VEF - Initiation of coverage - Emerging from the VC winter
We like the long-term story of structural growth from financial inclusion in emerging markets, with VEF in our view offering rare access to some of the most interesting companies and geographies. With its portfolio now maturing (e.g. Creditas reaching operating breakeven), VEF looks set to crystalise value and extend its track record of successful exits. We believe today’s 60% discount to NAV offers an attractive entry point ahead of a potential re-rating of growth assets in a benign interest rate environment. With this note, we move our coverage from commissioned research to regular research. We initiate regular coverage with a BUY and SEK3.4 target price.
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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