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VNV Global AB (VNV) fair value: what the stock is really worth

As of Sep 25, 2026: fair value of VNV Global AB SEK 35.90, price SEK 18.52, upside +93.8%, quality 53 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? Yes
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Financial Services · SE · ISIN SE0014428835

VG Thin data Sep 27, 2026

VNV Global AB

VNV · ST

Clearly undervaluedStrong Fair Value upside, but quality is only moderate.

✓Fair value kr 35.90 · Strongly undervalued (+93.8%)
!Quality 53/100
!Weak Growth (revenue 5y −72.5 %/yr)
✓generates free cash flow
✓Ranks above peers (5/8)
!Narrow moat 41/100
!Evidence only low, so the estimate is less certain
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

kr 131.99 kr 13.66 Fair Value kr 35.90 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 27, 2026.

How to read this chart

60‑month range kr 13.66 – kr 131.99 · fair‑value band kr 26.92 – kr 44.87 · the kr 18.52 price screens below the kr 35.90 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 2 fiscal years are left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 27, 2026.

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Company profile

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.

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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.

Stock analysis

VNV Global AB (VNV) currently trades at kr 18.52, while our model-based Fair Value estimate is kr 35.90, implying the stock looks roughly 48.4% undervalued today.

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Valuation

How firm this estimate is: it rests on 7 models at a data quality of 95/100, which puts the evidence level at low.

Scenario range: kr 26.92 (bear) to kr 44.87 (bull), the price of kr 18.52 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 53/100 (solid quality), in the Financial Services sector.

Weak Growth: Revenue growth is weak, negative or inconsistent.

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

Key figures

Market cap 2.4B SEK (≈ $243M) · EPS (TTM) kr −7.41 · Return on equity −19.1% · Return on assets (EBIT) −21.5% · Operating margin 103% · Revenue (TTM) −76.9M SEK · Revenue growth (YoY) +230% · Free cash flow 92.0M SEK.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).

What moves the price

The share trades about 29% below its 52-week high and 15% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −15% fair-value upside, at 94%, VNV screens cheaper than that median.

Fair Value models

Bear kr 26.92 Fair Value kr 35.90 Bull kr 44.87
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. 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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. 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.
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 51
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 51

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Quality Score breakdown

Overall quality 53/100

Of which business quality 51 · Market factors (momentum, volatility) 32

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 38
Calm price path (market factor)
Momentum 37
Price trend over the last 3–12 months (market factor)
52W Momentum 15
Distance to the 52-week high (market factor)
Net Issuance 62
Share count: buybacks or dilution?

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Revenue & earnings trend

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. 1/100
Revenue growth is weak, negative or inconsistent.
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.
−72.5%
Start year 2020 (pandemic). Over 10 years: −45.5% a year
Revenue growth 21 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.
−13.8%
Profit margin (trend) ⓘ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.
93.0% (2020) → −2,043.6% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

Growth Forecast

A lot of optimism in the price
The price assumes more 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).
+25.4%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Sweden: IMF forecast 2.0% a year to 2030, 2.9% from 2016 to 2025) that is about +23.0% a year for the price.

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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 · 647 stocks

Beats the industry median on 5/7 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 53 · Below median
Fair Value upside +93.8% · Top 25%
Profitability
Return on assets −9.1% · Bottom 25%
Operating margin (TTM) 102.7% · Top 25%
Growth and dividend
Revenue growth 229.9% · Top 25%

Valuation Multiplesvs Asset Management median · lower = cheaper

P/B 0.45× · Cheapest 25%
P/FCF 2.6× · Cheaper than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)100 · sector 55
FUTURE (revenue growth)100 · sector 29
PAST (return on equity)0 · sector 22
HEALTH (low debt)0 · sector 95
DIVIDEND (yield)0 · sector 81

Context: sector, industry, market

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

Similar stocks

10 more Asset Management stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Blackstone Inc BX $118.42 $52.29 −56%
KKR & Co KKR $96.67 $29.26 −70%
Brookfield Corporation BN $36.87 $13.45 −64%
Apollo Global Management, Inc APO $121.69 $197.23 +62%
State Street Corporation STT $181.34 $139.37 −23%
Ameriprise Financial, Inc AMP $493.00 $595.40 +21%
Ares Management Corporation ARES $122.01 $103.68 −15%
Northern Trust Corporation NTRS $175.73 $123.42 −30%
Raymond James Financial, Inc RJF $159.87 $317.27 +98%
Exor N.V EXO €70.55 €139.37 +98%

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VNV Global AB · Fair Value
kr 35.90 +48%Fair Value
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Cite: Fair Value Calculator (2026). "VNV Global AB Fair Value". https://www.fairvalue-calculator.com/stock/VNV

Frequently asked questions

Is VNV Global AB (VNV) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of kr 35.90 versus a price of kr 18.52, about +94% upside (undervalued).
What is the fair value of VNV?
Our model-based fair value for VNV Global AB is kr 35.90 (as of Sep 27, 2026), built from audited fundamentals. The current price: kr 18.52.
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 price target for VNV Global AB (VNV)?
Our model-based price target is the fair value of kr 35.90 (as of Sep 27, 2026) from 2 valuation models. Cautious scenario kr 26.92, optimistic scenario kr 44.87. It is a calculation from audited fundamentals, not an analyst target.
What is the VNV Global AB stock forecast for 2026?
Our models put fair value at kr 35.90, about +94% upside versus a price of kr 18.52 (undervalued). Cautious scenario kr 26.92, optimistic scenario kr 44.87. The calculation is refreshed regularly with new filings.
What growth is priced into VNV Global AB (VNV)?
For today's price to be fair in a discounted-cash-flow model, VNV Global AB would have to grow free cash flow by +25.4 % per year for five years (discount rate 14.5 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -72.5 % per year. As of Sep 27, 2026.
What discount rate (WACC) does the fair value of VNV use?
Our models discount VNV Global AB at 14.5 %: a base by market capitalisation (micro), damped by beta 1.62, 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 VNV Global AB that is +25.4 % per year a year over ten years, using the same discount rate (14.5 %) and the same formula as our fair value.
How much growth has VNV Global AB (VNV) delivered so far?
Over the past 5 years revenue at VNV Global AB grew -72.5 % a year. The price currently implies +25.4 % 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 VNV Global AB (VNV) growing?
The median revenue growth in the sector is +5.2 % a year. That is the yardstick for the growth priced into VNV Global AB (+25.4 % 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 VNV Global AB (VNV)?
The free-cash-flow yield on the price is 3.80 %: that much free cash flow VNV Global AB produces per unit of market value. When it exceeds the discount rate of our models (14.5 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of VNV Global AB (VNV)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For VNV Global AB it is kr 35.90 per share (as of Sep 27, 2026), against a price of kr 18.52. It is the blended result of 2 valuation models (cash flow, earnings, asset, dividend).
Is VNV Global AB stock overvalued or undervalued in 2026?
As of Sep 27, 2026, VNV trades below its calculated fair value: price kr 18.52, fair value kr 35.90, a gap of about +94% (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 VNV?
No. The price is what the market pays today (kr 18.52); the fair value is what the company's own numbers justify (kr 35.90). For VNV Global AB the two are kr 17.38 per share apart. That gap is exactly why we show both numbers side by side.
How much is VNV Global AB worth?
The market values VNV Global AB at about 2.4B SEK (market capitalisation, as of Sep 27, 2026). Per share that is kr 18.52; our models calculate a fair value of kr 35.90 per share.
What do the bullish and bearish scenarios say about VNV?
Our models span a range for VNV Global AB: cautious scenario kr 26.92, base kr 35.90, optimistic kr 44.87 per share (as of Sep 27, 2026, price kr 18.52). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of VNV Global AB (VNV)?
Balance-sheet figures for VNV Global AB (as of Sep 27, 2026): return on equity −19.1%. They feed the Quality Score of 53/100, which measures business quality independently of the share price.
How far is VNV from its 52-week high?
VNV Global AB trades at kr 18.52, about 29% below its 52-week high of kr 26.04 and 15% above the low of kr 16.08 (as of Sep 25, 2026). Distance from the high says nothing about value: that is what the fair value of kr 35.90 is for.
Which stocks are comparable to VNV Global AB?
From the same area (Financial Services) we also value Blackstone Inc, KKR & Co, Brookfield Corporation, 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 VNV Global AB stock attractive at the current price?
The data as of Sep 27, 2026: price kr 18.52, calculated fair value kr 35.90 (+94%), Quality Score 53/100, 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 VNV calculated?
We run VNV Global 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 35.90, 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 16.1 % above its aggregate fair value. VNV Global AB currently trades 94 % 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 VNV Global AB (VNV)?
The closing price on Sep 25, 2026 was kr 18.52. Our model-based fair value is kr 35.90, about +94% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with VNV Global AB right now?
The price is below even our cautious bear case (kr 26.92). 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. Solid quality (53/100) at a price below fair value, the discount is the argument here, not the business quality. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.

Key figures of VNV Global AB

How large is the market capitalisation of VNV Global AB (VNV)?
The market capitalisation of VNV Global AB is 2.4B SEK (≈ $243M). 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 VNV Global AB (VNV)?
Earnings per share at VNV Global AB are kr −7.41. Earnings per share over the last twelve months: total profit spread across every single share.
What is the return on equity of VNV Global AB (VNV)?
The return on equity (ROE) of VNV Global AB is −19.1% (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 VNV Global AB (VNV)?
On an EBIT basis the return on assets of VNV Global AB is −21.5% (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 VNV Global AB (VNV)?
The operating margin of VNV Global AB is 103% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How much revenue does VNV Global AB (VNV) generate?
VNV Global AB generates revenue of −76.9M SEK (last twelve months). Revenue of the last twelve months (TTM), the most recent full year, not the calendar year.
How fast is revenue growing at VNV Global AB (VNV)?
Revenue at VNV Global AB is growing +230% versus a year earlier. How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much net cash does VNV Global AB (VNV) hold?
VNV Global AB holds more cash than debt, 5.0M SEK net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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