FRAM SKANDINAVIEN AB Fram Skandinavien AB
Monthly Report
as of February 2024
General information
Fram Skandinavien AB is a Swedish listed investment company focused on the digital consumer, blockchain and other tech in Southeast Asia.
Ticker | FRAM B | Sector | Tech investment focus, in public listed and private tech-oriented companies and digital assets |
Market | Nasdaq First North Stockholm | Geography | Southeast Asia region |
Activity | Investment company | Investment | 7 people based in Vietnam, including: |
organization | - Christopher Beselin, Chairman | ||
Date of IPO | October 2017 at SEK 20 per share | - Hanh Mai, CEO | |
- Tuyet Phan, Group Finance Director | |||
Fram Skandinavien AB
Monthly NAV report as of Feb 2024
Significant events during the month
- Carmudi's gross margin continued to improve and monthly losses decreased significantly as the focus on increasing gross profitability and reducing opex continued.
- EveHR continued to work on onboarding new clients as a result of customer acquisition campaigns and events. The company has finished restructuring its team and is working to put plans into action towards profitability.
- The negotiation for the sale of Dragonlend to Gologiq is still ongoing, but pending the merger between RCRT and Gologiq, which has been slowed down by US regulatory and stock exchange approvals. Dragonlend is also actively looking for parallel potential suitors as backups.
Allocation of portfolio
(based on the NAV) | |
by GEOGRAPHY | by SECTOR |
Vietnam | Marketplaces |
99% | 84% |
Others | HR tech |
1% | 10% |
Fintech | |
6% |
Key highlights
Share price (SEK) | Number of shares | Market cap (mSEK) | Total NAV (Net asset value, mSEK) |
30.5 | 3,615,078 | 110 | 243 |
NAV per share (SEK) | % upside NAV / share price | NAV per share vs Jan 2024 Share price discount to NAV per share | |
67 | +120% | +5% | -55% |
Portfolio | Revenue | Enterprise | % or # | Invested | NAV | Return |
(mSEK, | value | shares | amount | (mSEK) | multiple | |
last 12 months) (1) | (mSEK) | owned by FRAM | (mSEK) | (NAV / investment) | ||
Carmudi.vn | GMV: 97 | 217 (2) | 80% | 21.9 | 174 | 7.9x |
EveHR | 1 | 26 | 83% | 8.8 | 21.4 | 2.4x |
DragonLend | 3 | 20 | 70% | 13.8 | 13.7 | 1.0x |
Liven Technology | n.m | 31 | 39% | 3.8 | 11.9 | 3.1x |
Private tech investments | 48.3 | 221 | 4.6x | |||
SEA (SE:US) | $48.5 (3) | 2,500 | 2.1 | 1.3 | 0.6x | |
Public tech investments | 2.1 | 1.3 | 0.6x | |||
Total portfolio | 50 | 222 | 4.4x | |||
Interest bearing instruments | 8.3 | |||||
Net cash | 12.3 | |||||
TOTAL NAV | 243 | |||||
- Last 12 months revenue up to 31 Dec 2023.
- The LTM EV/GMV multiple used in NAV is 2.2x, ie. with a discount of 30% applied to the EV/GMV multiple of the listed peer group of 3.2x.
- Price per share.
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Disclaimer
Fram Skandinavien AB (publ) published this content on 11 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 March 2024 07:12:03 UTC.
