With VNV increasing its stake in its largest portfolio company BlaBlaCar, the portfolio continues its sizable tilt towards the mobility-sector in Q2/23. While sector-concentration in the portfolio is high, we believe the risk is mitigated by many of the key assets showing signs of strong performance. We argue that the portfolio is more mature than it currently gets credit for. We calculate a NAV per share of SEK 42, implying a fair valuation range of SEK 29-37 per share.

https://research.sebgroup.com/corporate/reports/121498

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