Key events during the quarter
- Valuation tailwinds outweighed headwinds as USD NAV increased 9%, to USD 475.0 mln, QoQ in 3Q24. Portfolio performance, peer market multiples and FX movements all played a net supportive role in our NAV development during the quarter.
- Creditas released headline 2Q24 IFRS numbers, delivering 16.5% QoQ increase in originations combined with record gross profit of USD c. 38 mln, +45% YoY. With profitability attained in December 2023, reigniting growth has been a key management goal, with annual profitable growth of 25%+ the headline target.
- Post a gradual recovery from 2022 lows, we see a growing number of data points highlighting a return of capital flow (investments and exits) through the venture ecosystem. As important, we see these trends and events having a direct positive impact on the VEF portfolio.
Net asset value
- VEF's NAV as at 9M24 is USD 475.0 mln (YE23 442.2). NAV per share has increased by 7% to USD 0.46 (YE23: 0.42) per share during 9M24.
- In SEK, NAV equals 4,799 mln (YE23: 4,441). NAV per share has increased by 8% to SEK 4.61 (YE23: 4.26) per share during 9M24.
- Cash position, including liquidity investments, was USD 13.2 mln (YE23: 21.6) at the end of 3Q24.
Financial result
- Net result for 3Q24 was USD 38.2 mln (3Q23: -56.5). Earnings per share were USD 0.04 (3Q23: -0.05).
- Net result for 9M24 was USD 32.3 mln (9M23: 40.7). Earnings per share were USD 0.03 (9M23: 0.04).
VEF CEO, David Nangle, comments:
"We reiterate our mantra into 3Q24: that the investment world we play in continues to trend positively with each passing quarter. With a majority of our portfolio reaching break-even early in the year, 2024 has become a year to reignite growth. Additionally, we are seeing improving capital flows through the ecosystem. Our goal over the coming quarters is to benefit from the return to growth and improving capital flows to deliver tangible proof points of the quality of our portfolio and the NAV marks we have them valued at."
| Dec 31, 2022 | Dec 31, 2023 | Sep 30, 2024 | |
| Net asset value (USD mln) | 381.8 | 442.2 | 475.0 |
| Net asset value (SEK mln) | 3,981 | 4,441 | 4,799 |
| Net asset value per share (USD) | 0.37 | 0.42 | 0.46 |
| Net asset value per share (SEK) | 3.82 | 4.26 | 4.61 |
| VEF AB (publ) share price (SEK) | 2.45 | 1.84 | 2.53 |
Events after the end of the period
No significant events after the end of the period.
Visit VEF's IR page for our financial reports and other information: vef.vc/investors
Results webcast will be held at 15:00 CEST (09:00 a.m. ET) Wednesday October 23, 2024 where Dave Nangle, Managing Director of VEF will comment on the report and the latest developments.
To join the live conference and be able to ask questions, please use the below link for registration:
https://register.vevent.com/register/BI775741a9e8da4ce88709a501946ec8fd
To view the live interactive presentation in listen-only mode, please log on to:
https://edge.media-server.com/mmc/p/toiugbj7
For further information please contact:
Kim Ståhl, CFO: +46 (0) 8-545 015 50
About Us
VEF AB (publ) is an investment company whose Common Shares are listed in Sweden. We invest in growth stage private fintech companies, take minority stakes and are active investors with board representation in our portfolio companies, always looking to back the best entrepreneurs in each market. We focus on scale emerging markets and invest across all areas of financial services inclusive of payments, credit, mobile money and wealth advisors. VEF trades in Sweden on Nasdaq Stockholm's Main Market under the ticker VEFAB. For more information on VEF, please visit http://www.vef.vc.
This information is information that VEF AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2024-10-23 08:00 CEST.
