VNV Global (SE:VNV)
:VNV
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VNV Global
(VNV)
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Rating:47Neutral
Price Target:
kr18.00
▼(-16.36% Downside)
Action:ReiteratedDate:01/31/26
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.
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.
Read all positive and negative factors
Positive Factors
Negative 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.
Read all positive factors
VNV Global (VNV) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr2.44B
Dividend YieldN/A
Average Volume (3M)324.17K
Price to Earnings (P/E)―
Beta (1Y)1.34
Revenue GrowthN/A
EPS GrowthN/A
CountrySE
Employees3
SectorFinancial
Sector Strength70
IndustryAsset Management - Global
Share Statistics
EPS (TTM)-2.73
Shares Outstanding130,978,240
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 Ratio0.00
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)-0.67
Revenue Forecast (FY)-kr81.48M
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 inv...
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 ...
VNV Global Earnings Call Summary
Earnings Call Date:Jan 29, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 22, 2026
Earnings Call Sentiment Positive
The call presents stronger operational progress and accelerating growth across core portfolio companies (notably Voi, BlaBlaCar, Numan, Breadfast and HousingAnywhere) with improving profitability and selective follow-on investments. However, near-term reported NAV and valuation headwinds—driven by peer multiple moves, currency effects and continued discounting of VNV shares—remain material. Management is addressing the discount via opportunistic buybacks and sees long-term upside from portfolio fundamentals.Positive Updates
NAV and Portfolio Size
NAV at year-end 2025 of $547 million (≈$4.25/share). Total investment portfolio ~$589 million (investments $537M, cash ~$55M).
Negative Updates
Quarterly and 12-month NAV declines
NAV declined 5.9% in USD during Q4 2025 and ~8% in SEK for the quarter. Over 12 months NAV is down ~4.2% in USD and close to 20% in SEK.
Read all updates
Q4-2025 Updates
Positive
Negative
NAV and Portfolio Size
NAV at year-end 2025 of $547 million (≈$4.25/share). Total investment portfolio ~$589 million (investments $537M, cash ~$55M).
Read all positive updates
Company Guidance
Guidance summary: VNV ended 2025 with NAV $547m (≈ $4.25/share), down 5.9% in Q4 (SEK 5.0bn, ≈ SEK39.1/share, -8% Q4) and -4.2% year‑on‑year in USD (≈ -20% in SEK); total investment portfolio stood at $589m (investments $537m, cash ~$55m), with borrowings $46.6m after a partial bond redemption (debt roughly halved). The shares repurchased ~2.4m common (~1.8% outstanding); the stock traded at ~19.9% discount to NAV (per‑share close Jan‑28) and an implied ~49% discount to NAV, and management will continue opportunistic buybacks. Top‑6 holdings make up ~80% of NAV (~SEK30/share): BlaBlaCar $164m (Q4 -11%), Voi $127m (Q4 -7%; 2025 net revenue growth ~30%, active users +33%, ~1m monthly active users, ~110 cities/12 countries, ~30% market share, >60k vehicles resold, ~1‑year payback on 9th‑gen hardware, >10‑year asset life), Numan $37m (valued on a 2025 raise; triple‑digit 2025 revenue growth, positive EBITDA), HousingAnywhere $37m (flat; ~20% annual growth, adj. EBITDA positive since 2024; VNV committed ~EUR1m to an upcoming round), Breadfast ~$30m (run‑rate GMV ≈ $290m), and Bokadirekt (2025 net revenue ~SEK200m, EBITDA ~SEK50m). Management expects the six largest holdings to have accelerated growth (~40% in the year just closed) and projects continued strong growth into 2026 (order of ~30%) with earnings turning positive and accelerating; Voi is expected to deliver positive adjusted EBITDA/EBIT in 2026 with margin expansion over 2025 while investing in city expansion and refurbishment capacity.VNV Global Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
62
Positive
Cash Flow
22
Negative
| 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 | 17.40M | -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
Positive
21.52
Price Trends
18.38
Positive
19.77
Negative
20.93
Negative
Market Momentum
-0.04
Negative
53.36
Neutral
67.32
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 18.15, above the 50-day MA of 18.38, and above the 200-day MA of 20.93, indicating a neutral trend. The MACD of -0.04 indicates Negative momentum. The RSI at 53.36 is Neutral, neither overbought nor oversold. The STOCH value of 67.32 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 |
|---|---|---|---|---|---|---|---|
77 Outperform | kr7.13B | 6.12 | ― | 6.23% | -0.22% | -58.80% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
55 Neutral | kr5.34B | -3.58 | 7.55% | 0.79% | -25.75% | -27.25% | |
53 Neutral | kr16.99B | -3.91 | -23.18% | 1.13% | 22.38% | -153.85% | |
49 Neutral | kr385.97M | -15.68 | ― | 8.78% | ― | ― | |
47 Neutral | kr2.44B | -2.01 | 2.59% | ― | ― | ― | |
42 Neutral | kr14.21B | -6.93 | ― | ― | -97.64% | ― |
* Financial Sector Average
SE:VNV
VNV Global
18.60
3.27
21.33%
SE:KINV.A
Kinnevik AB Class A
59.30
-15.70
-20.93%
SE:BURE
Bure Equity AB
229.20
-58.47
-20.33%
SE:SVOL.B
Svolder AB Class B
50.50
0.89
1.79%
SE:NAXS
NAXS AB
37.40
0.14
0.37%
SE:ORES
Investment AB Oresund
156.80
50.49
47.49%
VNV Global Corporate Events
VNV Global NAV Falls in 2025 as Portfolio Revaluations Drive Annual Loss
Jan 29, 2026
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...
VNV Global to Present Twelve-Month 2025 Report in Investor Webcast
Jan 20, 2026
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 d...
VNV Global Boosts Treasury Stock with New Share Buyback
Dec 29, 2025
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 commo...
VNV Global Increases Treasury Share Holdings With December Buyback
Dec 22, 2025
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 unders...
VNV Global Enhances Shareholder Value Through Share Repurchase
Dec 15, 2025
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...
VNV Global Strengthens Market Position with Share Repurchase
Dec 8, 2025
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 company̵...
VNV Global Enhances Shareholder Value with Recent Share Repurchase
Dec 1, 2025
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...
VNV Global Repurchases 208,805 Shares
Nov 24, 2025
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 ...
VNV Global Secures Final Proceeds from Gett Sale, Boosting Cash Position
Nov 5, 2025
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 re...
VNV Global Enhances Shareholder Value with Recent Share Repurchase
Nov 3, 2025
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 stra...
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.