Vostok Emerging Finance Scarcity value with upside potential
VEF offers rare access to: 1) leading VC fintech companies in emerging markets; and 2) a strong NAV value creation track record. We see several potential NAV catalysts by 2021e that could make investors more confident in the medium-term NAV growth prospects. Although it is not a low-risk investment, we like the investment opportunity evolving in VEF and initiate coverage with a fair value of SEK2.6–4.2/share.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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