Fram Skandinavien

As of December 31, the net asset value amounted to SEK 277 million (SEK 77 per share), which is approx. 107% above the closing price of the FRAM B share on the same day and represents an increase of +4% compared to last November.

Following the shift of Carmudi’s development path towards positive unit economics and profitable growth, Fram expects Carmudi’s growth to slow down temporarily over the near term, in order to make it an attractive future investment opportunity for external investors. For the sake of prudence, Fram has consequently also increased the applied discount vs. peer multiples from 20% to 40% for Carmudi. The discount might be reset back to the lower level again at a later stage.

The Q4 revenues of EveHR, DragonLend and Liven have showed an increasing or similar level to Q3.

Given relatively modest operational progress during recent past, Fram deems it prudent to provision Nordic Coder down to 0 SEK in the NAV.

An earn-out from Fram IT Business is added in the NAV because its financial result has met the earn-out criteria.