Q1 2025 VNV Global AB (publ) Earnings Call Transcript
Key Points
- VNV Global AB (FRA:82K) reported that 80% of its portfolio companies are earnings positive, indicating a lower risk profile compared to non-earnings positive portfolios.
- The company has a diversified revenue base with 40% in euros, reducing the impact of the falling US dollar on its portfolio.
- Voi, a leading market mobility operator in Europe, showed strong performance with a 9% increase in valuation driven by operational metrics and higher peer multiples.
- Newman, a health platform, experienced significant growth with revenues increasing by nearly 200% year over year in early 2025.
- The company is trading at a 60% discount to NAV, suggesting potential upside for investors if market conditions improve.
- VNV Global AB (FRA:82K) experienced a 2.5% decline in NAV in dollar terms, primarily due to the performance of BlaBlaCar and foreign exchange movements.
- The ongoing transaction involving GET is facing delays due to concerns raised by the Israeli Competition Authority, creating uncertainty around its completion.
- The macroeconomic environment remains volatile, affecting high-risk assets and potentially delaying IPOs for portfolio companies.
- The company's debt increased from $77 million to $85 million due to currency fluctuations, impacting its financial position.
- BlaBlaCar's growth in Europe is stagnant, and the removal of energy saving certificates in France has negatively impacted its valuation.
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On the call today, we have Per Brilioth, CEO, Dennis Mohammed, Investment Manager and myself, Björn von Sivers, the CFO of the company. I will start with a brief intro to the quarter and then I'll follow up with a quick run through of the financial highlights and the main drivers of the MAV movements during the quarter. Following that, we'll do a portfolio rundown, led by Per and with the help of Dennis.
And with that, I'll hand over to you, before that, I just want to remind everyone, if you want to ask a question, use the Zoom Q&A function and we'll address those towards the end.
Per, please go ahead.
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Thank you. I'll flip some slides here, yeah. So welcome everyone. Thanks, Björn, and yeah, it's sort of an uneventful quarter. We're down 2.5% in dollar terms. Björn will go through the details of how sort of that development stacks up.
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