Vostok Emerging Finance Already strong, but more to come
VEF’s holdings delivered another strong quarter with 20% NAV growth. Recent industry deals have shown that investors are increasingly rewarding emerging market fintech, and we highlight that VEF offers unique access to 12 leading VC fintechs (~75% in Latin America). We see several potential near-term NAV catalysts, such as a probable financing round in Creditas (38% of GAV), which could lead to significant growth in the coming year; thus, we have raised our fair value to SEK3.2–4.4 (2.6–4.2).Vostok Emerging Finance is an investment company that invests in early stage fintech companies across emerging and frontier market. Co. principally invests in financial services sector. The financial services sector includes credit, payments, mobile money and all forms of financial marketplaces. Co. focuses on investing in private companies and taking equity stakes, acquiring sizeable minority stakes and board representatioin where approriate in its portfolio companies. Co. also makes investments in other parts of the capital structure, such as debt, to support targeted companies' growth and also ensure that investment funds are working while seeking future equity investment opportunities.
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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