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
8 people based in Vietnam, including:
organization
- Christopher Beselin, Chairman
Date of IPO
October 2017 at SEK 20 per share
- Hanh Mai, CEO
- Son Ngo, Group Finance Director
Fram Skandinavien AB
Monthly NAV report as of Aug 2023
Significant events during the month
• Carmudi has continued to maintain its trend of improving
gross profit significantly m-on-m, following the new
strategy focusing on unit economics.
• EveHR received an additional injection of 0.3 mSEK from
Key highlights
Share price (SEK)
Number of shares
33.1 3,615,078
NAV per share (SEK)
% upside NAV / share price
82
+147%
Market cap (mSEK)
120
NAV per share vs July
-3%
Total NAV (Net asset value, mSEK)
295
Share price discount to NAV per share
-59%
Fram. EveHR also collected some significant new client
dialogues thanks to its participation in HR conferences
and events.
• Carmudi and EveHR are engaging in individual investor
discussions.
• Fram has signed a letter of intent in August for the
divestiture of DragonLend to a U.S.-listed acquirer,
Gologiq.
• SEA group's price declined due to a lower-than-expected
growth in Q2. Nevertheless, the result marked 3rd
consecutive quarter with strong positive net profits in
Shopee and the group maintains a significant cash
balance, accounting for 26% its market cap.
Allocation of portfolio
(based on the NAV)
by GEOGRAPHY
by SECTOR
Vietnam Marketplaces
99% 74%
Others
HR tech
1%
17%
Fintech
9%
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: 82
221 (2)
80%
22.7
178
7.8x
EveHR
1
55
83%
8.6
45
5.3x
DragonLend
3
34
70%
13.7
24
1.7x
Liven Technology
n.m
31
39%
3.5
12
3.4x
Private tech investments
48.4
259
5.3x
SEA (SE:US)
$37.6 (3)
2,500
2.1
1.0
0.5x
ABXX (ABXX.NE:CAD)
CAD 7.4 (3)
4,666
0.3
0.3
1.0x
BUKA (BUKA:IDX)
IDR 232 (3)
5,000,000
1.0
0.9
0.8x
Public tech investments
3.4
2.2
0.6x
Total portfolio
52
261
5.0x
Interest bearing instruments
16.7
Net cash
17.7
TOTAL NAV
295
Last 12 months revenue up to 30 June 2023.
The LTM EV/GMV multiple used in NAV is 2.7x, ie. with a discount of 40% applied to the EV/GMV multiple of the listed peer group of 4.5x.
Price per share.
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Disclaimer
Fram Skandinavien AB (publ) published this content on 11 September 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 September 2023 06:08:08 UTC.
Fram Skandinavien AB (publ) is a Sweden-based company engaged primarily in information technology (IT) sector. The Companyâs operations comprise two segments: Venture Building, which implies investment in technology companies and an operational support to founders of such enterprises; and Standing Teams that implies IT-development operations carried out mainly for Northern European and Southeast Asia clients. The Companyâs approach is a long-term partnership with customers within web development, mobile development areas, as well as within those areas related to big data and artificial intelligence. Fram Skandinavien AB (publ) operates a wholly-owned subsidiary Fram Ltd, based and operational in Vietnam. The Companyâs main shareholder is Norsel Industries BV.
FRAM SKANDINAVIEN AB 
