Q2 2024 Vef AB (publ) Earnings Call Transcript
Key Points
- Creditas, a key asset for VEF AB (VEFFF), reported its first profitable quarter and is starting to reaccelerate growth.
- Over 90% of the portfolio is now breakeven and growing on a self-sustaining basis, including top names like Creditas, KonfÃo, and Juspay.
- The company forecasts a 30% revenue growth and 60% gross profit growth in the next 12 months for its portfolio.
- VEF AB (VEFFF) successfully rolled over its sustainability bonds to Q4 2026, indicating strong financial management.
- The share price has been growing faster than the NAV per share year-to-date, indicating positive investor sentiment and a narrowing discount to NAV.
- The company's NAV performance was flat year-to-date, with some negative impact from currency headwinds.
- Rupeek, a portfolio company, experienced a down round, impacting its valuation negatively.
- The gross profit growth expectation was revised down from 65% to 60%, indicating a slowdown in margin expansion.
- There is ongoing FX volatility, particularly with the Brazilian real and Mexican peso, affecting financial results.
- The market environment remains challenging with interest rate sensitivities and weak public comps affecting valuations.
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Good morning and good afternoon, everybody, and welcome to the VEF Q2 first half 2024 results conference call. Very happy to have you all with us today. And the slides for this as ever are online on our website but also through the video portal. And as per usual, myself, and I'm joined by Alexis Koumoudos, our CIO. We will go through a number slide, about 15 slides in the next 15 minutes. And then we're very happy to open up to Q&A.
And moving to slide number 2. I think the key events of the quarter, top three are probably most important here for you, the investor. From an NAV point of view, it's been a flattish performance year to date. In the quarter, we were off a couple of percent in USD and up a couple of percent in SEK given the weakness of the SEK, and -- but up 14% from Q4 '22 levels. I think the key message here that Alexis will go through in a bit more detail is underlying strength year-to-date in the portfolio that's driving the NAV, and we like that, but some
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