VNV Global (SE:VNV)
:VNV
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VNV Global
(VNV)
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Rating:46Neutral
Price Target:
kr17.00
▼(-21.00% Downside)
Action:ReiteratedDate:04/23/26
The score is held down primarily by weak financial performance (recent losses, highly volatile revenue, and negative TTM operating/free cash flow) and bearish technical positioning below major moving averages. The latest earnings call provides a partial offset via improving underlying portfolio operating momentum and shareholder-friendly actions (buybacks/debt reduction), but NAV compression and valuation/FX-driven volatility remain meaningful near-term risks.
Positive Factors
Portfolio growth & profitability
A concentrated top-six portfolio growing ~30% CAGR and shifting to aggregate profitability materially strengthens VNV’s fundamental return prospects. Durable revenue and profit improvements increase odds of value-accretive exits, improve NAV quality over time, and reduce reliance on mark-to-market recoveries alone.
Negative Factors
NAV compression & market discount
A large persistent discount to NAV and recent QoQ NAV compression weaken VNV’s ability to monetize holdings efficiently. This structural valuation gap can limit fundraising, mute the impact of buybacks, and reduce returns on exits if market buyers sustain lower pricing, prolonging recovery timelines.
Read all positive and negative factors
Positive Factors
Negative Factors
Portfolio growth & profitability
A concentrated top-six portfolio growing ~30% CAGR and shifting to aggregate profitability materially strengthens VNV’s fundamental return prospects. Durable revenue and profit improvements increase odds of value-accretive exits, improve NAV quality over time, and reduce reliance on mark-to-market recoveries alone.
Read all positive factors
VNV Global (VNV) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr2.37B
Dividend YieldN/A
Average Volume (3M)324.17K
Price to Earnings (P/E)―
Beta (1Y)1.29
Revenue Growth-67.44%
EPS Growth14.09%
CountrySE
Employees3
SectorFinancial
Sector Strength70
IndustryAsset Management - Global
Share Statistics
EPS (TTM)-5.96
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)-0.05
Revenue Forecast (FY)kr590.00K
VNV Global Business Overview & Revenue Model
Company Description
VNV Global AB (publ) formerly known as Vostok New Ventures Ltd., 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 primarily makes money through investment returns rather than operating revenue. Its key economic value drivers are: (1) increases in the fair value of its equity holdings, which can raise reported results and net asset value as portfolio compa...
VNV Global Earnings Call Summary
Earnings Call Date:Apr 22, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 15, 2026
Earnings Call Sentiment Neutral
The call presented a mixed picture: strong underlying operational performance and a clear shift to profitability across the core portfolio (notable wins at Voi, Numan, BlaBlaCar, HousingAnywhere and Breadfast, plus active capital management) contrasted with material valuation pressure from peer multiples, FX headwinds and NAV compression that drove a ~15% QoQ NAV decline and a large market discount (~49%). Management remains constructive on fundamentals and is pursuing buybacks and debt reduction, but near‑term sentiment is tempered by market/valuation volatility.Positive Updates
Strong Operational Growth and Profitability Shift
Top-6 portfolio companies delivered a near 30% CAGR in revenue over ~3 years and the aggregated portfolio moved from slightly negative to positive profitability; the core portfolio grew ~25% in the last quarter and these six names represent ~77% of NAV.
Negative Updates
NAV Decline and Large Discount to Market Price
Reported NAV declined to $462M, down ~15% QoQ to $3.61/share (SEK 34.25, -12% QoQ). VNV shares continue to trade at a significant discount to NAV (~49% as of the call).
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Operational Growth and Profitability Shift
Top-6 portfolio companies delivered a near 30% CAGR in revenue over ~3 years and the aggregated portfolio moved from slightly negative to positive profitability; the core portfolio grew ~25% in the last quarter and these six names represent ~77% of NAV.
Read all positive updates
Company Guidance
Management guided that its priorities are to continue reducing debt and buying back stock while preserving liquidity for portfolio support and planned exits: reported NAV was $462M (down 15% QoQ to $3.61/share, SEK 34.25, -12% QoQ), total investment portfolio $503M (investments $486M + $17M cash) with cash/cash equivalents and liquidity placements cited at roughly $47M (and alternatively referenced as $70M cash + $30M liquidity investments), borrowings down to $45.7M, and the shares trading at a c.49% discount to NAV; they repurchased ~500,000 shares, launched a partial bond buyback offer up to SEK 275M and bought a small amount of bonds. Top 6 holdings equal ~77% of NAV (SEK 26/share) and the portfolio shows near-30% CAGR in revenue for those names and ~25% growth last quarter. Key asset metrics called out include BlaBlaCar GMV €2B (marked at 0.4x GMV; holding down 27% to $120M), Voi 2025 revenue €178M (+34% YoY) with adj. EBITDA €29.3M (+70%) and revenue/vehicle/day €3.94 (vs peer €2.88), HousingAnywhere participation €1M, Numan +125% revenue growth in 2025, Breadfast closing a $50M round, and Bokadirekt down ~10% but accretive acquisition; management reiterated intent to deploy liquidity opportunistically and expects further exits before the next report on July 14.VNV Global Financial Statement Overview
Summary
Income Statement
24
Negative
Balance Sheet
66
Positive
Cash Flow
32
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | -44.67M | 350.19K | -71.11M | 45.29M | -758.29M | 86.22M |
| Gross Profit | -51.34M | 17.40M | -77.78M | 35.82M | -771.72M | 77.74M |
| EBITDA | -90.85M | ― | -84.80M | 22.72M | -781.69M | 64.09M |
| Net Income | -99.37M | -31.00M | -85.14M | 22.43M | -782.00M | 63.74M |
Balance Sheet | ||||||
| Total Assets | 509.02M | 593.01M | 661.01M | 824.62M | 781.55M | 1.55B |
| Cash, Cash Equivalents and Short-Term Investments | 16.79M | 51.12M | 15.68M | 42.49M | 66.13M | 124.20M |
| Total Debt | 45.33M | 46.13M | 77.04M | 152.12M | 164.34M | 144.94M |
| Total Liabilities | 46.94M | 47.73M | 79.62M | 158.33M | 168.12M | 144.94M |
| Stockholders Equity | 462.08M | 545.28M | 581.39M | 666.29M | 613.43M | 1.40B |
Cash Flow | ||||||
| Free Cash Flow | -58.71M | 0.00 | 46.38M | -29.41M | -80.55M | -191.01M |
| Operating Cash Flow | -38.62M | -12.81M | 46.38M | -29.41M | -80.55M | -191.01M |
| Investing Cash Flow | 99.38M | 101.60M | 0.00 | 0.00 | 0.00 | 0.00 |
| Financing Cash Flow | -59.04M | -55.05M | -67.82M | 4.13M | 22.73M | 305.20M |
VNV Global Technical Analysis
Neutral
21.52
Price Trends
18.39
Positive
19.62
Negative
20.97
Negative
Market Momentum
0.16
Negative
57.66
Neutral
86.06
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:VNV, the sentiment is Neutral. The current price of 21.52 is above the 20-day moving average (MA) of 18.31, above the 50-day MA of 18.39, and above the 200-day MA of 20.97, indicating a neutral trend. The MACD of 0.16 indicates Negative momentum. The RSI at 57.66 is Neutral, neither overbought nor oversold. The STOCH value of 86.06 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 | kr6.51B | 3.42 | ― | 6.23% | 2.88% | 256.86% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
55 Neutral | kr5.45B | -3.58 | 7.55% | 0.79% | -191.26% | -204.37% | |
53 Neutral | kr19.80B | -7.93 | -23.18% | 1.13% | 23.33% | -181.45% | |
49 Neutral | kr368.43M | -21.76 | ― | 8.78% | ― | -567.36% | |
46 Neutral | kr2.37B | -0.74 | 2.59% | ― | -67.44% | 14.09% | |
42 Neutral | kr14.76B | -0.44 | ― | ― | 143.59% | -52.62% |
* Financial Sector Average
SE:VNV
VNV Global
18.06
1.08
6.36%
SE:KINV.A
Kinnevik AB Class A
61.20
-25.90
-29.74%
SE:BURE
Bure Equity AB
267.00
-43.47
-14.00%
SE:SVOL.B
Svolder AB Class B
51.50
-4.90
-8.68%
SE:NAXS
NAXS AB
35.70
-4.33
-10.82%
SE:ORES
Investment AB Oresund
143.20
32.72
29.62%
VNV Global Corporate Events
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...
VNV Global Sets Date for First-Quarter 2026 Report and Investor Call
Apr 14, 2026
VNV Global AB will publish its three-month report for the first quarter of 2026 on April 22 and will host a telephone conference and webcast the same day at 16:00 CEST. Chief executive Per Brilioth will discuss the quarterly results and recent dev...
VNV Global Calls 2026 Annual General Meeting in Stockholm
Apr 8, 2026
VNV Global AB has called its Annual General Meeting for 12 May 2026 in Stockholm, providing shareholders the choice to attend in person or exercise their rights via advance voting. The company details the registration deadlines, procedures for phy...
VNV Global Taps Former Nordnet CEO Lars-Åke Norling to Chair Board
Apr 8, 2026
VNV Global’s Nomination Committee has proposed a refreshed board line-up for the 2026 annual general meeting, putting forward telecom and fintech veteran Lars-Åke Norling as both new director and chairman. Existing directors Therese Ang...
VNV Global Expands Share Buyback Programme with New Repurchases
Mar 23, 2026
VNV Global has executed another round of share buybacks, repurchasing 25,665 common shares between 16 and 20 March 2026 at an average price of SEK 18.1561, and now holds a total of 2,865,943 treasury shares out of 130,978,236 outstanding. The move...
VNV Global Expands Treasury Stock With New Share Buyback
Mar 16, 2026
VNV Global has repurchased 35,820 of its own common shares between 9 March and 13 March 2026 at an average price of SEK 18.4384, bringing its treasury stock to 2,840,278 shares. Including these repurchased shares, the company’s total number ...
VNV Global Adds to Treasury Stock With New Share Buyback
Mar 9, 2026
VNV Global AB has repurchased 30,495 of its own common shares between 2 and 6 March 2026 at an average price of SEK 18.3670 per share. Following this transaction, the company now holds 2,804,458 treasury shares out of a total 130,978,236 common sh...
VNV Global Adds to Treasury Stock With Targeted Share Buyback
Mar 2, 2026
VNV Global has repurchased 30,000 of its own common shares between February 23 and 27, 2026, at an average price of SEK 18.8453, bringing its total treasury stock to 2,773,963 shares. Including these repurchased shares, the company now has 130,978...
VNV Global Expands Share Buyback, Tightening Free Float
Feb 23, 2026
VNV Global has continued its capital management strategy by repurchasing 27,389 of its own common shares between 9 and 13 February 2026 at an average price of SEK 17.9095. Following these transactions, the company now holds 2,743,963 treasury shar...
VNV Global Publishes 2025 Annual Report and 2026 Financial Calendar
Feb 20, 2026
VNV Global has released its 2025 annual report, outlining detailed financial statements for both the group and parent company, as well as an overview of its investment portfolio and exits during the year. The report also presents the company’...
VNV Global’s Voi Delivers Strong 2025 Growth as Cash Flow Improves Despite EBIT Losses
Feb 18, 2026
VNV Global’s portfolio company Voi, a leading European micromobility provider, reported strong top-line growth for the fourth quarter of 2025, with net revenue up 45% to EUR 47.5 million and full-year 2025 revenue up 34% to EUR 178.2 million...
VNV Global Expands Share Buyback Holdings After February Repurchases
Feb 9, 2026
VNV Global has conducted a new round of share buybacks, repurchasing 176,651 common shares between 2 and 6 February 2026 at an average price of SEK 18.9404. Following these transactions, the company now holds a total of 2,686,236 treasury shares o...
VNV Global Expands Share Buyback with 131,000-Share Repurchase
Feb 2, 2026
VNV Global has repurchased 131,000 of its own common shares between 29 and 30 January 2026 at an average price of SEK 18.5382, bringing the total number of treasury shares held by the company to 2,509,585 out of 130,978,236 outstanding common shar...
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...
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.