, the sentiment is Positive. The current price of 21.52 is above the 20-day moving average (MA) of 16.53, above the 50-day MA of 17.28, and above the 200-day MA of 19.74, indicating a neutral trend. The MACD of -0.18 indicates Negative momentum. The RSI at 48.32 is Neutral, neither overbought nor oversold. The STOCH value of 56.73 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:VNV.
VNV Global Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | kr5.99B | 8.50 | ― | 6.23% | -9.14% | 1.57% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
63 Neutral | kr20.41B | -5.34 | -23.18% | 1.13% | 8.76% | -3392.98% | |
58 Neutral | kr5.79B | -75.14 | 7.55% | 0.79% | 78.30% | 62.60% | |
48 Neutral | kr2.13B | -1.68 | 2.59% | ― | -29.17% | -2541.25% | |
47 Neutral | kr352.95M | -3.03 | ― | 8.78% | ― | -567.36% | |
45 Neutral | kr14.08B | -1.91 | ― | ― | 400.00% | -184.07% |
* Financial Sector Average
SE:VNV
VNV Global
16.64
-4.72
-22.10%
SE:KINV.A
Kinnevik AB Class A
63.80
-44.80
-41.25%
SE:BURE
Bure Equity AB
275.20
-13.04
-4.52%
SE:SVOL.B
Svolder AB Class B
54.85
-0.38
-0.69%
SE:NAXS
NAXS AB
34.20
-7.45
-17.88%
SE:ORES
Investment AB Oresund
131.80
4.87
3.83%
VNV Global Corporate Events
VNV Global Books H1 Loss as Portfolio Revaluations Hit NAV
Jul 14, 2026
VNV Global reported a decline in net asset value to USD 460.54 million, or USD 3.60 per share, as of June 30, 2026, down 16% in USD and 11% in SEK from year-end 2025. The company posted a net loss of USD 85.10 million for the first half, driven ma...
VNV Global Sets Date for Six-Month 2026 Report and Investor Presentation
Jul 6, 2026
VNV Global has scheduled the publication of its six-month and second-quarter 2026 report for July 14, 2026, underlining the company’s regular financial disclosure cycle to investors and analysts. On the same day, management will host a telep...
VNV Global Expands Share Capital With New Incentive Share Issue
Jun 30, 2026
VNV Global AB has updated its share capital structure following the June 2026 issuance of 1,300,000 Class C-2026 reclassifiable subordinated incentive shares under its long-term incentive program. The move, approved at the May 12, 2026 annual gene...
VNV Global Cancels Repurchased Shares, Updates Total Voting Rights
May 29, 2026
VNV Global AB has reduced its share capital by cancelling 2,865,943 repurchased ordinary shares, a move approved at its 12 May 2026 annual general meeting and now reflected in an updated share count. Following the transaction, the company has 134,...
VNV Global AGM Backs New Incentive Plan, Capital Flexibility and Board Changes
May 12, 2026
VNV Global’s annual general meeting in Stockholm approved the company’s 2025 financial statements and decided to retain earnings with no dividend, signalling a continued emphasis on reinvestment over cash distribution. Shareholders con...
VNV Global Expands Treasury Stock with New Share Buyback
May 11, 2026
VNV Global has repurchased 100,267 of its own common shares between 4 and 8 May 2026 at an average price of SEK 18.09, bringing its total holdings of treasury shares to 2,971,633. Including these repurchased shares, the company’s total share...
VNV Global Expands Share Buyback as Part of Capital Management Strategy
May 4, 2026
VNV Global, the Stockholm-listed investment company focused on network-effect businesses, continues to position itself as a long-term, moat-driven investor in scalable business models. By concentrating on patient capital and listed Mid Cap exposur...
VNV Global Retires SEK 166.9m of 2027 Bonds in Partial Buyback
Apr 29, 2026
VNV Global AB has repurchased approximately SEK 166.9 million of its SEK 425 million bond loan maturing in October 2027, following a partial buyback offer announced earlier in April. The bonds were bought at 104% of nominal value plus accrued inte...
VNV Global’s Voi Delivers Strong Revenue Growth but Remains in the Red
Apr 27, 2026
VNV Global’s portfolio company Voi, a leading European micromobility provider, reported strong top-line growth in the first quarter of 2026, with net revenue up 38% to EUR 36.4 million and vehicle profit up 35%, while maintaining a stable ve...
VNV Global’s NAV Drops 15% as Market Headwinds Hit Portfolio Valuations
Apr 22, 2026
VNV Global reported a sharp decline in net asset value for the first quarter of 2026, with NAV falling to USD 462.08 million, or USD 3.61 per share, down 15.15% in dollar terms and 12.43% in Swedish krona from year-end 2025. The company posted a n...
VNV Global Launches Partial Buyback of 2024/2027 Bond
Apr 22, 2026
VNV Global has launched a partial buyback offer for its SEK 425 million 2024/2027 bond, aiming to repurchase up to SEK 275 million of the notes using existing cash and with final pricing to be set through a book-building process. The company retai...
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.