Rankings Financial data & insurance broking Front Ventures
Front Ventures
40
15070100
A view of the same findings, not a new score. How it works
The model found several serious problems. That does not mean the stock will fall.
Biggest deductions
- Premium to NAV vs peers−10
- Earnings−8
- NAV development and track record−7
Strengths
- Insider buying+3
- External validation+2
How the score is built
From 100 to 40, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of . Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- –
- Median analyst target
- –
- Upside to median
- –
- Analysts
- none
- Target range
- –
- 52-week change
- –
- P/E (trailing)
- n/a
- Forward P/E
- n/a
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 4 findings−27 of −30
- −8EarningsNo ongoing income: net revenue 0 in H1 2026, operating result −SEK 8.2m and result −SEK 9.0m (incl. advisory fees for the issue). The result was −SEK 12.7m in 2025 incl. SEK 5.9m interest expense and SEK 5.6m write-downs.
- −7NAV development and track recordIn 2023 the company lost SEK 60.7m, of which SEK 55.8m was write-downs on the old fintech portfolio (Vopy, Citigiro). Equity fell to SEK 4.2m in June 2025 and has since grown only through issues, not through value gains. The defence strategy is less than a year old.
- −7Capital allocation and dilutionThe share count rose from 155m (June 2025) via 274.5m (December 2025) to 471m pre-split (+204% in 12 months). The rights issue in 2026 (SEK 0.27 pre-split, SEK 50.2m) went 30–55% to settle existing loans. The company had expensive loans in 2024–2025 (interest SEK 5.3–5.9m a year).
- −5Business modelWith two employees and consultants, the company invests small minority stakes (approx. 10%) in Ukrainian and Swedish defence start-ups (Molfar SEK 16m, ABX SEK 2m, Trinity SEK 2.4m, Black Forest approx. SEK 4.3m). The stakes are illiquid and without control, and returns only come at exit in several years.
Price
Today's multiples against the company's own history and its peers. · 2 findings−13 of −35
- −10Premium to NAV vs peersThe price of SEK 12.44 corresponds to 1.79x book equity per share (SEK 6.95). Swedish investment companies typically trade at a discount: Linc at P/B 0.87 and Bure at 0.92. Front Ventures thus trades at about an 80% premium instead of a discount.
- −3Absolute levelThe market cap of approx. SEK 117m is paid for SEK 62.5m in unlisted early-stage holdings at cost plus SEK 20m in cash (of which a large part is probably tied up in investment commitments) and other debt of SEK 17.3m.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−19 of −35
- −7Geopolitics and export licencesThe portfolio is in Ukraine and depends on the war. Ukrainian production outside the country and exports require an export licence, so the joint venture Scandinavian X cannot yet produce or deliver. A ceasefire or changed rules could both help and sharply hurt the values.
- −6Liquidity and obligationsCash was SEK 20m at 30/6, but other current liabilities were SEK 17.3m, of which only about 2m is interest-bearing. Investments were SEK 23.4m vs only 10.2m paid in cash. In July a further SEK 1.8m went to Black Forest. Truly free funds may be under SEK 5m.
- −4Opaque valuationThere is no NAV report or valuation per holding. Ownership share and value in Trinity Robotics are kept secret 'for security reasons', and ABX Dynamics' disclosures are limited. The half-year report is not audited.
- −2GovernanceA shares with 10 votes: Johan Lund holds 16.9% of the capital and 25.5% of the votes. Aviation Center (5.2% owner) is also an infrastructure partner in the portfolio, and the CEO personally guaranteed the rights issue.
Plus
Only documented strengths. · 2 findings+5 of +15
- +3Insider buyingMain shareholder and board member Johan Lund bought in the market: 650,000 B shares for about SEK 0.21m (15/1-2026) and about 2.5m shares for about SEK 1.1m (12/6-2026), both before the split. A board member (not verified who) also increased his holding 23/12-2025.
- +2External validationDefence Builder Fund I invested in the portfolio company Trinity Robotics (July 2026), Brave1 has highlighted the investment in AeroMotors, and the Swedish FSA registered the company as an AIF manager 17/9-2026 (basis for raising funds with management fees).
Caveats
What the score does not capture, or where the data is weak.
No stockanalysis page (quote/ngm/FRNT.B, quote/sto/FRNT.B and quote/xsat/FRNT.B return 404); path is best guess. All figures are from the half-year report of 20/8-2026. After the 1:50 split (15/6-2026) and the compensation issue there are approx. 9.42m shares (138,304 A + approx. 9.29m B), so the market cap at SEK 12.44 is approx. SEK 117m (approx. DKK 77m), not Nordnet's DKK 131m. The company publishes no NAV: 'equity per share' (SEK 6.95) is used as NAV, and the portfolio (SEK 62.5m) is mainly carried at cost. The value of Trinity Robotics is secret. Other current liabilities of SEK 17.3m are only approx. SEK 2m interest-bearing (net debt −SEK 18.0m). The rest is probably unpaid investment commitments (investments SEK 23.4m vs 10.2m paid in H1), but this is not confirmed. Runway is therefore calculated conservatively. Daily turnover was not found. Industry: investment company = 'Finance, data & insurance brokerage'; the portfolio is defense technology.
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