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VEF AB
(VEFAB)
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Rating:62Neutral
Price Target:
kr2.00
▼(-7.41% Downside)
Action:Reiterated
Date:10/27/26
The score is anchored by solid financial resilience (low leverage and a large equity base) but constrained by volatile, valuation-driven results and weak/inconsistent cash generation. Valuation is supportive due to a low P/E, while technicals remain weak-to-neutral with the stock trading below several moving averages. Earnings-call commentary was constructive on portfolio operating momentum and potential buybacks, but NAV stagnation, multiple/FX pressure, and exit timing uncertainty limit the upside.
Positive Factors
Conservative balance sheet
A debt-free balance sheet and substantial equity base provide resilience while VEF funds portfolio companies and manages investment cycles. Low leverage reduces financing pressure, preserves strategic flexibility, and supports the company’s ability to pursue exits or capital returns over the next several quarters.
Negative Factors
Volatile and declining reported revenue
Sharp swings in revenue and profitability make VEF’s earnings power difficult to underwrite over a multi-quarter horizon. Results appear heavily influenced by investment revaluations and other non-recurring items, reducing visibility into recurring performance and increasing exposure to asset-value changes.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
A debt-free balance sheet and substantial equity base provide resilience while VEF funds portfolio companies and manages investment cycles. Low leverage reduces financing pressure, preserves strategic flexibility, and supports the company’s ability to pursue exits or capital returns over the next several quarters.
Read all positive factors
VEF AB (VEFAB) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr1.89B
Dividend YieldN/A
Average Volume (3M)1.03M
Price to Earnings (P/E)4.6
Beta (1Y)0.61
Revenue GrowthN/A
EPS GrowthN/A
CountrySE
Employees8
SectorGeneral
Sector StrengthN/A
IndustryAsset Management
Share Statistics
EPS (TTM)0.04
Shares Outstanding1,041,865,700
10 Day Avg. Volume900,114
30 Day Avg. Volume1,026,996
Financial Highlights & Ratios
PEG Ratio-0.02
Price to Book (P/B)0.57
Price to Sales (P/S)626.42
P/FCF Ratio9.55
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)N/A
Revenue Forecast (FY)-kr213.04M
VEF AB Business Overview & Revenue Model
Company Description
VEF AB (publ) is a venture capital firm specializing in early venture, emerging growth and growth capital investments. The firm primarily invests in modern financial services and fintech sector. The financial services sector includes payments prov...
VEF AB Earnings Call Summary
Earnings Call Date:Oct 21, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Jan 20, 2027
Earnings Call Sentiment Positive
The call was predominantly positive. Management highlighted strong operating growth at Creditas, Juspay, Abhi, and a recovering Konfío, a self-sustaining portfolio, improved financing terms, approximately $11 million of pro forma liquidity, and a prospective shift toward share buybacks. These positives were tempered by broadly flat NAV, valuation multiple compression, foreign-exchange pressure, a $5.1 million Konfío markdown, the lack of exits during the quarter, and uncertainty around Creditas valuation, the Brazilian election outcome, and the timing of future buybacks.Positive Updates
Creditas Continued Strong Growth and Operating Efficiency
Creditas delivered 26% year-on-year loan growth and 30% year-on-year revenue growth, marking its ninth consecutive quarter of sequential growth acceleration. Management said AI-led operational efficiency is becoming increasingly predictable, with agents replacing people across customer acquisition, servicing, and collections.
Negative Updates
NAV Was Essentially Flat to Down Approximately 1%
Headline NAV was down around 1% and described as broadly flattish quarter-on-quarter and year-to-date in dollars and local-currency SEK.
Read all updates
Q3-2026 Updates
Positive
Negative
Creditas Continued Strong Growth and Operating Efficiency
Creditas delivered 26% year-on-year loan growth and 30% year-on-year revenue growth, marking its ninth consecutive quarter of sequential growth acceleration. Management said AI-led operational efficiency is becoming increasingly predictable, with agents replacing people across customer acquisition, servicing, and collections.
Read all positive updates
Company Guidance
Management said Creditas will logically move from last round to mark to model in Q4 or Q1, or the coming quarter or two quarters, without giving any forward guidance, while describing its growth as reaching a steady state of 25%-30% growth and cautioning, “I wouldn't extrapolate into the next 20 quarters.” Juspay’s 40 basis points pricing is expected to roll out somewhere between Diwali, which is the November, and the beginning of the calendar year 2027, January 1st. Konfío is expected to remain in growth mode, with “30%-40% growth mode is maybe 25%-40%,” and management said that performance should roll into Q4 as well. VEF expects more portfolio capital raises in the next 6-12 months and is confident that over the next 12-18 months it will see more, a continuation of exits; incremental exits and excess capital will be moved towards buybacks, although no formal capital allocation frameworks or capital return frameworks have been set.VEF AB Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
78
Positive
Cash Flow
44
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 34.41M | 394.00K | -290.00K | 74.93M | 431.00K | -33.64M |
| Gross Profit | 102.16K | 394.00K | -2.50M | 72.44M | -1.73M | -36.30M |
| EBITDA | 35.60M | 89.44M | -81.70M | 68.22M | -374.22M | 275.65M |
| Net Income | 32.72M | 85.44M | -89.86M | 60.07M | -377.36M | 275.51M |
Balance Sheet | ||||||
| Total Assets | 434.79M | 463.69M | 392.66M | 482.35M | 430.09M | 762.85M |
| Cash, Cash Equivalents and Short-Term Investments | 8.22M | 10.51M | 8.68M | 17.72M | 8.61M | 11.13M |
| Total Debt | 24.63M | 25.66M | 35.81M | 38.94M | 47.03M | 63.00K |
| Total Liabilities | 28.70M | 29.87M | 39.70M | 40.12M | 48.38M | 1.12M |
| Stockholders Equity | 406.08M | 433.82M | 352.96M | 442.23M | 381.83M | 761.73M |
Cash Flow | ||||||
| Free Cash Flow | -2.90M | 25.83M | -4.28M | 24.06M | -47.97M | -90.13M |
| Operating Cash Flow | -2.90M | 25.83M | -4.28M | 24.06M | -47.97M | -90.13M |
| Investing Cash Flow | 131.75K | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Financing Cash Flow | -1.78M | -24.98M | -3.99M | -17.73M | 48.28M | 97.77M |
VEF AB Technical Analysis
Negative
2.16
Price Trends
1.87
Negative
1.83
Negative
1.93
Negative
Market Momentum
0.01
Positive
41.00
Neutral
31.32
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:VEFAB, the sentiment is Negative. The current price of 2.16 is above the 20-day moving average (MA) of 1.91, above the 50-day MA of 1.87, and above the 200-day MA of 1.93, indicating a bearish trend. The MACD of 0.01 indicates Positive momentum. The RSI at 41.00 is Neutral, neither overbought nor oversold. The STOCH value of 31.32 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:VEFAB.
VEF AB Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | kr6.66B | 5.29 | ― | 5.05% | -8.09% | 220.60% | |
72 Outperform | kr11.38B | 5.81 | 16.53% | 1.90% | 6.97% | 50.85% | |
62 Neutral | kr1.89B | 4.61 | ― | ― | ― | ― | |
61 Neutral | kr22.66B | 4.51 | 24.04% | 0.90% | -3.49% | ― | |
58 Neutral | kr6.53B | 15.55 | 7.28% | 2.95% | 78.30% | 62.60% | |
57 Neutral | kr13.05B | -55.69 | -1.68% | 3.49% | -23.16% | -128.59% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
SE:VEFAB
VEF AB
1.81
-0.47
-20.61%
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SE:ORES
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VEF AB Corporate Events
VEF AB Tightens Balance Sheet as Emerging Market Fintech Portfolio Accelerates
Oct 21, 2026
VEF AB, a specialist investor in emerging market fintech, reported relatively stable net asset value despite weaker earnings in the third quarter of 2026. The firm’s portfolio continues to benefit from AI-driven efficiency improvements acros...
VEF AB schedules Q3 2026 report and investor webcast
Oct 14, 2026
VEF AB will publish its report for the third quarter of 2026 on Wednesday, October 21, and follow the release with a webcast presentation later that day. Managing Director Dave Nangle will discuss the results and recent developments, offering inve...
VEF to Redeem SEK 300m Sustainability Bonds After Securing New Credit Facility
Oct 5, 2026
VEF AB has confirmed that the condition for the early redemption of its SEK 300 million senior unsecured sustainability bonds maturing 2026 has been met, following the successful establishment of a new SEK 150 million credit facility. The bonds wi...
VEF AB Sets Nomination Committee Ahead of 2027 AGM
Sep 30, 2026
VEF AB has appointed its Nomination Committee for the 2027 Annual General Meeting, naming representatives from major shareholders Acacia Partners, Gemsstock and City of London, alongside non-voting board chairman Lars O Grönstedt. The committ...
VEF Secures Cheaper Credit Facility and Moves From Deleveraging to Share Buybacks
Sep 21, 2026
VEF AB has secured a SEK 150 million revolving credit facility with Pareto Bank to refinance its SEK 300 million bonds maturing in December 2026. The new facility, secured against shares in VEF Cyprus Limited, is priced at Stibor plus 415 basis po...
VEF’s core holding Creditas posts record growth as AI-driven automation boosts 2Q26 results
Aug 4, 2026
Creditas, the largest holding in VEF AB’s portfolio, reported another quarter of record loan origination in 2Q26, reaching R$1.14bn and expanding its portfolio to R$8.1bn, up 26.4% year-on-year. Revenue rose to R$722.9mn with gross profit ou...
VEF AB Updates Share Count After Redemption of Class C 2021 Shares
Jul 31, 2026
VEF AB has reduced its total share count by redeeming 6,878,585 Class C 2021 shares, leaving 1,084,967,207 shares outstanding as of July 31, 2026. The capital structure now comprises over 1.04 billion ordinary shares alongside multiple series of C...
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.