Västra Hamnen Corporate Finance AB (publ) (VH.ST) fair value

ACCE thesis

Västra Hamnen Corporate Finance is a small Stockholm-listed advisory and asset management firm, with a market capitalisation of about 26M SEK and no index membership, which keeps it off most screens and out of the coverage of larger brokers. Revenue grew 17.0% over the period, and the 38.3% operating margin against a 100% gross margin suggests a fee-based model with a lean cost base, though the negative 10.9% ROE shows the business has not yet turned that into shareholder returns. The case rests on whether that operating profitability can persist and scale as the firm grows, so the first thing to pull is the revenue mix between advisory and asset management fees and whether recurring fees are rising as a share of the total. Forward earnings and P/E are not available in our data, so valuation has to be built from the filings themselves. At this size, liquidity and disclosure are the practical constraints, and a position would need to be sized with both in mind before going further.