VNV Global Q1: First take - SEB
22 april, 08:56
VNV saw its Q1 NAV decline 15.5% in USD terms q/q and reported an NAV per share of SEK 34 (-12.5% q/q), driven by listed peers trading down. On a company level, BlaBlaCar took the largest hit, but VNV notes that the underlying portfolio is doing well, and that NAV would have increased q/q if peer multiples were unchanged. The share discount to NAV is broadly unchanged at 46% in Q1/26 vs 44% in Q4/25. Overall, broadly as expected, with no major investments/divestments in Q1.
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 Q1: First take - SEB
22 april, 08:56
VNV saw its Q1 NAV decline 15.5% in USD terms q/q and reported an NAV per share of SEK 34 (-12.5% q/q), driven by listed peers trading down. On a company level, BlaBlaCar took the largest hit, but VNV notes that the underlying portfolio is doing well, and that NAV would have increased q/q if peer multiples were unchanged. The share discount to NAV is broadly unchanged at 46% in Q1/26 vs 44% in Q4/25. Overall, broadly as expected, with no major investments/divestments in Q1.
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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