Significant events during the month
The November NAV declined by -25% m-on-m. The reduction was primarily driven by the NAV adjustment for EveHR following the recent share buyback transaction, coupled with the continued contraction in GMV and peer multiple within Carmudi’s trading segment.
Fram completed a buyback of shares held by EveHR’s former CEO. In accordance with the pre-set NAV valuation principles, the value of Fram’s shareholding in EveHR was marked down to reflect the valuation implied by this transaction.
Carmudi achieved its fifth consecutive month of positive EBITDA, while EveHR reported a modest loss for the period.