Rankings Financial data & insurance broking VNV Global
VNV Global
66
15070100
A view of the same findings, not a new score. How it works
A good business with a real question mark: the price, a crack, or both.
Biggest deductions
- Capital allocation and NAV development−10
- Bond matures−5
- Portfolio concentration−3
Strengths
- Buybacks financed by exits+2
- Operational progress in the largest holdings+2
How the score is built
From 100 to 66, 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 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 18.22 SEK
- Median analyst target
- 23.74 SEK
- Upside to median
- +30.3%
- Analysts
- 2
- Target range
- 22.70 – 24.77 SEK
- 52-week change
- −23%
- P/E (trailing)
- n/a
- Forward P/E
- 16.4
- 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−16 of −30
- −10Capital allocation and NAV developmentNAV per share has fallen from USD 12.13 (2021) to USD 3.60 as of 30/6-2026 (−70%), and equity from 1,401 to USD 461m. Babylon Health (approx. USD 150m invested) was written down completely, and the share count rose approx. 14% via an issue in 2023, before the buybacks began.
- −3Portfolio concentrationThe two largest holdings, BlaBlaCar (about 25%) and Voi (about 22%), make up about half of the portfolio, and both are unlisted mobility companies valued with models based on peers.
- −2Transparency and minority stakesVNV is a minority owner in private companies with limited information sharing. CEO Per Brilioth himself points to lack of transparency as a reason for the discount.
- −1CostsOperating costs were about USD 7.7m TTM (about 1.7% of NAV) plus interest on the bond, which is high for a company with 3 employees and a NAV of USD 461m.
Price
Today's multiples against the company's own history and its peers. · 2 findings−5 of −35
- −2NAV discount vs own historyThe price corresponds to P/B 0.52 (discount about 48%) vs 0.37 (2024), 0.41 (2023), 0.47 (2022) and 0.56 (2025). The discount is in the middle of the last four years' range, so the stock is not cheap relative to its own history.
- −3Credibility of NAVVoi is carried at 2.4x EV/Sales and 52x EV/EBITDA, while the listed peer Lime trades at 1.7x and 32x. BlaBlaCar is carried at 3.7x P/S. NAV may be too high if Voi is listed at Lime's level, so part of the discount is justified.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−13 of −35
- −5Bond maturesThe 2024/2027 bond with a remaining amount of about DKK 254m matures within 12 months, while cash was about DKK 159m (USD 16.35m) at 30/6. Management plans to sell holdings for about USD 10m before year-end, but the rest requires exits or refinancing.
- −3Continued write-downsNAV per share fell 16% in USD in H1 2026 (net result −USD 85.1m), primarily due to write-downs of BlaBlaCar (−27% in Q1, partly because revenue from energy-saving certificates in France lapses) and Voi (−16%).
- −3GovernanceThere has been criticism of a controversial bonus of DKK 138m to management after the Avito sale in 2019, and there is a new chairman (Lars-Åke Norling) from May 2026.
- −2Regulation and competition in the portfolioVoi depends on municipal licences and tenders (e.g. Paris' ban on rental scooters in 2023) and competes with Lime, which may get cheaper capital through a stock market listing. BlaBlaCar is exposed to France, Brazil and India.
Plus
Only documented strengths. · 2 findings+4 of +15
- +2Buybacks financed by exitsVNV bought 593,048 own shares in H1 2026 and bonds for SEK 166.9m at price 104 in April 2026, financed by sale proceeds (incl. Gett). The general meeting has given a mandate to buy up to 10% of the shares.
- +2Operational progress in the largest holdingsVoi grew 47% in Q2 2026 with EUR 39m in EBITDA (LTM) and is preparing a stock market listing. BlaBlaCar expects EUR 210m in revenue and over EUR 40m in EBITDA in 2026.
Caveats
What the score does not capture, or where the data is weak.
Investment company with unlisted holdings (accounts in USD), so stockanalysis' revenue, margins, P/E and FCF are meaningless (revenue = value changes, FCF = sale proceeds). The score is based on NAV, NAV discount and the company's own reports. NAV at 30/6-2026: USD 460.5m = DKK 34.97 per share (rate SEK 9.72/USD); discount at DKK 18.24 approx. 48%. The portfolio breakdown (BlaBlaCar approx. 25%, Voi approx. 22%) is from Placera's analysis of 26/9-2026, not from the report (PDF could not be read). Costs and interest are estimated from stockanalysis (operating costs approx. USD 7.7m TTM). The exact maturity date of the bond was not found; Placera writes that SEK 254m falls due within 12 months. Short data not found. Industry: 'Finance, data & insurance brokerage' is the closest for an investment company.
Also in Financial data & insurance broking
The highest scores in the same industry.
