VEF took a defensive stance in 2022, focusing on strengthening its balance sheet and reprioritising growth strategies across its portfolio, while conservatively reflecting the reduction in public fintech valuation multiples in its NAV. For 2023e, we note its 40% discount to reported NAV and high-beta characteristics heading into a potential market recovery. To reflect this, we have updated our fair value to SEK3.0–5.7 (3.7–5.4).

DNB