Q2 2024 VNV Global AB (publ) Earnings Call Transcript
Key Points
- VNV Global AB (LTS:0A89) successfully sold Gett for $83 million, which will improve liquidity once the transaction closes.
- The company has a net asset value (NAV) of $600 million, reflecting a diverse investment portfolio.
- BlaBlaCar, a major holding, is performing well with positive EBITDA and cash flow, and has recently acquired Obilet, enhancing its market position.
- Voi, another key investment, is EBITDA positive and expected to become EBIT positive, indicating strong financial health.
- The portfolio is becoming increasingly EBITDA positive, with 62% of holdings achieving this status, indicating overall portfolio strength.
- The NAV per share decreased by 10% this quarter, primarily due to valuation adjustments in BlaBlaCar, Gett, and HousingAnywhere.
- The sale of Gett was slightly below NAV, impacting the overall valuation negatively.
- The company is still awaiting regulatory approval for the Gett transaction, which introduces uncertainty regarding the timing of liquidity improvements.
- The investment portfolio is becoming increasingly concentrated, with the top three holdings representing over 70% of total NAV, which could pose a risk if any of these investments underperform.
- The company is trading at a significant discount to its NAV, indicating potential market skepticism or undervaluation.
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Good afternoon, everyone. Welcome to VNV Global's second-quarter 2024 conference call. On the call today, we have Per Brilioth CEO; and Dennis Mohammad, member of the investment team; and myself, Bjorn Von Sivers, CFO of the company. As per usual, Per will start with a summary of the developments during the quarter and a few highlights out of its management letter, and then I'll follow with some NAV drivers and then we'll do Q&A. (Operator Instructions)
With that, I'll hand over to you, Per. Please go ahead.
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Thanks, Bjorn. So we just click through a couple of pages, highlighting what's been going on here. $600 million NAV, which is just under SEK49 per share, which is down 10% on the quarter, which is basically a reflection of the multiples that we follow in the peer universe, in the public universe that we use
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