olivLaw · European equity research
VNV Global AB (publ) VNV.ST
Sweden · Nasdaq Stockholm · ISIN SE0014428835 · Vertical: Listed companies from Sweden
VNV Global is a Swedish investment company holding minority stakes in private equity portfolio companies, largely digital, with a focus on businesses with network effects. In 2025 it received cash from the sale of Gett and Tise, which strengthens its liquidity position, but portfolio value depends largely on unlisted valuations of its holdings. Key figures are the 37.7 million USD value of its Numan stake and 51.5 million USD of liquid assets at year-end 2025.
At the close of 05 Nov 2026, VNV Global AB (publ) (VNV.ST) stock was 17.82 SEK (−5.21% on the day), with beta 0.98, 52-week range 16.08–22.52 SEK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 43.4
- weak (30–45)
- Bollinger (20, 2)
- 17.62 – 19.38
- in the lower half of the band · %B 0.12 · band width 9.5%
- SMA 50 / 200
- 18.48 / 18.07
- mixed trend
- MACD (12, 26, 9)
- 0.00 / 0.04
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −2.2% | −0.6% | −1.5 pp | — |
| 3 months | −1.2% | −4.2% | +2.9 pp | — |
| 6 months | +2.5% | +4.3% | −1.8 pp | — |
| Year to date | −18.7% | +7.5% | −26.2 pp | — |
| 1 year | −22.2% | +9.9% | −32.1 pp | −8.3% |
| 3 years | +13.7% | +49.8% | −36.1 pp | +12.0% |
| 5 years | −85.8% | +42.8% | −128.6 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 22.4 m | -85.1 m | -29.2 m |
| Net income YoY | unavailable | −479.6% | unavailable |
| Diluted EPS | 0.18 | -0.65 | -0.22 |
| Diluted EPS YoY | unavailable | −461.1% | unavailable |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | -29.4 m | 46.4 m | 92.0 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 51.2 m USD
- Financial debt
- 46.2 m USD
- Net debt
- -5.0 m USD
- Equity
- 546.7 m USD
- Total assets
- 594.5 m USD
- Debt / equity
- 0.08x
- Current ratio
- 35.37x
- ROE
- -5.2%
- ROA
- -4.7%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Income statement · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating income | 33.0 m | -88.4 m | -6.7 m | esef· 26 Oct 2026verified |
| Pre-tax income | 22.4 m | -85.1 m | -26.8 m | esef· 26 Oct 2026verified |
| Income tax | 0 | 78.0 k | 2.4 m | esef· 26 Oct 2026verified |
| Net income | 22.4 m | -85.1 m | -29.2 m | esef· 26 Oct 2026verified |
| Diluted EPS | 0.18 | -0.65 | -0.22 | esef· 26 Oct 2026verified |
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 42.5 m | 15.7 m | 51.2 m | esef· 26 Oct 2026verified |
| Current assets | 43.4 m | 16.6 m | 56.7 m | esef· 26 Oct 2026verified |
| Property, plant & equipment, net | 900.0 k | 567.0 k | — | esef· 08 May 2025verified |
| Total assets | 824.6 m | 661.0 m | 594.5 m | esef· 26 Oct 2026verified |
| Long-term debt | 120.8 m | 76.8 m | 46.2 m | esef· 26 Oct 2026verified |
| Current liabilities | 37.5 m | 2.8 m | 1.6 m | esef· 26 Oct 2026verified |
| Equity | 666.3 m | 581.4 m | 546.7 m † | esef· 26 Oct 2026verified |
| Shares outstanding at year end | 124.6 m | 131.0 m | 132.8 m | esef· 26 Oct 2026derived |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -29.4 m | 46.4 m | 92.0 m | esef· 26 Oct 2026verified |
| Capex | 0 | 0 | 0 | esef· 26 Oct 2026verified |
| Free cash flow | -29.4 m ≈ | 46.4 m ≈ | 92.0 m ≈ | esef· 26 Oct 2026derived |
| Investing cash flow | 0 | 0 | 0 | esef· 26 Oct 2026verified |
| Financing cash flow | 4.1 m | -67.8 m | -60.2 m | esef· 26 Oct 2026verified |
| Share repurchases | — | 0 | 5.8 m | esef· 26 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 2 of at least 6
- score weight coverage: 14.6% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
15% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 2 of at least 6; score weight coverage: 14.6% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -1.0% | 17 (vs peers) | 71% |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 35.4x | 100 (on a fixed band) | 29% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial17/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
VNV Global AB (publ) (VNV.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE -5.2%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 2 of at least 6; score weight coverage: 14.6% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 35.4x
What contradicts it
- ROIC: -1.0%
Not assessed (insufficient data or a ratio without meaning): Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Sweden · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ALFA.STAlfa Laval AB | 223.0 bn | 27.0 | 19.4% | 11.9% | +4.1% | +21% / +38% |
| BOL.STBoliden Ab | 143.0 bn | 15.2 | 13.3% | 10.1% | +4.8% | +12% / +81% |
| CAST.STCastellum Aktiebolag | 66.6 bn | 71.0 | 1.2% | 9.8% | −2.6% | +27% / +6% |
| AAK.STAak Ab (publ) | 47.5 bn | 13.9 | 17.2% | 7.5% | +2.2% | −31% / −14% |
| CAMX.STCamurus AB | 42.5 bn | 58.5 | 19.5% | 32.5% | +21.3% | +16% / +55% |
| BRAV.STBravida Holding AB | 30.1 bn | 24.5 | 13.7% | 4.4% | −4.9% | +84% / +123% |
| ASKER.STAsker Healthcare Group AB | 29.8 bn | 60.5 | 9.8% | 2.9% | +11.7% | −18% / unavailable |
| ALLEI.STAlleima AB | 22.7 bn | 33.8 | 4.1% | 3.6% | −5.4% | +11% / +19% |
| BURE.STBure Equity AB | 22.6 bn | — | -21.0% | — | unavailable | +20% / +19% |
| AQ.STAQ Group AB | 19.7 bn | 29.2 | 14.9% | 7.5% | +6.0% | +14% / +119% |
| ALTRA.STAltra Fastigheter AB | 18.4 bn | 33.9 | 3.0% | 15.1% | −2.2% | +9% / +19% |
| ATT.STAttendo AB (publ) | 16.8 bn | 20.7 | 15.1% | 4.3% | +0.1% | +34% / +223% |
| AFRY.STAfry Ab | 14.9 bn | 18.7 | 6.2% | 3.1% | −5.2% | −17% / +4% |
| ATRLJ-B.STAtrium Ljungberg AB | 14.0 bn | 17.1 | 2.9% | 23.9% | −2.0% | −33% / −44% |
| ALIG.STAlimak Group AB (publ) | 12.7 bn | 21.3 | 8.2% | 8.8% | −3.2% | −18% / +50% |
| ACAD.STAcadeMedia AB | 12.7 bn | 15.5 | 12.7% | 4.3% | +9.7% | +22% / +138% |
| APOTEA.STApotea AB (publ) | 10.7 bn | 46.8 | 31.3% | 3.2% | +10.1% | +15% / unavailable |
| BOOZT.STBoozt AB | 10.6 bn | 37.9 | 10.4% | 3.6% | +0.5% | +58% / +44% |
| BUFAB.STBufab AB (publ) | 5.0 bn | 9.2 | 15.1% | 6.9% | −7.4% | +36% / +110% |
| ACTI.STActive Biotech AB (publ) | 4.9 bn | — | -84.5% | — | unavailable | −32% / −77% |
| CEVI.STCellaVision AB | 4.7 bn | 30.8 | 18.0% | 20.2% | +4.9% | +20% / +12% |
| COOR.STCoor Service Management Holding AB | 4.7 bn | 18.2 | 13.0% | 2.2% | +16.7% | +1% / +25% |
| BHG.STBHG Group AB | 4.5 bn | 31.1 | 2.5% | 1.4% | +6.2% | −18% / +113% |
| CARA.STCarasent AB (publ) | 1.8 bn | 51.7 | 4.1% | 10.1% | +24.9% | −8% / +87% |
| BICO.STBICO Group AB | 1.7 bn | — | -46.0% | -72.7% | −13.3% | +16% / −51% |
1- and 3-year price returns: for VNV.ST from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
VNV Global is a Swedish investment company holding minority stakes in private equity portfolio companies, largely digital, with a focus on businesses with network effects. In 2025 it received cash from the sale of Gett and Tise, which strengthens its liquidity position, but portfolio value depends largely on unlisted valuations of its holdings. Key figures are the 37.7 million USD value of its Numan stake and 51.5 million USD of liquid assets at year-end 2025 1.
SWOT
Strengths
- Diversified portfolio of digital company stakes with valuations updated at year-end 2025.
- Improved liquidity position after the exits from Gett and Tise.
- Board representation at several portfolio companies, giving influence over strategy.
Weaknesses
- Most of the portfolio is unlisted and valued using models rather than market prices.
- Significant currency exposure in SEK, EUR and GBP against USD reporting.
- The 2024/2027 bond creates refinancing pressure ahead of maturity.
Opportunities
- Exits through strategic acquisitions, as with Tise, could generate new liquidity.
- Growth in digital health treatments could support the value of the Numan stake.
- Share buybacks can be used when conditions are favourable.
Threats
- Declines in the value of unlisted companies could directly affect results and equity.
- Risks specific to emerging markets, including regulation and limited transparency.
- If capital markets deteriorate, funding rounds for portfolio companies could be harder to close.
Risks
- Valuation of unlisted investmentshigh
The fair value of many holdings rests on models and recent transactions. A decline in valuations could significantly affect results and equity 1.
- Refinancing of the 2024/2027 bondhigh
The debt matures in 2027, and if exits from investments are delayed, the company could need refinancing on less favourable terms 1.
- Dependence on key managementmedium
The company has warned that losing senior executives could seriously affect its development 1.
- Currency riskmedium
Exposure to SEK, EUR and GBP can produce translation losses in reporting, without hedging through derivatives 1.
- Governance risk in emerging marketsmedium
Minority shareholders can be affected by weaker governance practices and less strict accounting rules in some portfolio countries 1.
Investment thesis
What would need to be true (bull case)
- Recent exits from Gett and Tise brought cash in, and the liquidity position is stronger than a year earlier. If other holdings reach favourable exits, net value could increase.
- Several portfolio companies report growth, especially Numan and Bokadirekt, which could support future valuations.
- Share buybacks and a concentrated shareholder structure may in some scenarios reduce dilution for existing shareholders.
What would break the thesis
- Most assets are unlisted and valued using models, which makes net value difficult to verify from outside.
- The bond maturing in 2027 could become a significant pressure if exits from investments do not materialise in time.
- Some holdings, such as Hungry Panda and HousingAnywhere, lost value in 2025, showing that portfolio performance is uneven.
What to watch
- Completion of the HousingAnywhere funding round and VNV's 1 million EUR investmentQ1 2026
- Development of Numan revenue and profit against 2025 expectations2026
- New exits from investments or distributions of cash to shareholders2026
- Repayment or refinancing of the 2024/2027 bond and the level of available liquiditynext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
VNV Global AB (publ) is an investor based in Stockholm and listed on Nasdaq Stockholm (Mid Cap) under the ticker VNV. Its main strategy is investing in private equity with high value-creation potential, focused on companies with network effects, and it creates shareholder value by developing and then exiting these holdings 1. Holdings are carried at fair value at 31 December 2025, and about 90.4% of the portfolio consisted of equity investments at that date 1. The group reports in USD, although some assets and liabilities are denominated in SEK and EUR 1.
The shareholder structure includes ordinary shares and several series of incentive shares for management, and the total number of shares outstanding at year-end 2025 was 134,731,650 1. The company repurchased 2,378,585 ordinary shares in 2025 for about 5.8 million USD, which are held in treasury 1.
Refinancing risk relates to the senior unsecured bond 2024/2027, initially issued at 850 million SEK, which matures in October 2027 and amounted to about 46.2 million USD including accrued interest 1. The company states that its liquid assets could cover debts falling due within one year and operating costs, but exits from investments remain essential to repaying this debt 1.
Segments
Numan
Numan is a British digital health clinic focused on stigmatised conditions such as obesity and testosterone deficiency. The company reported strong revenue growth and raised new funding in the second quarter of 2025, and VNV holds 13.5%, valued at 37.7 million USD 1.
Market context
The market VNV operates in is fragmented and consists mainly of digital consumer and service companies with private funding, many in emerging markets. Reported values depend on valuation methods based on recent transactions or EV/revenue multiples of comparable companies, so results can be influenced by capital market conditions 1. The company notes that in emerging markets financial reporting and access to data are more limited than in developed countries 1.
Exits in 2025 included the sale of Gett for net proceeds of 89.1 million USD and of Tise to eBay for about 11.0 million USD 1. If the market for acquisitions and listings remains active, these exits could support portfolio value, although the company acknowledges that it is not certain holdings will be sold at the balance-sheet value 1.
Trends
- Digital consolidation through acquisitionstailwind
The sale of Tise to eBay shows that large platforms can acquire niche companies from investor portfolios, which offers an exit route for VNV 1.
- Growth in digital health treatmentstailwind
Numan identified weight-loss treatments as the main growth driver, suggesting expanding demand for digital health services 1.
- Harder funding conditions for growing companiesheadwind
Portfolio companies need new capital periodically, and if capital markets tighten, funding rounds such as those at HousingAnywhere or Numan could become more costly or harder to complete 1.
- Currency exchange volatilitymixed
Exposure to SEK, EUR and GBP makes USD-reported results sensitive to currency movements, which can change the reported value of holdings 1.
Competitive position
VNV competes with other private equity and venture capital investors seeking stakes in digital companies across Europe, the Middle East, Africa and Asia. For deals and exits, competition includes funds that can pay higher prices, particularly for fast-growing assets 1.
For portfolio companies, each operates in markets with its own competitors, from delivery and grocery platforms to rental marketplaces. The sources do not list listed competitors, so no reliable tickers can be given 1.
- European private equity funds
Investors competing for the same deals and minority stakes in early-stage digital companies.
- Middle East venture capital funds
Investors active in markets such as Egypt and the Gulf, relevant to regional portfolio holdings.
- Online grocery and food delivery platforms
Competitors to Breadfast and Hungry Panda in fast delivery and food ordering.
- Student rental platforms
Direct competitors to HousingAnywhere in the European temporary housing market.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202526 Oct 2026
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / VNV Global AB (publ) · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.