VNV Global (VNV) AI Stock Analysis

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VNV Global

(Nasdaq OMX AB:VNV)

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Rating:54Neutral

Price Target:SEK 18.50▲(0.22% Upside)

Action:reiterated

Date:10/29/26

The overall score of 54 reflects a company with a high-risk, high-potential profile. The most significant positive factor is the strong operational momentum and profitability of its underlying portfolio companies, as detailed in a positive earnings call, coupled with a clear capital return strategy. This is counterbalanced by the critical risk of a deeply unprofitable and volatile income statement at the parent level and a negative P/E ratio. The company's low-debt balance sheet and recent positive cash flow provide a financial cushion, but the persistent discount to NAV and lack of dividends underscore the market's skepticism.

Positive Factors

Portfolio growth and profitabilityGrowth across the largest holdings, combined with portfolio-level profitability, supports the durability of VNV’s investment model. If earnings mature into distributable dividends, they could cover corporate costs and provide recurring capacity for reinvestment or shareholder returns.

Negative Factors

Persistent earnings volatilityRecurring losses after earlier profitable years show that reported earnings are not yet dependable. Results remain sensitive to revaluations and one-off effects, which makes it harder to assess sustainable returns on capital and reduces the company’s ability to fund obligations from recurring profits.

VNV Global (VNV) vs. iShares MSCI Sweden ETF (EWD)

Market Cap: SEK 252.17M
Dividend Yield: ―
Average Volume (3M): 228.16K
Price to Earnings (P/E): -1.6
Beta (1Y): 1.01
Revenue Growth: -35.14%
EPS Growth: -1077.40%
Country: Sweden
Employees: 3
Sector: Financial
Sector Strength: 68
Industry: Financial - Conglomerates

VNV Global Business Overview & Revenue Model

Company Description

VNV Global AB (publ), formerly known as Vostok New Ventures Ltd., functions as a private equity and venture capital firm. The company specializes in a broad spectrum of investment stages, including seed/startup, early, mid, and late venture, as well...

VNV Global Earnings Call Summary

Earnings Call Date:Oct 27, 2026(Q3-2026)|% Change Since:-5.82%|Next Earnings Date:Jan 28, 2027

Earnings Call SentimentPositive

The call was predominantly positive. Management highlighted strong profitability, accelerating growth, significant operating improvements at Voi and BlaBlaCar, successful exits, substantial liquidity, and plans to use cash for share buybacks. These positives were partly offset by the 2% NAV decline in SEK terms, the significant share-price discount to NAV, multiple-driven valuation reductions, and a 26% write-down of Numan amid challenging U.K. market conditions.

Positive Updates

Portfolio Remains Profitable with Strong Growth

Management said the portfolio has become and remains profitable, without growth tailing off. The top six companies delivered 27% top-line growth over the past years and generated approximately $8.5 million of earnings to VNV. Management said that, once mature enough to be distributed as dividends, earnings from these six companies could cover VNV's entire OpEx and leave room for significant share buybacks.

Negative Updates

NAV Declined During the Quarter

Q3 NAV was $439 million, or $343 per share, equivalent to SEK 34.2 per share. NAV declined 2% in SEK terms and roughly 5% in dollar terms during the quarter.

Company Guidance

Guidance included BlaBlaCar revenue of around EUR 205 million-EUR 215 million in 2026, up around 15% versus 2025, EBITDA of around EUR 40 million-EUR 45 million, nearly double last year at EUR 23 million, reflecting approximately 20% margin in 2026, and a long-term EBITDA margin target of 40% to 45%; 2027 will essentially be a pure marketplace business with a gross margin of around 90%, and management expects higher growth and especially EBITDA growth in 2027, leading it to believe that “we should see an acceleration into 2027.” Voi is expected to continue growing at a fast rate in 2027 as well, with a EUR 150 million facility and ample room to invest and fund growth, while the company will soon be in a position to fund its annual growth CapEx entirely from its own cash flows. Bokadirekt is expected to continue to grow top line in similar growth rates and continue to increase profitability at a more accelerated rate; potential additional exits could be another $10 million, realistically over the next quarter or so, although it is “a touch premature”; and share buybacks will be where the bulk of available cash will be used.

VNV Global Financial Statement Overview

Summary

Financial performance is highly polarized. The income statement is critically weak, with deeply negative TTM revenue and net losses, indicating an unstable core business. This is partially offset by a strong, deleveraged balance sheet with minimal debt and a recent, positive shift in operating and free cash flow, suggesting potential stabilization. Overall, the extreme volatility and deep unprofitability present a high risk.

Income Statement

8Very Negative

Balance Sheet

65Positive

Cash Flow

30Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	-97.79M	350.19K	-71.11M	45.29M	-758.29M	86.22M
Gross Profit	-102.99M	17.40M	-77.78M	35.82M	-771.72M	77.74M
EBITDA	-140.23M	―	-84.80M	22.72M	-781.69M	64.09M
Net Income	-144.81M	-31.00M	-85.14M	22.43M	-782.00M	63.74M
Balance Sheet
Total Assets	466.33M	593.01M	661.01M	824.62M	781.55M	1.55B
Cash, Cash Equivalents and Short-Term Investments	13.35M	51.12M	15.68M	42.49M	66.13M	124.20M
Total Debt	26.11M	46.13M	77.04M	152.12M	164.34M	144.94M
Total Liabilities	27.25M	47.73M	79.62M	158.33M	168.12M	144.94M
Stockholders Equity	439.08M	545.28M	581.39M	666.29M	613.43M	1.40B
Cash Flow
Free Cash Flow	16.69M	-12.81M	46.38M	-29.41M	-80.55M	-191.01M
Operating Cash Flow	5.42M	-12.81M	46.38M	-29.41M	-80.55M	-191.01M
Investing Cash Flow	8.98M	101.60M	0	0	0	0
Financing Cash Flow	-74.12M	-55.05M	-67.82M	4.13M	22.73M	305.20M

VNV Global Technical Analysis

Technical Analysis SentimentPositive

Last Price18.46

Price Trends

50DMA18.48Positive

100DMA17.98Positive

200DMA18.04Positive

Market Momentum

MACD0.04Negative

RSI57.46Neutral

STOCH71.01Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:VNV, the sentiment is Positive. The current price of 18.46 is above the 20-day moving average (MA) of 18.46, below the 50-day MA of 18.48, and above the 200-day MA of 18.04, indicating a bullish trend. The MACD of 0.04 indicates Negative momentum. The RSI at 57.46 is Neutral, neither overbought nor oversold. The STOCH value of 71.01 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:VNV.

VNV Global Peers Comparison

Overall Rating

UnderperformOutperform

Sector (68)

Financial Indicators

SE:VNV against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SE:SVOL.B	75Outperform	SEK 6.82B	16.34	7.21%	2.08%	1359.94%	4701.57%
Sector *	68Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
SE:VO2	64Neutral	SEK 124.51M	8.36	7.94%	―	2.01%	―
SE:BURE	61Neutral	SEK 22.66B	3.46	28.93%	0.91%	5.84%	―
SE:CAT.B	57Neutral	SEK 1.30B	-8.88	-8.05%	6.22%	-34.89%	-185.04%
SE:KINV.A	55Neutral	SEK 20.01B	-2.55	-25.02%	―	675.00%	-6317.71%
SE:VNV	54Neutral	SEK 2.45B	-1.63	-30.38%	―	-35.14%	-1077.40%

* Financial Sector Average

Performance Comparison

SE:VNV and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
SE:VNV	Vnv Global Ab	18.46	-3.94	-17.59%
SE:KINV.A	Kinnevik AB Class A	76.90	-4.80	-5.88%
SE:BURE	Bure Equity AB	303.40	52.58	20.96%
SE:VO2	Vo2 Cap Holding AB	2.03	-0.11	-5.14%
SE:CAT.B	Catella AB Class B	14.48	-10.24	-41.43%
SE:SVOL.B	Svolder AB Class B	64.85	9.20	16.53%

VNV Global Corporate Events

VNV Global NAV Slides on Portfolio Revaluations as Voi Secures Major Credit Facility

Oct 27, 2026

VNV Global reported a decline in net asset value for the first nine months of 2026, with NAV falling to USD 439.08 million, or USD 3.43 per share, and corresponding SEK NAV down 13% in the period and 2% in the quarter. The net result for the nine-mon...

VNV Global’s Voi Delivers Strong Q3 Growth and Secures Cheaper Financing

Oct 22, 2026

VNV Global’s portfolio company Voi reported a strong third quarter for 2026, with net revenue jumping 53% to EUR 88.2 million and significant gains in vehicle profit, adjusted EBITDA and EBIT, reflecting improved margins and growing operational effic...

VNV Global Sets Date for Nine-Month 2026 Report and Investor Call

Oct 20, 2026

VNV Global will publish its nine-month report for 2026 on October 27 and host a telephone conference and webcast the same day, where CEO Per Brilioth will discuss the third-quarter results and recent developments. The planned presentation underlines...

Voi Secures EUR 150 Million Credit Line as VNV Global Portfolio Firm Reshapes Financing

Sep 29, 2026

VNV Global’s portfolio company Voi, a leading European micromobility operator, has secured a new EUR 150 million revolving credit facility from Danske Bank, Swedbank and DNB Sweden. The financing will be used to redeem Voi’s outstanding senior secure...

VNV Global Sets Nomination Committee Ahead of 2027 AGM

Sep 11, 2026

VNV Global has appointed its Nomination Committee for the 2027 Annual General Meeting, in line with principles approved at the May 2026 AGM, naming representatives from major shareholders E. Öhman J:or Aktiebolag, Acacia Partners and Lorito SPV Flore...

VNV Global Launches Share Buyback to Boost Capital Efficiency

Sep 7, 2026

VNV Global’s board has approved a share buyback program, enabling the company to repurchase its own ordinary shares on Nasdaq Stockholm ahead of the next annual general meeting. The move is aimed at increasing capital efficiency, giving the company m...

VNV Global to Showcase Portfolio at September Capital Markets Day

Sep 1, 2026

VNV Global AB will host a Capital Markets Day in Stockholm on September 16, 2026, spotlighting key portfolio holdings such as BlaBlaCar, Voi, HousingAnywhere, Bokadirekt, Collectiv Food and Baly. The event, led by Managing Director Per Brilioth and f...

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.

Date of analysis: Oct 29, 2026

VNV Global AI Stock Analysis