Q3 2025 Vef AB (publ) Earnings Call Transcript
Key Points
- VEF AB (FRA:0TX) reported a significant increase in NAV, up 8.3% quarter-on-quarter and nearly 15% year-to-date, reflecting strong portfolio performance.
- Creditas, the largest holding, is showing a gradual U-shaped growth recovery, with loan growth increasing from 11% in Q1 to 14% in Q3.
- The fintech market is experiencing strong capital inflows, with VEF AB (FRA:0TX) benefiting from healthy fundraising activities across its core geographies.
- The company has successfully reduced its debt, now at just over 5% of NAV, and has been actively buying back shares, enhancing shareholder value.
- VEF AB (FRA:0TX) is strategically focusing on a select number of quality emerging market fintech targets for future investments, positioning itself for long-term value accretion.
- Despite the positive NAV growth, VEF AB (FRA:0TX) is still trading at a discount to its NAV per share, indicating potential market undervaluation.
- The capital raise for Creditas is still in progress, with no definitive timeline provided, creating uncertainty around its completion.
- Konfio's growth was front-loaded in the first half of the year, with a slowdown expected, which may impact overall annual performance.
- The company's reliance on a few large holdings, such as Creditas and Konfio, means that any negative developments in these companies could significantly impact VEF AB (FRA:0TX)'s overall performance.
- The secondary market for private companies, while growing, remains less liquid and more intricate, posing challenges for timely exits and capital allocation.
Good morning and good afternoon, everybody and thank you once again for attending our results call this time for Q3 at '25. My apologies to our investors and followers in the US, we started a bit earlier this time around, but can't be helped because of travel plans, but thank you for dialing in, and nonetheless, and going straight into sir-- and joining me on the call as for always will be our CIO, Alexis Koumoudos, who will join us for the evaluation section and portfolio update.
But going straight into the deck and going to slide 2, and I guess just, events of the quarter-- but more really areas worth highlighting from today's release and what we're seeing and it's really four-fold, one is NAV continuing to trend higher.
It shouldn't be a surprise given the capital market trends, macro trends and everything we're seeing, but we're also seeing it through the prism of our portfolio, and we end the quarter at nearly $406 million of NAV up 8.3% quarter on quarter and nearly 15% year-to-date. And that's just a nice, supportive trends for markets, multiple FXs,
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
