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 Sep 2023
Significant events during the month
• As in previous months, Carmudi continued to grow its
gross profit. Additionally, as part of its market
expansion strategy, Carmudi initiated the development
of a mobile app for inspection and auction targeting
Key highlights
Share price (SEK)
Number of shares
31.8 3,615,078
NAV per share (SEK)
% upside NAV / share price
72
+126%
Market cap (mSEK)
115
NAV per share vs Aug
-12%
Total NAV (Net asset value, mSEK)
260
Share price discount to NAV per share
-56%
individual consumers. In Sep, Carmudi also received an
additional capital injection of 0.9 mSEK from Fram. NAV
of Carmudi dropped primarily due to its listed peers.
• EveHR entered into partnership agreements with
Ecotech, a tech infrastructure platform, as well as
Diginet, a leader within HR management software.
These partnerships aim to drive cross selling.
• As the launch of the Abaxx platform has been delayed
beyond Fram's expectations, Fram decided to fully exit
its shares in the company with a gain of ca. 3% over a
less than nine month holding period.
Allocation of portfolio
(based on the NAV)
by GEOGRAPHY
by SECTOR
Vietnam
Marketplaces
99%
70%
Others
HR tech
1%
20%
Fintech
10%
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: 78
180 (2)
80%
23.6
144
6.1x
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
49.3
225
4.6x
SEA (SE:US)
$43.9 (3)
2,500
2.1
1.2
0.6x
BUKA (BUKA:IDX)
IDR 218 (3)
5,000,000
1.0
0.8
0.8x
Public tech investments
3.1
2.0
0.6x
Total portfolio
52
227
4.3x
Interest bearing instruments
17.4
Net cash
15.5
TOTAL NAV
260
Last 12 months revenue up to 30 Sep 2023.
The LTM EV/GMV multiple used in NAV is 2.3x, ie. with a discount of 40% applied to the EV/GMV multiple of the listed peer group of 3.8x.
Price per share.
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Disclaimer
Fram Skandinavien AB (publ) published this content on 10 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 October 2023 06:03:20 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 
