Significant events during the quarter
As of the 31st of July 2025, the estimated total net asset value amounted to 58 mSEK, which corresponds to approximately 16 SEK per share. The closing price for the Fram B share as of the same date was SEK 4.3 per share. The NAV per share decreased by -17% compared to 30th of June 2025, primarily due to another 20% discount being added to the peer multiple of Carmudi’s trading business. From the investor dialogues the company has been having recently, it’s clear that investors expect to see bigger discounts vs. listed peer multiples for Carmudi’s trading business, given its smaller size and negative growth. Hence, to align better with market valuations, the board has adjusted the multiple of Carmudi’s trading business to reach approx. 50% of the listed peer multiple. This adjustment has been derived from data for where the smallest and slowest growing peers are trading. The NAV of Carmudi has been adjusted accordingly.
In Q2 2025, Carmudi reported a loss before tax of -193 kSEK, while EveHR recorded a loss before tax of -72 kSEK, representing a 78% decrease compared to the same period last year. The Group’s loss before tax from continuing operation was -875 kSEK for the quarter and -1,788 kSEK for the six-month period, representing a 35% decline in losses compared to the same period last year.
In Q2 2025, Liven Technology successfully closed an equity funding round led by VinVentures.
Investor sentiment has swung significantly in Southeast Asia over recent years. Rather than putting emphasis on GMV and growth, the investors are reluctant to make investments or acquisitions in early stage companies that have not yet proven profitable growth. Overall, profitability is meaningfully favored above GMV and/or revenue growth. Therefore, Fram considers it unlikely to find interested buyers for its core holdings before they reach breakeven and also prove profitable growth thereafter. As a result, the primary focus remains on driving the ventures toward profitability. As a related consequence, market GMV multiples of peers have come down over past period.