Welcome to the VNV Global third quarter 2021 call. Today, I'm pleased to present Per Brilioth, Chief Executive Officer. For the first part of this call, all participants will be in a listen-only mode. Afterwards, there will be a question and answer session. Speaker, please begin. Thank you. I'll go through a couple of slides highlighting the quarter, and then we'll move over to Q&A. I hope you can see me flicking the pages now. I think a good summarizing page will be this one. I think if you flick through the actual report, all of this will be clear to you. The NAV is now roughly $1.5 billion. That's up since the last quarter, and that's driven by various sort of revaluations and one markdown, and collectively, that has us up nearly 14% over this quarter. Our largest investment is Babylon. Babylon lists pretty much now on the New York Stock Exchange, so that's big for us. Not that we're in any way looking to say bye-bye to Babylon at these sort of levels or at this point in time or anything like that. It's not by any means an endpoint to our journey on Babylon, but it's more one step forward. It gives the company access to new capital markets and other cost of capitals, et cetera. Important to follow that. It's difficult to have anything else that sort of dwarfs everything else, but at this particular moment, we didn't really have any intention to do this call at the exact same moment that it started trading, but here we are. Beyond that, I think there's been a lot of activity at our end over this quarter with several new investments that we are very excited about. Just taking the time to do a couple of background slides, not that any of you need any background, but just flick through quickly a couple of slides that we use when we talk to shareholders. This is an updated one, sort of NAV development over the years since we spun off that listed portfolio now nearly 10 years ago. Time goes quickly. Our annual NAV is some 33% since. On this page, you'll see a good sort of NAV bridge from the second quarter NAV, which was just under SEK 108 per share. There's been two revaluations, which we have talked about over this quarter in separate press releases. Swvl, that revaluation added another SEK 8 just above. Voi's round added another nearly SEK 8. Numan, which we haven't talked about, which I'll touch upon a little bit later, added another SEK 2. In this quarter, we've taken down BlaBlaCar a little bit. I'll come back to that too. We end up at SEK 122.5. Now that Babylon is trading, you guys may be more updated than me at this particular time. Last I heard, we were looking at $10. I think the pre-market put the price at $10.8 per share. We own 43.2 million shares in Babylon, so that has the VNV pretty much banging where our stock is trading right now. Talk about efficiency of markets. The slides I wanted to use, that we use in our presentation, I think just is worthwhile repeating the backdrop to what we do. In contrast to those of you who've been with us for a long time, this portfolio is sort of diversified now. That's not something we seek. We sort of let things run and develop as they do, and if they become a large part of the portfolio, that's fine. Today, 70% of the VNV is R across six assets. These are the same six assets that would have been there a quarter ago, but they're somewhat sort of moving around. Voi has now become the second largest, taking over from BlaBlaCar in that sort of number two position after Babylon. Importantly also, not much of a change, importantly, this is across three, not maybe sectors, but macro themes. Mobility being the largest, followed by digital health, then our more traditional marketplace space. We're not so much about Russia anymore. This is about Europe, really. We do have some Russian stuff. We have some Middle Eastern stuff. We have a global focus. As you know, we've done some small things in the U.S, small things in Latin America, small things in Asia, but most of this is Europe and our time zone. What I wanted to get to is that as of this exact moment, Babylon is also listed, which means that we have the green part here, as you see. Just north of 30%, say a 1/3 of the portfolio is in fact now listed with Hemnet and Babylon. Swvl dark blue here is about to be listed. The planning there is early December for that to be listed. We feel good about that. Then this, as we call it, blueberry mixed with milk kind of color, Voi, BlaBlaCar and Gett are all companies that are at a matured stage, which they can access public capital markets as well. It's not totally inconceivable that give us a year or so, that as much as 70% of the portfolio is in a listed format. As you'll know, that we're not investors into public companies. Very conscious of that we are a public company and that our typical investor can invest in that themselves. That doesn't mean that we have to sell things upon an IPO. If we feel that there's 30%+ sort of, or 20%+, but obviously 30% IRR, it's what we produced earlier. If we think there's that sort of annual upside left, we will sort of hold onto them as we go along. I think Babylon sort of clearly checks that box of that, I mean, in our view, that kind of upside. Beyond that, I think it's important to highlight that there's more in this portfolio than these six large ones that make up 70%. In what we call our next generation portfolio, there's four names that stand out as very good candidates to sort of become much larger percentage-wise in the portfolio. Property Finder, you've known for a while. Numan has been in our portfolio for a couple of years, but now starting to become a seriously large company. Busfor is the new name of GillBus, it's also been there, and that's developing very well. Booksy in sort of the same position. These are names that are large enough to actually show up, but they're maybe not large enough to matter in the short term, but that can change quickly. Finally, in this large other space there are a lot of names. In fact, if we click to the next page, the other part is broken out into a little bit more detailed pie chart. You see here that these sort of 30 or so names that are not large enough to show up in any sort of material way are spread across C, there's A, B, some C. All of these companies are young and growing very fast, and it's not inconceivable that they will grow in the same way that Avito went from a SEK 5 million position to a SEK 500 million position. Voi had a similar sort of very large upside or had become something that was very small and into something that's now our second biggest position. We essentially think that there's this potential in this portfolio among these names to become something that actually sort of becomes much more material in the portfolio going forward. Leaving that sort of big picture background, a couple of slides on the different companies that matter in this quarter. Well, Babylon it's completing its listing, it's merged with the Alkuri SPAC, it's changed its ticker, so you should look for BBLM, Babylon without the vowels. That's the ticker where it trades at. Yeah, well, the transaction update in this slide is somewhat sort of quaint now as that's all in the past. Obviously the merger was approved, the transaction completed, and it's trading. It's trading just above SEK 10 as we speak. We got 43.2 million shares. Our mark will now follow that price. No more models from us valuing Babylon. This will all be done with the help of the market. In rough terms, $1 on Babylon, it's SEK 1.8 per share in terms of our NAV. If we continue here to Voi. Well, Voi contributed positively to our NAV growth during this quarter. Since then, it's obviously been out in the press that they're out there doing another round. We'll see how that sort of develops. They are developing very healthily, basically. They're in 70 cities now. They clocked in the third quarter, this third quarter that we're now reporting on, they clocked 25 million rides. You can see the green line on this chart, it speaks for itself. I think it's also important to highlight how strong Voi is versus all competition. Basically any way you measure it's strong, but also importantly, it's a clear number one in terms of licensed markets. This space is becoming more and more infrastructure operated under license, although with network effects, which is obviously what we're looking for here. As you can see, Voi clearly leads the space in Europe in terms of number of licenses. BlaBlaCar is, as you know, we're very enthusiastic on. The way our models work are that we look out into the near term and we build the best peer group we can, and then we multiply the two. The fact of the matter is that the outlook is, in fact, not Long distance travel is yet to come back in a way where you can say things clearly about the near term, which is what we use when we do the models. If you look beyond the very near term, I think there's some very rosy pictures that you can point at to Babylon. For the near term, 2022 doesn't look like the 2022 of a few years ago if you see what I mean, and that matters for our model. Having said that, as you noted in our report, the company in September saw that it was coming back to 2019, so essentially pre-COVID levels in terms of net revenues for the first time since the crisis. This model is something that may move around, and it should by no means be seen as us being negative on the company. As you know, we funded the company earlier this year. We're in fact very enthusiastic about this marketplace. Our funding, I think, helps the company in terms of on the M&A front to be smart and optimistic on M&A. As the company has stated themselves, they're positioning themselves as the leading player in terms of digitalizing long distance buses in emerging markets. That's a very large growth area. We've seen the strong effects of them buying the bus marketplace of Russia and Ukraine, Busfor, and the good synergies that creates with the C2C markets of cars. There's simply more to do there, and the company is optimistic and strong in that M&A sense. We're very enthusiastic about that. The short-term markdown should not be seen as a negative for us. We're very enthusiastic, and that model will likely move around as we go forward in these quarters. Swvl has of course also contributed nearly SEK 8 per share. They have announced their SPAC plans at a $1 billion pre-money that should close in December. The company is performing very well. To- date, it has processed 53 million bookings this year, which is of course very strong. We think there's a strong upside to this space and this company in the coming years. Very enthusiastic about that. Numan is perhaps a new company. It's not per se a new company in our portfolio, and I think some of you may have come across it, but it's become a new company in terms of the size in our portfolio. This is a digital healthcare provider, and it's actually number one in the U.K, and it's focused on men health and wellbeing. There are U.S. peers for this, most notably Hims, which has developed very well and also developed into quite substantially larger absolute valuations than we have at Numan today. First of all, we have invested in it during the quarter, it has closed a round which has had us revalue our stake in Numan to nearly $40 million. The company is just doing very well. Finally, a company that has been in the portfolio actually since last summer when we bought a small secondary stake in Olio. We own less than 1% of the company. We've now moved up and we own 11% of this company after having led their most recent round of some $40 million. This has since moved up to a $16 million position for us. I'm very enthusiastic over this company and think that this may be one that sort of develops into I think all of our smaller positions now, this is no longer a small position, have the potential to have an Avito type of return future ahead of themselves. This one maybe especially, and it has a lot to do that the space is not one that anyone has really built before. The community around their product, although the overall ambition here and the gap that they have a large, good possibility to fill, is one to become a global, even iconically global sustainability brand. Which is, as you can imagine, there is none out there today. I think someone said that the only one out there today is Patagonia. There's some big gaps for companies to fill. Their current product, their product today, is one around food waste which is such an important part of the sustainability focus of the planet overall. They have really built a community that is very effective in terms of dealing with this problem, become the largest in the U.K. and growing a lot outside the U.K. to become the global leader in this. There's a 4 million large community around this. We sense that this community will be able to grow enormously over the coming years. If this company is monetized today versus large corporates who need help to deal with this food waste product, I think our feeling here is, and more than that, we've built models around this, as has the company, of course, that there are very interesting ways that this community will be able to be monetized in the coming years. Visibility into exactly how is low, but that there is a potential for that is, I think our conviction is very high. It's not too dissimilar from doing classifieds in Russia and the lack of visibility into the monetization opportunity around that in the mid-2000s. This just feels similar. Tons of more detail to talk about that, but I hope that works as an intro. With that, I think we'll open up for questions. If the operator could help us manage that would be great. Thank you. Ladies and gentlemen, if you do have a question for the speaker, please press zero one on your telephone keypad and you will enter a queue. After you are announced, please ask your question. Once again, it is zero one on your telephone keypad to ask a question, and there will be a brief pause whilst any questions are registered. Once again, it is zero one on your telephone keypad to register for any questions. Our first question comes from the line of Stefan Wård from Pareto Securities. Please go ahead. Your line is open. To the line from Pareto Securities, your line is open for questions. If you have put yourself on mute, please take yourself off mute and you can speak. Okay. Sorry, I was on mute there. Thanks for a very interesting presentation, Per. I also wonder if you could give a little bit more detail on the actual process of the listing of Babylon. Has there been any announcement on how they redeemed the share, the amount of that, or any other details that you can give in relation to this? Well, thanks, Stefan. This is new for us. Being part as a substantial shareholder in a company that lists on the New York Stock Exchange. I hope that as we go along, we'll find a firmer footing in terms of how we deal with this communication-wise. For now, I think we have to defer basically everything to what the company says and doesn't, right? It becomes a delicate position for us. In terms of the details around the listing, I think that the normal procedure is that becomes clear in the different filings as we go along, but I'm not at liberty to go into it now. I'm sorry, I'm sure you understand. Of course. Thanks. Just a few questions. If you could give a little bit more details on how your thinking is on BlaBlaCar. I read the reports. I see the argument that you take it down a little bit because it's still impacted negatively by pandemic considerations. I think it could be useful to get some more clarity on your view of that holding and what you expect maybe in the medium term perspective for that asset. Thanks. Yeah. Over a medium term, this is of course very much driven by long-distance travel coming back. As we noted in the report there, it is coming back. September we clocked in at September 2019 pre-COVID levels. It's really coming back with a vengeance. That, I guess, is an effect of vaccinations being more spread and people feeling more at ease, et cetera. Maybe this mark down, we have a model, we have to follow it. As per before, there will be volatility around that. That is clear, beyond that, what will be important here is the monetization of their new market, so to speak. That is the large emerging markets. That will be very interesting to see. Russia, Brazil are becoming very liquid markets and that huge GMV and big potential to monetize that. Which I would expect Avito type of rollout of that. You start small and then it increases. That will be another interesting thing to follow. As the company has said, and which we have supported through our funding, will be them using their very strong balance sheet to be optimistic on the M&A side. As we try to point out in our report here, the focus is obviously that they position themselves as the leading player in terms of bus marketplaces, which marries very well with the C2C side. Long-distance travel coming back, big positive. Monetization of markets beyond the most mature developed markets of Western Europe. More acquisitions like Busfor. We think if you combine that, they're clocking 113 million users. I really think that you could stretch that outlook. Even on a medium term, that could grow to 200 million users. If they are monetized today at a dollar or euro, not quite as low, but a euro and a half per user, I think that has the potential to go to EUR 5. France and the developed markets will be higher, and the emerging markets will be lower, but an average of EUR 5, I think is entirely possible. That's how we look at our investment case here, and we feel strong, high conviction that's possible. 200 million users, EUR 5 a piece in annual revenues, EUR 1 billion of revenue. Avito type of margins because it's a very fragmented supply to a very fragmented demand in all these markets. You get the classified type of margins. You sense that the mark that we have it at leaves a lot of room perhaps. That's the thinking. I hope that helps your question. Yes, absolutely. I'll take the opportunity to follow up with another question regarding future investments. The Babylon investment has been hugely successful for your side, from my point of view, it still feels like the digital health space is maybe not your core focus area, or will you try to do more investment in that area? Just from my own thinking. Yes. I think first it's important for me to reinforce that we really invest bottom up. Our niche is not mobility, digital health, or anything else. We look for network effects. We look for companies that can build so high barriers to entry that they really become something close to natural monopolies. That has currently got us into classifieds, of course, but mobility and digital health. It could and it will, and I think Olio is a good example. It is getting us into a climate macro. It may get us into other macros as well. That's important. Of course, as you allude to, this digital health, there's a lot of stuff going on there. There's a lot of interesting stuff that we say no thanks to, because they don't necessarily build very high barriers to entry. They could still be interesting, but it's not for us because we really feel strongly and have a setup that's catered to these barriers to entry type of businesses. Having said that, we have done investments here. A lot of them center around data or communities. Beyond Babylon, we have two doctor booking platforms. one in the Middle East, one in Russia. We've got one digital health insurance company, BestDoctor in Russia. That's essentially like an Alan of France or Oscar Health of the U.S. That business model in Russia and the Middle East. We have recently, during the quarter, invested into Palta, which is essentially exposed to digital health in a large capacity with a lot of young companies in that portfolio. The big and mature company is a company called Flo, which is the world's leading period tracker, but also a very interesting sort of product development beyond just a period tracker, and very centered around data. There is a portfolio of companies in the portfolio that are obviously not as large as Babylon, but I think they have certainly the potential to become large contributors to the portfolio, all of them. Babylon obviously has the potential to become maybe the global leader in digital health. The others are niches more to geographies or certain sort of areas, but I think all of them have a strong potential. There's still digital health stuff going on for sure in the portfolio. Okay, thank you very much, Per. Thank you, Stefan. Thank you. Once again, it's zero one on your telephone keypad to register for questions. As we have no more questions registered, I'll hand back to our speaker. Thank you so much for listening, and well, you know where to find us if you want to discuss anything else. Otherwise, I'll talk to you all in a quarter. Thank you. This concludes our conference. Thank you all for attending. You may now disconnect your lines.