VNV Global: Holding up despite valuation headwinds - SEB
23 april, 07:43
VNV delivered a Q1 NAV that was strongly influenced by listed peers’ multiples trading down, while our impression is that the underlying portfolio continues to perform well and that transactions are still taking place close to VNV’s NAV levels. The company also announced a partial buy-back offer for its outstanding bonds, which we interpret as it having further exits in sight and liquidity on the way. The NAV discount after today hovers at c. 50%.
SEB Research
This research has been commissioned by the company. Only for professional investors resident in EEA member states. Reports may not be distributed to the US or other jurisdictions where to do so would be unlawful. Please see the disclaimer tab for any details of investment banking services recently provided by SEB that could be considered relevant to the subject matter of this research.
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VNV Global: Holding up despite valuation headwinds - SEB
23 april, 07:43
VNV delivered a Q1 NAV that was strongly influenced by listed peers’ multiples trading down, while our impression is that the underlying portfolio continues to perform well and that transactions are still taking place close to VNV’s NAV levels. The company also announced a partial buy-back offer for its outstanding bonds, which we interpret as it having further exits in sight and liquidity on the way. The NAV discount after today hovers at c. 50%.
SEB Research
This research has been commissioned by the company. Only for professional investors resident in EEA member states. Reports may not be distributed to the US or other jurisdictions where to do so would be unlawful. Please see the disclaimer tab for any details of investment banking services recently provided by SEB that could be considered relevant to the subject matter of this research.
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