Recent Insider Transactions • May 25
Insider recently bought kr288k worth of stock On the 21st of May, Helena Mattsson bought around 161k shares on-market at roughly kr1.79 per share. This transaction amounted to 6.9% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Announcement • Mar 31
VEF AB (publ), Annual General Meeting, May 06, 2026 VEF AB (publ), Annual General Meeting, May 06, 2026, at 12:30 W. Europe Standard Time. Location: advokatfirman vinges offices, smalandsgatan 20, se-111 46 stockholm Sweden New Risk • Jan 22
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 135% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Price Target Changed • Dec 09
Price target increased by 11% to kr3.11 Up from kr2.81, the current price target is an average from 4 analysts. New target price is 34% above last closing price of kr2.33. Stock is up 4.5% over the past year. The company posted a net loss per share of US$0.086 last year. Announcement • Apr 10
VEF AB (publ), Annual General Meeting, May 13, 2025 VEF AB (publ), Annual General Meeting, May 13, 2025, at 12:30 W. Europe Standard Time. Location: at advokatfirman vinges offices, smalandsgatan 20, se-111 46 stockholm Sweden Announcement • Mar 04
Sem Parar Instituição de Pagamento Ltda completed the acquisition of Gringo Agência de Serviços Relativos a Automóveis LTDA. from VEF AB (publ) (OM : VEFAB) and all other existing investors. Sem Parar Instituição de Pagamento Ltda has entered into an agreement to acquire Gringo Agência de Serviços Relativos a Automóveis LTDA. from VEF AB (publ) (OM : VEFAB) and all other existing investors on January 20, 2025. As part of the transaction, all existing investors, including VEF, will fully exit their position in Gringo. The transaction is expected to result in net proceeds of $15.2 million for VEF. The transaction is taking place within a tight range of VEF’s 3Q24 valuation mark for Gringo, in the face of strong BRL depreciation (-12%) over 4Q24, and has a <1% negative impact on VEF’s 3Q24 NAV. The completion of the transaction is subject to customary closing conditions, including approval from the Brazilian antitrust authority, subject to regulatory approval and is expected to close near the end of the first quarter of 2025.
Sem Parar Instituição de Pagamento Ltda completed the acquisition of Gringo Agência de Serviços Relativos a Automóveis LTDA. from VEF AB (publ) (OM : VEFAB) and all other existing investors on January 20, 2025. New Risk • Jan 25
New major risk - Revenue size The company makes less than US$1m in revenue. This is considered a major risk. Companies with a small amount of revenue are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 25% per year over the past 5 years. Revenue is less than US$1m. Price Target Changed • Jan 23
Price target decreased by 8.1% to kr3.11 Down from kr3.38, the current price target is an average from 4 analysts. New target price is 81% above last closing price of kr1.72. Stock is down 8.4% over the past year. The company posted earnings per share of US$0.058 last year. Announcement • Jan 21
Sem Parar Instituição de Pagamento Ltda has entered into an agreement to acquire Gringo Agência de Serviços Relativos a Automóveis LTDA. from VEF AB (publ) (OM : VEFAB) and all other existing investors. Sem Parar Instituição de Pagamento Ltda has entered into an agreement to acquire Gringo Agência de Serviços Relativos a Automóveis LTDA. from VEF AB (publ) (OM : VEFAB) and all other existing investors on January 20, 2025. As part of the transaction, all existing investors, including VEF, will fully exit their position in Gringo. The transaction is expected to result in net proceeds of $15.2 million for VEF. The transaction is taking place within a tight range of VEF’s 3Q24 valuation mark for Gringo, in the face of strong BRL depreciation (-12%) over 4Q24, and has a <1% negative impact on VEF’s 3Q24 NAV.
The completion of the transaction is subject to customary closing conditions, including approval from the Brazilian antitrust authority, and is expected to close in the coming months. Valuation Update With 7 Day Price Move • Jan 13
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to kr1.92, the stock trades at a trailing P/E ratio of 3.4x. Average trailing P/E is 20x in the Capital Markets industry in Sweden. Total loss to shareholders of 63% over the past three years. Recent Insider Transactions • Aug 11
Insider recently bought kr120k worth of stock On the 8th of August, Helena Mattsson bought around 63k shares on-market at roughly kr1.91 per share. This transaction amounted to 1.3% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. New Risk • Jul 18
New major risk - Revenue and earnings growth Earnings have declined by 24% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 24% per year over the past 5 years. Revenue is less than US$1m. Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to kr2.29, the stock trades at a trailing P/E ratio of 3.8x. Average forward P/E is 11x in the Capital Markets industry in Sweden. Total loss to shareholders of 43% over the past three years. Price Target Changed • Jan 25
Price target decreased by 12% to kr3.33 Down from kr3.80, the current price target is an average from 3 analysts. New target price is 80% above last closing price of kr1.85. Stock is down 18% over the past year. The company is forecast to post a net loss per share of US$0.02 compared to earnings per share of US$0.06 last year. Major Estimate Revision • Jan 18
Consensus revenue estimates increase by 59% The consensus outlook for revenues in fiscal year 2023 has improved. 2023 revenue forecast increased from US$39.0m to US$62.0m. EPS estimate increased from US$0.032 to US$0.05 per share. Net income forecast to grow 96% next year vs 14% growth forecast for Capital Markets industry in Sweden. Consensus price target down from kr3.80 to kr3.55. Share price was steady at kr1.77 over the past week. Price Target Changed • Nov 09
Price target decreased by 8.4% to kr3.58 Down from kr3.91, the current price target is an average from 3 analysts. New target price is 93% above last closing price of kr1.86. Stock is down 37% over the past year. The company is forecast to post earnings per share of US$0.03 next year compared to a net loss per share of US$0.36 last year. Announcement • Oct 05
VEF AB (publ) Announces CFO Changes VEF AB (publ) announced that Kim Ståhl is appointed interim CFO following the resignation by current CFO Henrik Stenlund. Henrik Stenlund has notified the company that he is resigning from his position to take up a new opportunity. He will remain with the company until year-end. Kim Ståhl has been with VEF since 2021 as deputy CFO. Since joining, Kim has played a key role in driving and improving all aspects of finance function. Kim has extensive background from various CFO, accounting and other finance roles prior to him joining VEF. Valuation Update With 7 Day Price Move • Jul 26
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to kr2.56, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 15x in the Capital Markets industry in Sweden. Total loss to shareholders of 13% over the past three years. New Risk • Jul 20
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 117% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Buying Opportunity • Jun 13
Now 21% undervalued Over the last 90 days, the stock is up 47%. The fair value is estimated to be kr3.45, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 63% over the last 3 years. Meanwhile, the company became loss making. Announcement • May 10
VEF AB (Publ) Elects Katharina Lüth as Director VEF AB (Publ) at its annual general meeting held on May 9, 2023, resolved that the members of the board of directors shall be six, without deputies, elected Katharina Lüth as new director. Price Target Changed • Apr 21
Price target increased by 9.2% to kr3.67 Up from kr3.36, the current price target is an average from 5 analysts. New target price is 67% above last closing price of kr2.19. Stock is down 45% over the past year. The company is forecast to post earnings per share of US$0.02 next year compared to a net loss per share of US$0.36 last year. Price Target Changed • Jan 26
Price target decreased by 15% to kr3.39 Down from kr3.97, the current price target is an average from 5 analysts. New target price is 49% above last closing price of kr2.28. Stock is down 51% over the past year. The company is forecast to post a net loss per share of US$0.01 next year compared to a net loss per share of US$0.36 last year. Announcement • Jan 25
VEF AB (Publ), Annual General Meeting, May 09, 2023 VEF AB (Publ), Annual General Meeting, May 09, 2023. Price Target Changed • Jun 30
Price target decreased to kr5.38 Down from kr6.65, the current price target is provided by 1 analyst. New target price is 132% above last closing price of kr2.32. Stock is down 39% over the past year. The company posted earnings per share of US$0.30 last year. Recent Insider Transactions • May 14
CFO & Head of IR recently bought kr102k worth of stock On the 5th of May, Henrik Stenlund bought around 30k shares on-market at roughly kr3.40 per share. This was the largest purchase by an insider in the last 3 months. This was Henrik's only on-market trade for the last 12 months. Valuation Update With 7 Day Price Move • Mar 07
Investor sentiment deteriorated over the past week After last week's 16% share price decline to kr3.65, the stock trades at a trailing P/E ratio of 3x. Average trailing P/E is 8x in the Capital Markets industry in Sweden. Total returns to shareholders of 82% over the past three years. Buying Opportunity • Feb 04
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 15%. The fair value is estimated to be US$6.55, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 79% per annum over the last 3 years. Earnings per share has grown by 77% per annum over the last 3 years. Buying Opportunity • Jan 17
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 18%. The fair value is estimated to be US$6.51, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 79% per annum over the last 3 years. Earnings per share has grown by 77% per annum over the last 3 years. Valuation Update With 7 Day Price Move • Dec 23
Investor sentiment improved over the past week After last week's 19% share price gain to kr5.99, the stock trades at a trailing P/E ratio of 5.4x. Average trailing P/E is 15x in the Capital Markets industry in Sweden. Total returns to shareholders of 242% over the past three years. Recent Insider Transactions • Nov 10
Investment Partner recently sold kr746k worth of stock On the 3rd of November, Alexis Koumoudos sold around 125k shares on-market at roughly kr5.96 per share. This was the largest sale by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Price Target Changed • Nov 09
Price target increased to kr6.53 Up from kr5.77, the current price target is provided by 1 analyst. New target price is 9.6% above last closing price of kr5.96. Stock is up 81% over the past year. The company posted earnings per share of US$0.12 last year. Price Target Changed • Oct 01
Price target increased to kr5.77 Up from kr5.30, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of kr5.88. Stock is up 105% over the past year. 
