VEF (Buy, TP: SEK3.50) - Positive momentum continues
VEF wrote up its portfolio by 1% QOQ in Q1 (in USD terms). We believe the underlying portfolio performance remains healthy, and the USD10m up round in TransferGo strengthens our conviction in VEF’s NAV valuations as VC dealmaking continues to pick up after a lacklustre 2023. In light of these developments, we find the 56% discount to NAV excessive and expect a positive re-rating as VEF looks to make an exit this year. We reiterate our BUY and have raised our target price to SEK3.5 (3.4).
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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