Vef AB (VEFAB) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Vef AB SEK 3.60, price SEK 1.91, upside +88.1%, quality 77 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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VEF AB (publ) is a venture capital firm specializing in early venture, emerging growth and growth capital investments. The firm primarily invests in modern financial services and fintech sector. The financial services sector includes payments providers, Credit, mobile money and all forms of financial marketplaces.
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VEF AB (publ) is a venture capital firm specializing in early venture, emerging growth and growth capital investments. The firm primarily invests in modern financial services and fintech sector. The financial services sector includes payments providers, Credit, mobile money and all forms of financial marketplaces. It seeks to invest in Asia/Pacific, Africa/Middle East, European Emerging Market, Mexico, Brazil and Colombia. It typically invests in the emerging and frontier markets. It prefers to take a minority stakes and board representation. VEF AB (publ) was founded in 2015 and is based in Stockholm, Sweden.
Stock analysis
Vef AB (VEFAB) currently trades at kr 1.91, while our model-based Fair Value estimate is kr 3.60, implying the stock looks roughly 46.8% undervalued today.
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Valuation
How firm this estimate is: it rests on 16 models at a data quality of 95/100, which puts the evidence level at low.
Scenario range: kr 2.70 (bear) to kr 4.50 (bull), the price of kr 1.91 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 77/100 (high quality), in the Financial Services sector.
Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.
Vef AB reported revenue of $394K in FY2025 versus −$33.6M in FY2021. Reported net income was $85.4M in FY2025, compounding −25.4%/yr from FY2021.
Key figures
Market cap 2.0B SEK (≈ $198M) · P/E ratio 6.1 · EPS (TTM) kr 0.2900 · Net margin 79.5% · Return on equity 14.7% · Return on assets (EBIT) −7.7% · Operating margin 117% · Revenue growth (YoY) −19.3%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 21% below its 52-week high and 12% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −4% fair-value upside, at 88%, VEFAB screens cheaper than that median.
Fair Value models
Bear kr 2.70Fair Value kr 3.60Bull kr 4.50
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (kr 0.2129 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.40/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−2.9%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−0.7%
Start year 2020 (pandemic). Over 10 years: −11.2% a year
Revenue growth 10 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−11.2%
’15
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’19
’20
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’23
’25
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
−2.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year−2.7%
Dividend (yield on the price)0.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−3% vs 7%, slowing
Profit margin 2018 to 2023 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.40% → 90%
Start year 2020 (pandemic)
⚠ Revenue per share shrinking 48.5%/yr over ~8Y (margins intact) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−4.2%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (figures in USD, USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about −6.5% a year for the price.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Asset Management · 656 stocks
Beats the industry median on 10/12 measures
Overall it ranks above its industry peers.
Valuation
Quality Score77 · Top 25%
Fair Value upside+88% · Top 25%
Profitability
Return on equity (TTM)15% · Above median
Return on assets9% · Top 25%
Net margin (TTM)79% · Top 25%
Operating margin (TTM)117% · Top 25%
Growth and dividend
Revenue growth−19% · Bottom 25%
Valuation Multiplesvs Asset Management median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Vef AB Fair Value". https://www.fairvalue-calculator.com/stock/VEFAB
Frequently asked questions
Is Vef AB (VEFAB) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of kr 3.60 versus a price of kr 1.91, about +88% upside (undervalued).
What is the fair value of VEFAB?
Our model-based fair value for Vef AB is kr 3.60 (as of Sep 24, 2026), built from audited fundamentals. The current price: kr 1.91.
What is the quality score of VEFAB?
Vef AB has a Quality Score of 77/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Vef AB (VEFAB)?
Our model-based price target is the fair value of kr 3.60 (as of Sep 24, 2026) from 2 valuation models. Cautious scenario kr 2.70, optimistic scenario kr 4.50. It is a calculation from audited fundamentals, not an analyst target.
What is the Vef AB stock forecast for 2026?
Our models put fair value at kr 3.60, about +88% upside versus a price of kr 1.91 (undervalued). Cautious scenario kr 2.70, optimistic scenario kr 4.50. The calculation is refreshed regularly with new filings.
What growth is priced into Vef AB (VEFAB)?
For today's price to be fair in a discounted-cash-flow model, Vef AB would have to grow free cash flow by -4.2 % per year for five years (discount rate 12.2 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -0.7 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of VEFAB use?
Our models discount Vef AB at 12.2 %: a base by market capitalisation (micro), damped by beta 0.89, country premium for Sweden. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Vef AB that is -4.2 % per year a year over ten years, using the same discount rate (12.2 %) and the same formula as our fair value.
How much growth has Vef AB (VEFAB) delivered so far?
Over the past 5 years revenue at Vef AB grew -0.7 % a year. The price currently implies -4.2 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Vef AB (VEFAB) growing?
The median revenue growth in the sector is +4.7 % a year. That is the yardstick for the growth priced into Vef AB (-4.2 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Vef AB (VEFAB)?
The free-cash-flow yield on the price is 13.04 %: that much free cash flow Vef AB produces per unit of market value. When it exceeds the discount rate of our models (12.2 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Vef AB (VEFAB)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Vef AB it is kr 3.60 per share (as of Sep 24, 2026), against a price of kr 1.91. It is the blended result of 2 valuation models (cash flow, earnings, asset, dividend).
Is Vef AB stock overvalued or undervalued in 2026?
As of Sep 24, 2026, VEFAB trades below its calculated fair value: price kr 1.91, fair value kr 3.60, a gap of about +88% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of VEFAB?
No. The price is what the market pays today (kr 1.91); the fair value is what the company's own numbers justify (kr 3.60). For Vef AB the two are kr 1.69 per share apart. That gap is exactly why we show both numbers side by side.
How much is Vef AB worth?
The market values Vef AB at about 2.0B SEK (market capitalisation, as of Sep 24, 2026). Per share that is kr 1.91; our models calculate a fair value of kr 3.60 per share.
What do the bullish and bearish scenarios say about VEFAB?
Our models span a range for Vef AB: cautious scenario kr 2.70, base kr 3.60, optimistic kr 4.50 per share (as of Sep 24, 2026, price kr 1.91). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of VEFAB?
Vef AB trades at a price-to-earnings ratio of 6.1 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 3.60 is built from several models across several years. Other multiples: P/B 0.5, P/S 2.8, EV/EBITDA 3.1.
How solid is the balance sheet of Vef AB (VEFAB)?
Balance-sheet figures for Vef AB (as of Sep 24, 2026): return on equity 14.7%. They feed the Quality Score of 77/100, which measures business quality independently of the share price.
How far is VEFAB from its 52-week high?
Vef AB trades at kr 1.91, about 21% below its 52-week high of kr 2.43 and 12% above the low of kr 1.71 (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of kr 3.60 is for.
Which stocks are comparable to Vef AB?
From the same area (Financial Services) we also value Blackstone Inc, Brookfield Corporation, KKR & Co, Apollo Global Management, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Vef AB stock attractive at the current price?
The data as of Sep 24, 2026: price kr 1.91, calculated fair value kr 3.60 (+88%), Quality Score 77/100, from 2 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of VEFAB calculated?
We run Vef AB through 2 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of kr 3.60, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.0 % above its aggregate fair value. Vef AB currently trades 88 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Vef AB (VEFAB)?
The closing price on Sep 24, 2026 was kr 1.91. Our model-based fair value is kr 3.60, about +88% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Vef AB right now?
The rarer combination: high quality (77/100) AND below fair value. That earns a closer look rather than a quick verdict. The price is below even our cautious bear case (kr 2.70). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of Vef AB (VEFAB) come from?
Earnings per share at Vef AB grew +2.1 % a year from 2015 to 2025. Broken into its drivers: revenue per share −6.0 %, EBIT margin +10.2 %, tax rate +0.3 %, residual (interest, one-offs) −1.8 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Vef AB
How large is the market capitalisation of Vef AB (VEFAB)?
The market capitalisation of Vef AB is 2.0B SEK (≈ $198M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What are the earnings per share of Vef AB (VEFAB)?
Earnings per share at Vef AB are kr 0.2900 (price ÷ EPS = P/E 6.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Vef AB (VEFAB)?
The net margin of Vef AB is 79.5% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Vef AB (VEFAB)?
The return on equity (ROE) of Vef AB is 14.7% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Vef AB (VEFAB)?
On an EBIT basis the return on assets of Vef AB is −7.7% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Vef AB (VEFAB)?
The operating margin of Vef AB is 117% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Vef AB (VEFAB)?
Revenue at Vef AB is growing −19.3% versus a year earlier (3y avg −2.9%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Vef AB (VEFAB)?
Earnings per share at Vef AB are growing −18.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Vef AB (VEFAB) carry?
The net debt of Vef AB is $15.1M (fiscal year 2025, ≈ 0.6 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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