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VNV Global AB (VNV) Fair Value & Analysis

Financial Services · SE · Market cap 2.2B SEK

VG VNV Global AB VNV · ST
Pricekr 18.02
Fair Valuekr 3.62
Upside-79.9%
Quality53/100
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Weak Growth
Thin margins · 0.0% net margin
generates free cash flow
Mixed vs. peers (4/9)
Narrow moat 41/100
Evidence: Low Range kr 2.72 – kr 4.53 Share as image

Fair value as of: Aug 13, 2026

From 2 valuation models · updated today

Fair value updated Aug 13, 2026, revised from kr 0.0400 to kr 3.62 (+8,950.0%) since Aug 7, 2026. Share price +8.3% over the past month.

A solid business, but screening 80% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (kr 4.53). The favourable scenario is already priced in.
  • The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
  • Solid but not exceptional quality (53/100) and above fair value, neither a clear bargain nor a standout compounder.
  • For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
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Price vs Fair Value (5 years)

kr 131.99 kr 13.66 Fair Value kr 3.62 May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range kr 13.66 – kr 131.99 · fair‑value band kr 2.72 – kr 4.53 · the kr 18.02 price screens above the kr 3.62 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

VNV Global AB (VNV) currently trades at kr 18.02, while our model-based Fair Value estimate is kr 3.62, implying the stock looks roughly 79.9% overvalued today. The Quality Score stands at 53/100 (solid quality), in the Financial Services sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: low).

Revenue grew 229.9% year over year. It earns a return on equity of -19.1%. The balance sheet holds a net cash position of 5.0M SEK. Fundamentals as of Aug 13, 2026

Our scenario range runs from kr 2.72 (bear case) to kr 4.53 (bull case); at kr 18.02, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 32% below its 52-week high and 17% above its 52-week low, currently below its 200-day average. For context, the median of 10 Financial Services peers we cover trades at -33% fair-value upside, at -80%, VNV screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model 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
Highest evidence
P/B Multiple kr 2.72 kr 3.62 kr 4.53 55
NCAV (Graham) kr 2.13 kr 2.85 kr 4.26 50
All 2 models by family
Multiples
P/B Multiple kr 2.72 kr 3.62 kr 4.53 55
Asset-Based
NCAV (Graham) kr 2.13 kr 2.85 kr 4.26 50

Widest divergence: Multiples (kr 3.62) versus Asset-Based (kr 2.85). Highest evidence: P/B Multiple (55).

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Key figures & financial health

Revenue (TTM) −76.9M SEK
Revenue growth (YoY) +230%
Return on equity -19.1%
Free cash flow 92.0M SEK FY2025
Operating margin 103%
EPS (TTM) kr -7.41
More key figures
EPS growth (YoY) -99.5%
Net cash 5.0M SEK FY2025

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 53/100

Of which business quality 51 · Market factors (momentum, volatility) 31

Profitability 1
Margins and returns on capital today
Quality Growth 80
Are margins and returns improving?
Cashflow 33
Earnings quality: real cash, not paper profit
Fin. Strength 82
Balance sheet, leverage, solvency risk
Investment 67
Disciplined investing over empire-building
Low Volatility 34
Calm price path (market factor)
Momentum 35
Price trend over the last 3–12 months (market factor)
52W Momentum 21
Distance to the 52-week high (market factor)
Net Issuance 62
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

VNV Global AB (publ) formerly known as Vostok New Ventures Ltd., is a private equity and venture capital firm specializing in growth capital, buyout investments, incubation, seed/startup, early venture, mid venture, late venture.

Full company description

VNV Global AB (publ) formerly known as Vostok New Ventures Ltd., is a private equity and venture capital firm specializing in growth capital, buyout investments, incubation, seed/startup, early venture, mid venture, late venture. It prefers to invest globally including Africa / Middle East, European Emerging Markets, Latin America and Caribbean, United States and Canada except China in online marketplaces, consumer-focused and business 2 business companies. It usually seeks investments where it can become a significant minority shareholder and actively manage the investment through board representation. The firm prefers to invest in unlisted companies. It prefers to take majority and minority stake in its portfolio companies. VNV Global AB (publ) was founded on April 5, 2007 and is based in Stockholm, Sweden with an additional office in Hamilton, Bermuda.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

VNV Global AB reported revenue of kr 350K in FY2025 versus kr 86.2M in FY2021, a compound −74.8%/yr. Reported net income was −kr 31.0M in FY2025.

Growth Quality 1/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
350K SEK
Avg. growth/yr (5Y) 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.
−72.5%
Avg. growth/yr (21Y) 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.
−13.8%
Revenue −74.8%/yr
FY21 kr 86.2M
FY22 −kr 758M
FY23 kr 45.3M
FY24 −kr 71.1M
FY25 kr 350K
Net income
FY21 kr 63.7M
FY22 −kr 782M
FY23 kr 22.4M
FY24 −kr 85.1M
FY25 −kr 31.0M

VNV screens 80% overvalued. Compare with BlackRock, Inc →

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Cite: Fair Value Calculator (2026). "VNV Global AB Fair Value". https://www.fairvalue-calculator.com/stock/VNV

Peer Group

Asset Management · 690 stocks

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.

Quality Score 53 · Below median
Fair Value upside −80% · Bottom 25%
Return on assets -9% · Bottom 25%
Net margin (TTM) 0% · Below median
Operating margin (TTM) 103% · Top 25%
Revenue growth 230% · Top 25%

Valuation Multiples vs Asset Management median · lower = cheaper

P/B 0.41× · Cheaper than 75% of peers
P/FCF 2.5× · Cheaper than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0 · sector 36
FUTURE 100 · sector 14
PAST 0 · sector 24
HEALTH 0 · sector 95
DIVIDEND 0 · sector 68

VALUE 0: the price sits above our fair-value range.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Asset Management stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
BlackRock, Inc BLK $1,161 $465.75 -60%
Blackstone Inc BX $146.41 $52.88 -64%
Investor AB INVEB kr 417.90 kr 835.80 +100%
AB Industrivärden INDUA kr 544.00 kr 375.93 -31%
ICICIAMC ICICIAMC ₹3,077 ₹1,132 -63%
Jio Financial Services Limited JIOFIN ₹256.05 ₹171.84 -33%
Hedef Holding HEDEF 267.25 TRY 321.44 TRY +20%
Bajaj Holdings BAJAJHLDNG ₹11,579 ₹11,257 -3%
HDFC Asset Management Company HDFCAMC ₹2,490 ₹866.78 -65%
Nippon Life Asset Management Limited NAMINDIA ₹1,182 ₹311.00 -74%

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Frequently asked questions

Is VNV Global AB (VNV) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of kr 3.62 versus a price of kr 18.02, about −80% (overvalued).
What is the fair value of VNV?
Our model-based fair value for VNV Global AB is kr 3.62 (as of Aug 13, 2026), built from audited fundamentals. The current price is kr 18.02.
What is the quality score of VNV?
VNV Global AB has a Quality Score of 53/100. 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 net profit margin of VNV?
The net profit margin of VNV Global AB is about 0.0%, meaning it keeps roughly 0.0% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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