Fubotv earnings beat by $0.10, revenue topped estimates
Winry Global’s recent earnings call reveals a robust performance in Q2 2025, driven by strategic investments in mobility and digital health sectors. The company reported a net asset value (NAV) increase to nearly $600 million, with a NAV per share of 43.39 crowns. Trading at a significant discount with a price-to-book ratio of 0.44, Winry Global’s diverse portfolio highlights its potential for significant growth. According to InvestingPro analysis, the stock shows strong returns over the past three months, with analysts projecting sales growth for the current year.
Key Takeaways
- Net Asset Value increased to nearly $600 million.
- Over 80% of the portfolio is EBITDA positive.
- Key portfolio companies expanding in mobility and digital health sectors.
- Potential IPO opportunities for BlaBlaCar and VOY in the next two years.
Company Performance
Winry Global’s performance in Q2 2025 underscores its strategic focus on mobility and digital health. With a NAV reaching nearly $600 million, the company is capitalizing on growth opportunities in emerging markets. The portfolio’s concentration in mobility, with companies like VOY and BlaBlaCar, positions Winry Global to benefit from the expanding micromobility market. Additionally, digital health investments, particularly in Neumann, are showing substantial returns with over 200% revenue growth in Q1 2025.
Financial Highlights
- Net Asset Value: $600 million
- NAV per share: 43.39 crowns
- Cash equivalents: 1.2 crowns per share
- Debt: 6.5 crowns per share
Outlook & Guidance
Looking forward, Winry Global is optimistic about its growth trajectory. The company plans a Capital Markets Day in London on September 16, where it will outline future strategies. Neumann is guiding for 150% top-line growth in 2025, and potential IPOs for BlaBlaCar and VOY could unlock further value. Analyst consensus is bullish, with price targets ranging from $2.60 to $3.12, suggesting potential upside. The company is also confident in addressing its 2027 bond maturity through strategic portfolio exits.
Executive Commentary
CEO Per Bilya highlighted the company’s robust portfolio, stating, "Over 80% of the portfolio is EBITDA positive." Investment Manager Dennis Mohamed emphasized growth, noting, "We’re growing not only top line, but also profitability simultaneously." These comments reflect Winry Global’s focus on sustainable growth and profitability.
Risks and Challenges
- Trading at a significant discount to NAV could impact investor sentiment.
- Debt levels of 6.5 crowns per share may pose financial risks.
- Market volatility in emerging sectors like micromobility and digital health.
- Potential delays in planned IPOs could affect capital raising efforts.
- Navigating competitive pressures in rapidly evolving markets.
Winry Global’s earnings call for Q2 2025 paints a picture of a company well-positioned for growth, with strategic investments in key sectors poised to drive future success.
Full transcript - VNV Global AB (VNV) Q2 2025:
Bjorn Fronssever, CFO, Winry Global: Hi, everyone. Welcome to Winry Global’s report presentation for the second quarter twenty twenty five. On the call today, we have Per Bilya, CEO Dennis Mohamed, Investment Manager and myself, Bjorn Fronssever, CFO of the company. As per usual, Per will start with a short intro of the developments, followed by an overview of the more meaningful portfolio constituents. I will go through some of the movements of the portfolio during quarter.
And after that, we’ll open up for Q and A. And as a reminder, if you want to ask a question, please use the Q and A function here in the Zoom, and we’ll try to address your questions towards them. With that, I hand over to Per for the intro.
Per Bilya, CEO, Winry Global: Thanks, Bjorn, and hi, everyone. Thanks for joining. Well, up not quite 6%, but nearly 6% in dollar terms. This gives us just shy of $600,000,000 of NAV. Different things going on in the portfolio.
We’ll come back to some details. But on the whole, you know, some transactions have been made. And if you put them all together, it’s a slight premium to NAV. Some are a little bit below our NAV, some are a little bit higher. But if you put them all together, it’s, like, slightly higher.
I think I feel strongly that, you know, our NAV is is is good. It’s a reflection of where these things trade. And, of course, we think I think there’s massive upside from that NAV over time. And, yeah, we’ll we’ll we’ll we’ll come back to to some details. So try to highlight in the report some stuff.
It says it’s not an enormous amount of news in the big names. We’ll come back a little bit to what what’s been going on in the big names. Just try to highlight a little bit also as as I typically do these the smaller parts of the portfolio, they don’t matter so much over the course of this, you know, the you know, they don’t they won’t move the stock price in in, you know, or the NAV, maybe more better put over the short term. But in, you know, in in that sort of future period when we’ve sort of IPO ed or and or sold a lot of the bigger names, you know, they’re the the the the the next voice and blah blah, etcetera, in the portfolio are already there. And we you know, Newman’s obviously large transaction in Newman, by the way, which we’ll come back to, which which we’re very happy.
It’s fast growing company, then with new cash, they can sort of capture more opportunities. But but numerous order there, try to highlight that a little bit, but also a tiny company like Joob, which is which is something that I think will grow into become something really meaningful in the portfolio over time. So just try to point to those in the in the in the text here and sort of get you created with them because I think they’ll be important sort of drivers in the future. With that sort of very high level short intro, I hand back over to for the numbers.
Bjorn Fronssever, CFO, Winry Global: Thank you. Yes. So just short overview of the balance sheet. Here’s where we have an investment portfolio of approximately DKK 49 per share, cash equivalents of 1.2 crowns per share, and then the debt here, which is equivalent of 6.5 crowns per share, which gets us to the ish, you know, NAV per share of 43.39 crowns. And at the end of the quarter, that was 61% discount.
There were share trends. Now we’re a bit up, so but we’re just still above 50% discount. So discount’s still large over the quarter. If we move to the next slide, we can walk into the large portfolio constituents starting with La la Car, up slightly 4% over the quarter or $7,600,000, still represents roughly a third of of the portfolio. Main driver here is FX movements and some multiples.
Going down to VOY, a larger increase over the quarter, 16% fair value change, $80,000,000. The company is performing well, and multiples and FX has contributed to this movement. And then thirdly, we have GET for the past at least fifteen months or so has been marked at the previous transaction that we’re no longer doing. So this, we now moved over to EBITDA multiples model, and this is up roughly 13% or $1,011,000,000 dollars over the quarter, mainly driven by, yeah, multiples and overall performance at the company. Further on, as Per alluded to, Nomen down 15%.
Here, we have a new transaction. Similarly, in Breadfast on the opposite, it’s up 30% on the back of a new transaction in the company. Then in the lower tail of the portfolio, there’s up and down, but in its own, there’s no material movements to to speak about. Looking further down here on on the on the left side and the cash side, of course, the outstanding bond is set on the denominator, so it’s slightly up over the quarter due to FX. And then cash is up, and that’s primarily due to the fact that we exited the OpenSook investment, which were held through this intermediate company called Mero.
Mero sold a stake in OpenSook and distributed cash to its shareholders. So we only received $6,200,000 in a dividend during the quarter. Yeah. That’s that leaves us with the the energy, as I pointed out. And and with that, I thought I hand back to Per to go through the portfolio.
Per Bilya, CEO, Winry Global: Yeah. And just start from very high level, we we typically show this slide, and this is not much of a change from the last quarter when we spoke. But just over 80% of the portfolio is EBITDA positive, and that’s now including boy because EBIT is do really want to talk about that boy, and boy has become sort of positive also on this earnings before interest and tax. So so a portfolio that’s not creating cash. I I mean, Numa, for example, raised some cash for aggressive reasons, not for defensive reasons, and then doing it at a at a at a valuation, which is not one which is sort
But but, yeah, you get the picture. It’s a it’s a it’s important, we think, to show that this is a portfolio that’s profitable at at a proper EBITDA, which is in all cases next to boy is more or less cash, though, so strong. And the portfolio, again, there’s not much of a change here. Some movements up and down as Bjorn took it through. Voice increased to just under 20%.
I’ve been striking in here. It’s like 60% of the portfolio is mobility, you’d say. You and that sort of increases if you go into the other parts. We have some mobility things there that are really picking up pace, like no traffic, which which is is is is you could categorize as a mobility play. I mean, all of you will know we’re not mobility investors per se.
We like to invest into network effects and this sort of high barrier trend that that gets you going with. But, yeah, we’re starting to sort of get some traction. I mean, we have a pretty serious mobility portfolio and are continuously sort of excited about all the stuff that’s happening there. Dennis will talk about VOY and and and the the stuff that’s happening around VOY and the success it’s having in in in increasing its in its presence across Europe, most most most importantly, Paris, which is huge hugely positive. But as usual, we have a couple of slides on the different sort of holdings.
And and first off, BlaBlaCar is there’s not that much going on this quarter. I mean, there’s a lot of stuff going on, but it’s just nothing big to sort of or dramatic to to write about. And it’s you know, from from the from from that sort of quite tough 2024 when these energy savings certificates were taken out of the of the system and and having the company sort of spend a lot of time trying to deal with that and sort of get the company sort of organized to live without that sort of contribution. And now it’s really back in its in a good rhythm. And, yeah, multiples are not moving that much.
So so so it’s sort of a flat quarter, but the company is sort of beating its budget. Growth is, of course, not so dramatic in Europe, but that’s a very profitable market. And and but the the the growth in emerging markets is much more exciting and and really, really strong and continues to be so and which sort of gets to all that whole All those markets are ready for a for a for a for for for serious monetization down the road. I don’t know to accept that you follow blah blah on LinkedIn, but I can recommend. There’s some interesting stuff that they put out, and you will have noticed that if you do, you’ll notice or I can recommend that you look at it.
So Nico, the CEO of the company, has started sort of getting involved in in in the sort of climate debate in in France. And so you could sort of see them positioning themselves for next year’s budget, and the fact that, you know, these energy savings certificates used to be very popular sort of, too and, and sort of trying to lobby around that those maybe should come back. I we, for sure, do not have them in our models, etcetera, coming back. I mean but there there there there’s some effort being put into it. So and, of course, that’s France.
I mean, in Spain, they have re as as you all know, we’ve talked about for a while. They’ve been recently introduced, and and they’re doing great. So just at a smaller level than than these sort of peak years of of of France. Much more fun stuff or not that blah blah blah is not fun, but voice is some exciting stuff going on. So, Dennis, shoot.
Dennis Mohamed, Investment Manager, Winry Global: Thank you, Per. Yeah. As as mentioned, by by Per and during the beginning, we’ve written up VOI around 16%, during the second quarter. And of this write up, roughly half is driven by by multiples, and the forecast improving on the back of some tender wins, which I’ll mention in a minute, and and strong performance year to date. But also, half is driven by by FX as the as the US dollar has depreciated against the euro during the quarter.
Voya has had a very strong start to 2025. They closed the first quarter with around a €139,000,000 of net revenue. They closed the quarter with around 21,000,000 of adjusted EBITDA and $3,300,000 in adjusted EBITDA in the last twelve months ending Q1. During the second quarter, the company, as Per alluded to, has won several key tenders. The main one, which we also press released during the quarter is the win of the Paris ebike tender.
Voya is one of three operators to win this license, of of 6,000 vehicles to start with, which will probably increase during the duration of the of of the of the contract, which is four years. And this contract is positioned to be to to make Paris, the biggest market for VOY globally. So it’s a very significant win and one that we are very happy about. But it’s also an important win as it expands Voy’s ebike fleet, which has been a strategic priority for Voy in the last year. And and another tender that was won during the quarter and already launched, is also in France.
It’s the Grenoble tender, which was previously held by DOT, but was now awarded by the city to VOY. It’s 2,500 vehicles split fifty fifty between e scooters and e bikes. So once again, the importance of having an ebike offering, which which Voya has strategically invested into, in in the last couple of years. If we go to the next slide, Per, and we’ve seen this slide before, but what we see on the leftmost graph, the company keeps growing top line at a faster pace, than the fleet size, which is the black, black line that you’re seeing there. So fleet size growing to 96,000 vehicles and revenue to a 190 not a €139,000,000 last twelve months ending q one of twenty twenty five, which means we’re actually getting more revenue out of each vehicle that we’re putting on the streets.
This is done at the same time as the company is is generating a higher vehicle profit margin, which is essentially the gross margin of the business, which is now at 58%, an EBITDA margin of 15%, and an adjusted EBIT margin of 2.4% in the last twelve months ending q one. This is very impressive in our view because they’re growing not only top line, but also profitability simultaneously, which which we’re very excited about. We’re looking forward to the company issuing their q two report. As you all know, this is very seasonal business, so q two is one of the most important quarters of the year. This will be released on July 29, so in a little less than two weeks.
These numbers will be available in voice owned channels, but we will also make sure to issue a press release from VNB to make you aware when the numbers are released. With that, handing back to you, Per.
Per Bilya, CEO, Winry Global: Yeah. Thanks, Dennis. And yeah. So over to GET, that’s, well, you know, the I guess, the the biggest development over the quarter that the the transaction whereby we agreed to sell this company to Pango was discontinued. We do the application from the anti monopoly authorities in Israel, basically, because it was became pretty clear that it wasn’t gonna get approved.
That’s a whole that’s a whole sort of other discussion, but which which is which is which is much which is which is which is what you you spend a lot of time on. But that’s how it is. So we’re obviously I mean, I think we wanna send a clear picture that this company is doing well, and and we’re we’re happy to keep owning it. We are we’ve sort of set in motion the making the balance sheet here more efficient by preparing the company to do, like, a one off dividend of, we’ll call it, $30,000,000, $30,000,000 plus, really. And, well, you know, we own little bit under half of the company, as you know.
So so giving us material cash flow that this is something that’s it’s you know, we see that coming next quarter or latest late latest the q four, but I really think next quarter. So so the companies can you know, has obviously been in this sort of state of constant while it’s been working on on this transaction. But now that that’s that’s that’s sort of discontinued and can run the company to sort of doing the stuff that should be done, for example, making the balance sheet more efficient. And the company continues to do well. I mean, obviously, with these sort of terrible violence and these wars that have that are are come and go a little bit in Israel, hopefully, stop now.
But then you it clearly affects this company because the country goes into, like, a COVID kind of a situation when there’s schools are closed, people are at home when when when they’re they’re under attack, and and and there’s obviously less traffic on the streets, if any traffic. But both country and and sort of, know, life in Tel Aviv and so also, this company has has really sort of proven their strong resilience and ability to sort of to jump back into normality very, very swiftly once things quite quiet down. So the company continues to to really do well. We in this report, you may have noticed we gave sort of a cash figure. Cash cash equivalents June was just under $70,000,000.
Now I should just note I mean, first, that’s unaudited sort of management accounts, but then it’s also just to give you a flavor of the cash generation. So I think the last figure we gave you was for the March, and that was $60,000,000. So you you get a sense of the cash generated over that quarter. But but but that cash per se is not to be sort of taken for something that can be immediately kicked out to shareholders. There’s, a working you need some working capital in the company as cash comes in from the taxi drivers and needs to go out to the taxi drivers and all of that, basically.
But so so so these sort of distributable cash is less, but this gives you a sense of the company and how it’s doing well. And so that’s one thing. And, yeah, I think we’re, you know, we’re we’re a company that’s been run over the core that’s been run well, operated well over under the core over the course of this year, really, since we or year and more since we started talking about this. And we are and and the company yeah. It’s been run well, but now it’s got gets it gets an increasing ability to sort of continue to do some stuff that hasn’t been able to be executed when when it was sort of under as in a way or in a very strict sales process.
You you it’s not for us to sort of comment, but that’s I just you may have noticed, I mean, what’s the highlight that in the Israeli press, there’s been a lot of sort of rumors about the company as being close to yet another sort of re reject transaction. And and those are rumors, and you can sort of follow them in the Israeli press. We are not we’re not here to comment more than what what can I say? Everything is for sale at the right price all the time kind of thing. But most of all, the company is not it’s not a disaster that this transaction is not done.
The company is doing well. It’s an ability it has an capacity and ability to sort of kick back cash to shareholders, which is is, of course, a sign a sign of good strength. So so that’s a little bit about GET. And finally, Neumann is yeah. That is just that’s you, maybe?
Go through Neumann. Yeah. As you
Dennis Mohamed, Investment Manager, Winry Global: all know, Newman is a UK digital health platform specializing in obesity, but also more broadly a personalized health care platform for everything from from hair loss to to erectile dysfunctions. Since inception, Newman has now served more than 650,000 patients, and and this translates into the company growing revenues more than twofold last year, to roughly $19,000,000 with positive EBITDA, and and management now guides for around a 150% top line growth in 2025. Very impressive. During this quarter, Newman also announced that they have secured around $60,000,000 of new financing comprising of an equity round led by Big Pie Ventures, but also a growth facility from HSBC Innovation Banking, which provides ample resources for the companies, to to continue accelerate, their their growth. The new capital, will enable further expansion into everything from female health to a deepened screening and other preventive care programs, but also further develop Newman’s AI enabled or data enabled platform, which which they offer their patients who subscribe to their service.
We carry Neumann at this recent transaction value, which which was mentioned earlier, was done at a at a small 15% discount to our Q1 model valuation for Newnan. With that, back to you, Pek.
Per Bilya, CEO, Winry Global: Thanks. I think that sort of concludes our introduction to this quarter report. I hope it’s clear. And let’s open up for Q and A at this point. Do you want to run through how that works again?
Bjorn Fronssever, CFO, Winry Global: Sure. Absolutely. And, yeah, a reminder, there’s this Q and A function Zoom here where you can type in your question, and we’ll address it. We will receive a few questions. I’ll I’ll start with with Juan here on specific question on what’s been driving the the valuation change in Housing Anywhere.
And here, the the the valuation is primarily change in fair value is primarily driven by by the multiples, the peer multiple in that model. I hope that’s clear. And then here’s another question to Per, I guess, bit more broad. Given the sale of Geth did not happen. Can you talk a bit broadly on how you see the current debt and which matures in 2027 and which avenues you have to to solve that?
Or how do you see look at that the balance sheet over over the next two and a half years?
Per Bilya, CEO, Winry Global: Yeah. I I I feel confident that, you know, by the end of the duration of this outstanding bond, there there’ll be multiple sort of exit opportunities in the portfolio. I mean, obviously, GET, and if if not a sale, then GET, as we just talked about, can produce cash to shareholders, one off dividends, and then and then as a cash generative company can sort of continue to pay, cash. So so that’s one stream of cash beyond the actual sale of, you know, our entire stake, you know, as, you know, sale of the entire company or or in in a in a in a partial sell down of our stake. So there’s there’s there’s those sort of opportunities.
And then over the course of the two years of the remaining part the remaining duration of the bond, I you know, we nothing has been decided, but, you know, the the some big chunks of the portfolio are getting mature, which in in opens up Brexit opportunities, basically. And so Blaber has obviously been there for a while. There’s been a lot of talk about an IPO at some point over the next two years. That’s entirely a possibility. Void perhaps even clearer, I would say.
And, of course, Dennis took you through the the sort of the the the strong sort of performance of Neumann, which would allow that also to all those three companies, you know, and and obviously get to. But so four companies are in a position to sort of maybe list and and or or or to be sort of attractive for a broader set of investors to get involved in. So so that’s the way I think about the debt and and and the the actual repayment of it, whenever that may be. So so we’ll continue to work with these companies where they’re not sort of for sale per se, but they’re they the portfolio provide will provide a lot of opportunities over these next sort of two years to to become debt free.
Bjorn Fronssever, CFO, Winry Global: Thank you. Another question here is from Inna Jibson. On VOY, how do we like is all the focus on organic growth? Or is there an M and A track here as well? If we can comment on that, or Dennis, perhaps.
Per Bilya, CEO, Winry Global: Think in general terms, so, you know, blah blah, obviously, major acquisition last year with the with Obilect, which is a big contributor to the company. And blah blah’s had a history of m and a, and and I wouldn’t rule out that they may find acquisition opportunities that are equally synergistic with their current business, especially in emerging markets. And, boy, maybe less so, but should never say never, but that whole universe seems to be sort of narrowing down to lime and boy now, and and others are sort of shrinking and overlaps are less obvious, basically. And and and in the Newman space, it’s it is I mean, there there’s the the sector has given us a couple of different sort of m and a deals over this past sort of six months, really. Big US player, HIMSS, acquired some companies, etcetera.
So so there’s that that that stuff going on. But I don’t think, you know, our performance or our portfolio companies performance and the way we look at them and the way they sort of develop is is not sort of contingent on that they do some crucial m and a. It’s more organic.
Dennis Mohamed, Investment Manager, Winry Global: Yeah. And and I can maybe add to that on on Voya, which I think specifically was was, was the question for me now. I would say Voya is in a very strong position now as as we alluded to. They’re growing. They’ve they’ve raised, the bond, which which enables, nondilutive kind of growth financing as well, which is and then they’re the only company in the in that sector that that has that, that kind of lower cost of capital, if you will.
I would say we’re always looking, and we’re always talking to to other players in the industry. But if anything, it would have to be at the you know, VOID would be the consolidator, and the situation is quite different from when VOID was unprofitable and maybe you needed to do m and a to to to get to get, to sufficient scale for for the cost base of the business. That has very much changed in the past kind of twelve, eighteen, twenty four months. And and so now Voy has a has a very good kind of growth engine, but, but, you know, at the right terms, anything can happen, but but there’s nothing imminent, I would say. But the main focus is is organic growth, where where we see there’s ample, ample headroom to continue growing, in the markets that that, Voig currently operates in.
Bjorn Fronssever, CFO, Winry Global: Thank you. I’ll take another follow-up question here on housing and underwear. So housing is down 6% year to date, and the revenue multiple we disclosed in the report suggests a drop in revenue this year. Do you see revenue declining? No.
So a clarification. So the the multiples we disclose in the note package in the report are the unadjusted peer group multiples we use in our model. So that’s the median multiple of the peer group. From that median multiple, we adjusted with, you know, various discounts typically between 10 to 30%. So the actual multiple in the housing anywhere model is lower than 5.1, and the company continues to grow on top line.
So that’s another short answer there. And then maybe Dennis, I mean, we mentioned a few growth numbers for Newman recently. Could you elaborate a little bit about that and how how they interlink?
Dennis Mohamed, Investment Manager, Winry Global: Yeah. Happy to. So, and the and I think there’s a question, around the the growth figure that that I mentioned now, which is, that management expects a 150% growth for Newman in 2025. That is a figure that they’re they’re tracking in line of, of year to date, so in the first six months. So so rather high confidence, that they will will hit that number.
We, in the q one report, mentioned that they grew q one twenty twenty five versus q one twenty twenty four, roughly 200%. That was primarily due to lower kind of q one twenty twenty four. So so the growth at the beginning of the year, was close to to, to 200%. But for the full year, we anticipate a 150%. We never shared a a projection at the beginning of the year.
We only shared kind of what the q one, growth was. So so, hope that clarifies. But but then in summary, one fifty is the number to to focus on.
Bjorn Fronssever, CFO, Winry Global: Thank you. I think we’ve touched upon essentially all of the questions I see here in in in the the list. So if nothing else, I’ll leave it back to Per. And then, I mean, of of course, please reach out on email or or give us a call if you come up with other questions. But, Per, please.
Per Bilya, CEO, Winry Global: Yep. Yep. Thanks, Pjorn. Yep. Yep.
Ask Pjorn. Please reach out. We have Capital Markets Day planned for September 16 in London, and that will be streamed as usual, etcetera. So we really hope you join us then. All the larger companies have confirmed their attendance.
It’ll be good good opportunity to get a get get an opportunity to ask questions to to to to the guys and girls who run the companies. And so so that’s that’s the next sort of interaction. We’ll do this again when we show our q three report, which will be super exciting. So thank you very much, and, yeah, don’t hesitate to reach out if there’s anything you wanna talk about.
Bjorn Fronssever, CFO, Winry Global: Thank you. Thank you.
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