Release Date: July 17, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
- VNV Global AB (VSTKF, Financial) reported a nearly 6% increase in NAV, reflecting positive portfolio transactions.
- The company has a strong portfolio with over 80% of its investments being EBITDA positive, including Voi, which has become EBIT positive.
- Voi has shown significant growth with a 16% increase in fair value, driven by tender wins and strong performance, particularly in Paris.
- Numan, a fast-growing company in the portfolio, secured $60 million in new financing to support its expansion and technological development.
- The company successfully exited its investment in Opensooq, resulting in a $6.2 million dividend, enhancing cash flow.
Negative Points
- VNV Global AB (VSTKF) shares are trading at a significant discount to NAV, over 50%, indicating potential market skepticism.
- Numan's valuation was adjusted down by 15% due to a recent transaction, reflecting a decrease in perceived value.
- The planned sale of Gett to Pango was discontinued due to regulatory hurdles, impacting potential cash inflow.
- The company faces a substantial debt of SEK6.5 per share, with concerns about repayment by 2027.
- Housing Anywhere's valuation was affected by peer multiples, leading to a 6% decline year-to-date.
Q & A Highlights
Q: What has been driving the valuation change in Housing Anywhere?
A: The valuation change in Housing Anywhere is primarily driven by the peer multiple in the model. (Bjoern Von Sivers, CFO)
Q: Given the sale of Gett did not happen, how do you see the current debt maturing in 2027 and the avenues to address it?
A: By the end of the bond's duration, there will be multiple exit opportunities in the portfolio, such as Gett, which can produce cash through dividends or a sale. Other portfolio companies like BlaBlaCar, Voi, and Numan are also maturing, opening up exit opportunities. (Per Brilioth, CEO)
Q: Is there a focus on organic growth for Voi, or is there an M&A track as well?
A: The main focus is on organic growth, with Voi in a strong position due to its bond raise for nondilutive growth financing. M&A is possible but not imminent, as Voi is now a consolidator in the industry. (Dennis Mohammad, Investment Manager)
Q: Housing Anywhere is down 6% year-to-date. Do you see revenue declining?
A: No, the company continues to grow on the top line. The multiples disclosed are unadjusted peer group multiples, and the actual multiple in the Housing Anywhere model is lower. (Bjoern Von Sivers, CFO)
Q: Can you elaborate on Numan's growth projections?
A: Management expects 150% growth for Numan in 2025, with high confidence in achieving this figure. The growth at the beginning of the year was close to 200%, but for the full year, 150% is the target. (Dennis Mohammad, Investment Manager)
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
