VEF AB (publ) is a Stockholm-listed asset manager with a market capitalisation of about 2.0 billion SEK, and it sits in the Financial Services sector with no index memberships. The stock is in a sector where fee income is the entire business, and the reported figures here are unusual: revenue fell 19.3% and return on equity is slightly negative at -1.1%, while operating margin reads 167.9% and gross margin 100%, which likely reflects investment gains or accounting presentation rather than a clean fee-margin picture. Neither a trailing nor a forward P/E is available, so valuation has to be worked out from the balance sheet and fund-level data instead of earnings. The case for a deeper look rests on whether the revenue decline is cyclical or structural and whether the operating line is repeatable, and the source data does not yet answer either question. Confirm the composition of the operating income, the fund flow trend and the assets under management before spending more time here.
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| Date | Type | New | Previous | Price |
|---|---|---|---|---|
| 23 Oct 2026, 01:52 CEST | ACCE price target | kr 2.03 | first publication | kr 1.97 |
Answered from VEF AB (publ) fundamentals + recent valuations. Every number shows its source and date.
| Company | Price | Fair value | vs fair value | P/E | ROE | Quality | Score |
|---|---|---|---|---|---|---|---|
| VEFAB.ST VEF AB (publ) | kr 1.99 | - | - | - | -1.1% | 64 | 39 |
| NUAM.SN Holding Bursátil Regional S.A. | CLP 8363.80 | - | - | 19.8x | 8.1% | 85 | 80 |
| CUPRUM.SN Cuprum | CLP 94.00 | - | - | 21.3x | 16.8% | 90 | 65 |
| HABITAT.SN A.F.P. Habitat | CLP 1313.50 | - | - | 7.8x | 47.0% | 100 | 75 |
| PROVIDA.SN A.F.P. Provida | CLP 4990.00 | - | - | 18.5x | 13.4% | 90 | 69 |
| KINV-A.ST Kinnevik AB | kr 74.00 | - | - | - | -22.9% | 64 | 32 |
| PFCORFICOL.CL Corficolombiana preferred | COP 18120.00 | - | - | 12.1x | 7.0% | 45 | 68 |
Where VEFAB.ST ranks against its sector peers on each metric.