VNV Global: Shifting course - SEB
Igår, 07:29
Igår, 07:29
With VNV announcing that the sale of Gett will not proceed to closing, we see the portfolio remaining concentrated around three key assets, with a decisive tilt toward mobility (c. 60% of Q1 GAV). In Q2/25E, we anticipate attention will thus shift back to the balance sheet and VNV’s strategic focus ahead. We slightly raise our NAV estimate to SEK 39 (35), reflecting listed peers trading up, deriving a fair equity value per share of SEK 23-31 (21-28).
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.
Igår, 07:29
With VNV announcing that the sale of Gett will not proceed to closing, we see the portfolio remaining concentrated around three key assets, with a decisive tilt toward mobility (c. 60% of Q1 GAV). In Q2/25E, we anticipate attention will thus shift back to the balance sheet and VNV’s strategic focus ahead. We slightly raise our NAV estimate to SEK 39 (35), reflecting listed peers trading up, deriving a fair equity value per share of SEK 23-31 (21-28).
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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