VEF (Buy, TP: SEK3.50) - Creditas profitable growth in sight
Sharp FX headwinds led to a 2% QOQ markdown of VEF’s portfolio, while the underlying portfolio performance remained healthy, spearheaded by Creditas (49% of NAV) set to grow profitably in 2024e. Therefore, we find the 49% discount to NAV excessive and expect a positive re-rating as VEF has said it is looking to make a portfolio exit near-term. We continue to like the balanced emerging market exposure and reiterate our BUY and SEK3.5 target price, with our Creditas valuation offsetting negative FX trends.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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