OM:VEFL SDB

Stock Analysis Report

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Executive Summary

VEF Ltd. is a venture capital firm specializing in early venture, emerging growth and growth capital investments. More Details


Snowflake Analysis

Flawless balance sheet and good value.

Share Price & News

How has VEF's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: VEFL SDB is not significantly more volatile than the rest of Swedish stocks over the past 3 months, typically moving +/- 7% a week.

Volatility Over Time: VEFL SDB's weekly volatility (7%) has been stable over the past year.


Market Performance


7 Day Return

-3.6%

VEFL SDB

2.7%

SE Capital Markets

1.0%

SE Market


1 Year Return

18.2%

VEFL SDB

64.7%

SE Capital Markets

15.2%

SE Market

Return vs Industry: VEFL SDB underperformed the Swedish Capital Markets industry which returned 64.7% over the past year.

Return vs Market: VEFL SDB exceeded the Swedish Market which returned 15.2% over the past year.


Shareholder returns

VEFL SDBIndustryMarket
7 Day-3.6%2.7%1.0%
30 Day4.7%12.3%7.2%
90 Day46.5%25.7%10.9%
1 Year18.2%18.2%67.0%64.7%18.3%15.2%
3 Year86.6%86.6%99.7%84.2%47.0%29.5%
5 Year303.0%303.0%162.9%122.4%86.7%46.8%

Long-Term Price Volatility Vs. Market

How volatile is VEF's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is VEF undervalued compared to its fair value and its price relative to the market?

1.8%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: VEFL SDB (SEK4.03) is trading below our estimate of fair value (SEK4.1)

Significantly Below Fair Value: VEFL SDB is trading below fair value, but not by a significant amount.


Price To Earnings Ratio

PE vs Industry: VEFL SDB is good value based on its PE Ratio (16.3x) compared to the SE Capital Markets industry average (27.4x).

PE vs Market: VEFL SDB is good value based on its PE Ratio (16.3x) compared to the Swedish market (23.6x).


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate VEFL SDB's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: VEFL SDB is good value based on its PB Ratio (1.2x) compared to the SE Capital Markets industry average (1.3x).


Next Steps

Future Growth

How is VEF forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?

18.4%

Forecasted Diversified Financials industry annual growth in earnings


In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as VEF has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.


Next Steps

Past Performance

How has VEF performed over the past 5 years?

-25.2%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: VEFL SDB has high quality earnings.

Growing Profit Margin: VEFL SDB's current net profit margins (84%) are lower than last year (88.6%).


Past Earnings Growth Analysis

Earnings Trend: VEFL SDB's earnings have declined by 25.2% per year over the past 5 years.

Accelerating Growth: VEFL SDB's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: VEFL SDB had negative earnings growth (-55%) over the past year, making it difficult to compare to the Capital Markets industry average (106.2%).


Return on Equity

High ROE: VEFL SDB's Return on Equity (7.4%) is considered low.


Next Steps

Financial Health

How is VEF's financial position?


Financial Position Analysis

Short Term Liabilities: VEFL SDB's short term assets ($2.3M) exceed its short term liabilities ($505.0K).

Long Term Liabilities: VEFL SDB's short term assets ($2.3M) exceed its long term liabilities ($76.0K).


Debt to Equity History and Analysis

Debt Level: VEFL SDB is debt free.

Reducing Debt: VEFL SDB has not had any debt for past 5 years.

Debt Coverage: VEFL SDB has no debt, therefore it does not need to be covered by operating cash flow.

Interest Coverage: VEFL SDB has no debt, therefore coverage of interest payments is not a concern.


Balance Sheet


Next Steps

Dividend

What is VEF current dividend yield, its reliability and sustainability?


Dividend Yield vs Market

Notable Dividend: Unable to evaluate VEFL SDB's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate VEFL SDB's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.


Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if VEFL SDB's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if VEFL SDB's dividend payments have been increasing.


Current Payout to Shareholders

Dividend Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of VEFL SDB's dividend in 3 years as they are not forecast to pay a notable one for the Swedish market.


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

3.2yrs

Average management tenure


CEO

Dave Nangle (45 yo)

no data

Tenure

US$1,275,000

Compensation

Mr. David Francis Nangle, also known as Dave, has been Managing Director at VEF Ltd. (formerly known as Vostok Emerging Finance Ltd.). since September 1, 2015 and serves as its Chief Executive Officer. Mr....


CEO Compensation Analysis

Compensation vs Market: Dave's total compensation ($USD1.28M) is above average for companies of similar size in the Swedish market ($USD504.40K).

Compensation vs Earnings: Dave's compensation has been consistent with company performance over the past year.


Leadership Team

NamePositionTenureCompensationOwnership
David Nangle
CEO, MD & Directorno dataUS$1.28m2.16%
$ 58.4m
Henrik Stenlund
CFO, COO & Investor Relations Manager3.67yrsno data0.49%
$ 13.2m
Elisabet Hulten
Deputy CFO & Head of Accounting1yrno data0.042%
$ 1.1m
Helena Mattsson
General Counsel3.42yrsno data0.34%
$ 9.1m
Alexis Koumoudos
Investment Partnerno datano data1.16%
$ 31.3m
Éire Smith
Associate3yrsno datano data

3.2yrs

Average Tenure

39.5yo

Average Age

Experienced Management: VEFL SDB's management team is considered experienced (3.2 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
David Nangle
CEO, MD & Directorno dataUS$1.28m2.16%
$ 58.4m
Ranjan Tandon
Director4yrsUS$31.00kno data
Per Brilioth
Independent Director6yrsUS$31.00k0.42%
$ 11.4m
Lars Gronstedt
Independent Chairman of the Board6yrsUS$63.00k0.020%
$ 530.5k
Allison Goldberg
Director0.25yrno datano data

5.3yrs

Average Tenure

51yo

Average Age

Experienced Board: VEFL SDB's board of directors are considered experienced (5.3 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: VEFL SDB insiders have only sold shares in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 2.7%.


Top Shareholders

Company Information

VEF Ltd.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: VEF Ltd.
  • Ticker: VEFL SDB
  • Exchange: OM
  • Founded: 2015
  • Industry: Asset Management and Custody Banks
  • Sector: Diversified Financials
  • Market Cap: kr2.707b
  • Shares outstanding: 663.40m
  • Website: https://www.vostokemergingfinance.com

Location

  • VEF Ltd.
  • Clarendon House
  • 2 Church Street
  • Hamilton
  • HM 11
  • Bermuda

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
VEFL SDBOM (OMX Nordic Exchange Stockholm)YesSDRSESEKJul 2015
VKEM.FOTCPK (Pink Sheets LLC)YesSDRUSUSDJul 2015
0GBHLSE (London Stock Exchange)YesSDRGBSEKJul 2015

Biography

VEF Ltd. is a venture capital firm specializing in early venture, emerging growth and growth capital investments. The firm primarily invests in modern financial services and fintech sector. The financial s...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2021/01/21 19:10
End of Day Share Price2021/01/21 00:00
Earnings2020/09/30
Annual Earnings2019/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.