Welcome to VNV Global's fourth quarter and twelve-month report presentation. Per Brilioth will start with a presentation that will be followed by a Q&A session. In order to manage the Q&A in an efficient way, if you have questions, please use the Zoom Q&A function and type in your question and we will address them following the presentation. Per, please go ahead. Thank you, Björn, and thank you everyone for joining. We're doing this with Zoom, which is a first for us in these sort of circumstances, not by telephone, and that feels good. Welcome to Stockholm. It's like minus one outside, but we're in this cozy office. Q4 results, we'll try to sum up the year since that's also the end of the year. I think all of you online know what we do, so I'm not gonna bother you with our focus on network effects, big markets and strong founders, global mandate. Rather go straight into this last quarter, which is one of a mixed picture. At least when we look at it in terms of financials. The NAV came in at $1.4 billion, which is on a per share basis just over $12, which in US dollar terms is up 6% for the full year of 2021. For the quarter, though, that's down 13%, and that downtick is largely driven by Babylon, who is obviously now listed and which has had a wobbly start to listed life, and is down and affects us by just over $180 million minus, so that's sort of the bulk of this sort of downtick. Björn will go into the sort of details of that later. Thankfully, as per my sort of don't like New Year's Eves kind of written in the text, we don't invest in quarters. We invest on not even one year, not even two years, but a much longer time horizon. We report in this way in twelve months and quarterly, so hence these figures sort of stack up and we report them in this way. Beyond that, I mean, the quarter had us being pretty active. We invested a total of just under $70 billion. The large investment is a new one and quite a mature one, which is also not our usual. As you know, our usual sort of area is to invest in these companies super early when they're very young and then grow with them. Bokadirekt, which is our largest investment in this quarter, $22 million, is quite a mature company and I'll come back to that in a little bit. We also invest into Voi. Babylon listed on the New York Stock Exchange in a SPAC, and we got quite a bit of the portfolio that is about to get listed over these coming quarters. Gett was the one that during this last quarter announced that it is going through a merger with a SPAC. We raised liquidity, we raised some equity. We raised some money through an equity issue just before Christmas or in the latter part of last year. We've also raised some liquidity in a bond placement. That's after the quarter. That's just in the early parts of this year. The bulk of SEK 1.2 billion Swedish crowns that were raised will go to refinancing the bond that's maturing later this year. That duration is now stretched out another three years, which we feel is good. That's about SEK 800 million, so there's about SEK 400 million raised in terms of new liquidity. We're ready to be opportunistic over the course of this year to support the existing parts of the portfolio, but also to do new investments. For the full year, I think obviously the larger investments that we've done over the 12 months that we're now closing, apart from Bokadirekt, which actually clocks in as our second largest investment. It feels like a long time ago, but we did invest about double that, not quite, but $38 million into BlaBlaCar. That's in the early parts of 2021. Voi is this quarter, $70 million convertible going into their next round, which we think is a pre-IPO round. We put $10 million into Swvl. Come back to that. BestDoctor, another $10 million. That's BestDoctor is the Oscar Health or the Alan of France. But in the Russian versions of BestDoctor is the it's a Russian version of Oscar or Alan. We've also funded Breadfast and Collectiv Food with about $7 million each during the quarter. As you know, we're very excited about our portfolio, our other portfolio, which is a lot of younger names. Some of that is structured to a scout portfolio where we have scouts help us sort of source these investments and then we have the ability to go into the cap tables directly in the following rounds. We've done a couple of follow-ons from that in names that have been generated out of the scout portfolio. Alva Labs, Carla, which I think I've spoken to all of you about earlier, are names which we are super excited about, but that come from the Scout and that we have put more money to work outside of the Scout. We also have Cirplus, which is a marketplace for recycled plastic out of Germany. It's actually a BlaBlaCar alumni. The guy who started BlaBlaCar in Germany left a few years ago and started this marketplace. It's in our scout portfolio. It was in our scout portfolio. It still is in our scout portfolio, but that's a name that's come up, and we've invested more into outside of the scout portfolio. We've sold some Hemnet, which has been a good trade. It's about 50% IRR, about 10x on money invested. We also sold Wallapop, which was a lower IRR and about mid-teens. There's a couple of exits in the portfolio. If you look at the NAV over the full year, Hemnet's been a good contributor, as has Swvl and Voi. That's sort of summing up this quarter and the full year. If we go on, if you add them up and to our 10-year history, this quarter being down sort of takes our 10-year IRR to just under 30%. I think last quarter we topped it just over 30%. It's around that 30% mark, which is really 30% IRR is what we're targeting when we do new investments. History shows that that's been okay. The NAV per share in SEK is just under 110 as of the end of December. Now, we all know that markets have been a touch wobbly, to say the least. After that, I don't know, Nasdaq is not a good, it's not a perfect benchmark by any means to our portfolio. But if you adjust that mark to the performance of Nasdaq during the course of 2022, we're down to maybe about 100. Our stock's trading at a big discount to that. Our stock's taking a beating beyond the NAV in a, you know, in a quite serious way. We're trading at about a 25% discount to the NAV, even after a Nasdaq sort of inspired hit, if you will. Now, thankfully, again, we don't invest, you know, on a quarterly basis. We feel that the entirety of the portfolio has a very strong sort of outlook. Even if you have to be humble about multiples in times of volatility, I strongly feel that even if multiples sort of settle on a much lower sort of level than what we saw a year ago, I think this portfolio will give us the returns we're looking for and that we've seen historically by a wide measure. We can come back to that later. I think two big developments during the quarter. I think the ones that if one is to sort of pick out two, it's Babylon's listing, and it's our investment into Bokadirekt. Babylon listed, had a very wobbly start. I think it's fair to say, and I think you all will agree with me that a lot of the reason for Babylon sort of falling back after its listing has to do with the sort of the technicalities of the SPAC world during the autumn of 2021, which is a very different world to the one certainly in the SPAC world when Babylon took its decision to list through a SPAC, which was earlier in the year. The risk appetite around SPACs, etc., changed a lot and redemptions were high and that's one factor which is very manageable for Babylon, for a company like Babylon. What the other sort of result of that is that the free float that was present upon listing was very low. There's basically no liquidity in the stock. The only people who could basically trade the stock or have stock to sort of sell were people who probably didn't know what Babylon even did. I don't think this goes for Babylon only. I think this is relevant for any SPAC that's listed over this past quarter. With risk appetite coming down, people who were in the stock for optionality reasons sold into low liquidity environment. The people who sort of are interested in this stock and see sort of the long-term benefits of it were not sort of presented with sort of the daily liquidity, the daily turnover in the stock that they need to get exposed and hence to do the work on the stock. Quite a large imbalance of supply and demand that's seen the stock sort of come off over the course of this quarter post sort of listing. One that's in my view at least technical and does not reflect the sort of the long-term fundamentals of the company. That's been also made further clear by the company upping their guidance for the full year of 2022. The company a couple of weeks ago issued a statement where they said that 2021 would come in sort of along the lines of what they had guided for in their listing prospectus, which is around $320 million. But more importantly, that their full year revenues for 2022 were too conservative in their listing sort of paperwork of which sets just over $700 million. The new guidance put them at $900 million-$1 billion. Clearly sort of very strong revenue. One that I think will get reflected in the valuation of this, if not short term, then for sure for the medium term or the long term. Overall sort of the company has grown immensely since we first invested. Number of lives that they cover is up from 1 million when we first got involved to about 24 million. All in all, the company doing super well. Revenue sort of revenue growth accelerating. While we have to be careful of the amount of detail we provide on this company now that it's listed on the New York Stock Exchange, I think we really wanna sort of leave you with a sense that we're very comfortable in owning this. Someone said that the start of listed life for Babylon was very reminiscent of how Amazon traded when it first listed many years ago now. That it didn't come out the door very well. People thought it was a low margin business and with low barriers to entry. Over time then, of course, Amazon is now what it is. I really sort of adhere to that because, 'cause, if it looks like a low margin business today, we really feel that there's lots of potential here for this not only to become a very high margin business, but of course that it's pretty unique in its offering product-wise. It's got a very large addressable market to go into. That's Babylon. I think the other one is our $22 million investment into Bokadirekt. Bokadirekt is a marketplace, a SaaS business going to a marketplace, I think is a better description, for beauty services, health and beauty. It's Swedish now. Obviously the Nordics is a natural expansion place. In Sweden though it's mature. It has. It's reminiscent of Hemnet in many ways. It's a household name here in Sweden, which I think everyone knows about. It's very similar to Hemnet. That's also that sort of very well brand name reflecting a very dominant market position, which is really 10x to its closest peer, its closest competitor, again, reminiscent of Hemnet. We feel that this is in many ways very similar to Booksy, which we already have in the portfolio. Very similar business model. Booksy, Polish business, grown international and is growing to become the largest business in the U.S., much larger market. The same starting point from a software as a service business, but that has the potential to pick up the upside of marketplace. The marketplace aspect of this is of course what we're looking for. So we really think that this is a 10x potential from where we have invested into, and with a very sort of limited downside because of its strong position and strong brand name, and hence a very, very good risk reward. See if I can take you. Yeah. So the portfolio overall is somewhat altered. I mean, the overall structure of it is the same as when we spoke a quarter ago. Babylon taking that beating, and our NAV reflecting the price of the listed stock of Babylon. Obviously now, well, obviously, I mean, it's got a low liquidity, so it's not obvious, but it's the way to go for our pricing of Babylon and our NAV. So that's come off. It's only 16%. It's about the same level as Voi. And these six largest assets, which used to make up about 70% portfolio, it's about 65% of the portfolio. The overall structure of the portfolio is one that you are familiar with since earlier quarters. Also the sector, the different sectors or as I like to describe them, the difference from macro themes are also similar, mobility being the larger one now that digital health has come off with Babylon, marketplace, and there are some others. If that other piece is to sort of be described in sector themes or in macro themes, it'll be climate, that's the fourth one. There's more and more sustainability/climate stuff that's coming our way and that we're also invested into. Perhaps OLIO being the biggest one, and we can come back to that. But I think it's important to point out as always, though, that what we invest into is not, we're not a mobility investor, we're not a digital health investor, we are network effect investors. Network effects is what we look for, large markets, strong founders. Then we found ourselves in these very, very interesting macro themes, but we're not sort of mobility investors per se. Again, important to point out. Yeah, we continue to sort of picture this, developed markets versus emerging markets. This is perhaps because we feel that we're maybe more well known in the emerging market world where we've spent most of our years. If you go back to 1997, we're maybe more well known as an emerging market investor. The fact is that the bulk of our portfolio is from Europe and the US and exposed to global markets more than emerging markets. Again, I mean, we are... I should say that's probably reflective also in our, you know, the next generation portfolios, that we have a lot of stuff that's more catering to global markets than emerging markets. We are just very optimistic. We look and we have a very good sort of deal flow from emerging markets as we do from more sort of developed markets, Western Europe and the U.S. The portfolio right now is more exposed to the Western world than emerging markets. Coming into putting this portfolio in the perspective of the nature of its liquidity, obviously the green parts of this portfolio is the listed part. Hemnet listed in April last year, Babylon during the autumn. Babylon's come off, Hemnet's come up. Swvl is about to list now in Q1, probably get out there in Q2. Voi and BlaBlaCar have both now, you know, alluded to the intention to list, although that's probably like a year out for both of those. You know, those large six names are names that we've been in for a long time. But there's also a lot of activity in the portfolio outside of those larger names, which are maybe more important, are the most sort of important drivers of our NAV and hence our stock price over the short term. Over the long term, we feel that there's a lot of room to grow in the rest of the portfolio that will sort of grow into becoming pretty large names, and maybe compete for the sort of largest six or largest 10 perhaps, over this coming year. There's a handful, quartets of names that all are big enough to sort of be noticeable versus the larger six. Of those, I think, Booksy and Borzo will probably be the ones that will catch some attention over this coming sort of first half of 2022. Importantly, there's also this other part which is where I mean, our next Avito or our next Tinkoff or our next Babylon, Voi is probably already in the portfolio. It's in this other part where there's just an you know, a 50 odd names which all have the potential sort of to grow into the same sort of companies that like the ones I just mentioned. Our work right now has a lot to do with funding them and to make sure that we capture the upsides that are present in that part of the portfolio. Now, before we go into the actual details of the sort of valuation and how this NAV stacks up, I mean, we're talking now because we have to report on a quarterly basis, and the quarterly sort of reports is very much our balance sheet and the NAV. Björn is joining us today to walk you through some more details in that so that that feels all good. Before we go into that, just on a general note on the portfolio that we haven't touched, I think maybe the most important one is the one that will catch the headlines the soonest, which is Swvl. As we've talked about earlier, I think Swvl is about to get listed. It filed its latest F-4 draft just before Christmas, which puts it now on the timeline to get listed during this quarter, I think well within the quarter. That company just continues to perform. I think the last guidance is for a revenue base for 2022 of just over $150 million, which we think probably is conservative. So big growth on previous numbers. They've done a couple of acquisitions of late, which now has them operating in 115 cities. So a very different. This is not 115 cities, you know, in Egypt alone. This is 115 cities across 18 countries in many different continents. This is really, you know, a different picture from Swvl where we got going with, which is basically a Cairo operation. This business model has really proved to be one that's demanded in, you know, on a global basis. The product that the company has and the team has a capacity to really become a global business. Much what we were excited about when we got involved with Swvl, but now that's really coming to life. Gett, we believe, is on a track to and which was announced during the Q4, during this last quarter, to be also listed during this first half, but that's probably more a Q2 event. Voi and BlaBlaCar, in terms of listings, yeah, they have alluded to it, but the timeline for that is a little bit later. Both of those companies, I should say, are obviously in the transportation sector, one that have been very differently affected by COVID. Voi has had a big sort of positive push as people inside cities like here have not wanted to go on the metro and the bus, but have opted to, you know, move around the city using different means. It's been, you know, a big sort of tailwind for these e-scooter platforms. Voi is the largest in Europe, by any measure, and that's reflected in the round they did also, which closed just before Christmas. Just performing very well. BlaBlaCar, though, long distance travel has been more affected negatively by COVID. We've seen very, very strong signals during the autumn that this is a product that's very, very much in demand as society starts to progress sort of out of COVID. As we've seen now with Omicron, et cetera. It's been really encouraging to see how in demand this product is and the activity that it's seen during the autumn. That's a good sort of pointer to what's to come when we move out of COVID properly. Now, before we go into the details, I missed a slide, maybe the most important slide, which is this one. One other big announcement that we've done today as part of this report is that we've expanded the team here around VNV in a big way. We have four new colleagues joining us around about now. The expansion of the investment team, I should say, is one that's a reflection of that our portfolio has grown a lot, both in terms of the overall NAV going up to $1.4 billion. But perhaps more importantly, that the number of names now is a 60-odd names that make up the bulk of our portfolio. 10 are large, but 50 are smaller. Although we don't aim to impose ourselves on these founders in any way, we try to make very, very clear that we are not here to run these companies. I think we do. Our support for these companies are more on demand. But the expansion of our team reflects sort of, you know, a growing complexity in terms of size and number of names, et cetera, in the portfolio. It also allows us to be close to the companies on our portfolio, but importantly, not imposing ourselves on these founders, if you will. I think being close allows us to act very swiftly when these companies do need help in funding, for example. We felt that that was a necessary expansion to do and sort of super happy and proud really that we've sort of added these four names to the portfolio. Dan, we've known for many years now. He comes from Naspers, having run part of their OLX portfolio and before that ran his own company, before that ran you know parts of eBay. Dan is a person that we've known for a very long time, and that brings a senior capacity into our team that we're very sort of happy to have join us. You know, a little bit of a different background from us. Naspers is of course a fantastic role model in the kind of risk-taking that they have within themselves. But also their sort of background in terms of running companies and running a lot of large operations is one that Dan has been present in, but also present in their investing mode and their risk-taking mode. That brings sort of capacity to our team that we don't really have today and that we think will be very sort of constructive in applying to our portfolio. Tessa has worked closely with Dan over the years, but more recently come from Peak, which is a venture capital firm in Holland that we admire a lot. Before that had a long stint at FJ Labs, which she was part of co-founding together with Fabrice Grinda. Fabrice Grinda is, of course, one of the stars of the classifieds world, being one of the founders of OLX. So very much a person that we've looked up to. We're super happy to have Tessa join us with that kind of background. More importantly, perhaps, is that Tessa, I think, will be the only one in our team that has actually run a couple of startups herself. That's something that us lot here have not done. We've been here, we've been taking risks on startups. To actually have run a startup, founded a startup, and have been part of taking those tough decisions and the anguish that comes of running sort of a young company is one that's, I think, very valuable when you talk to people in the same position. Dennis, we got to know through Voi. He is friends with the founding team at Voi. After that, he joined Boston Consulting Group. We're very happy to sort of steer him our way. Finally, is the person that we've maybe known for the longest. We've been in touch with Sasha around capital markets in Eastern Europe for the past 20 years. He brings, yeah, a lot of experience from the banking side of the world, but also a very high intellectual capacity that we think will sort of add a lot of value to the team around here. Dan and Tessa will be based in a newly opened office in Amsterdam. Dennis is gonna sit here next to me and Björn. Sasha will be based in our office in Cyprus. A bit more geographical dimensions to our company, which I think is a good reflection of the portfolio that we have, which is very international. I think with that, Björn, if I could ask you to walk us through the numbers. Sure with this. Thank you. If you can move to the next slide as well. Yeah. I'll quickly go through the NAV build-up as per year-end 2021 and cover the main drivers of the NAV movement during the quarter. As Per said, the SEK NAV per year-end 2021 was SEK 109.63 per share, compared to SEK 122.5 per September 30, which is down roughly 10.5% in SEK or 13.5% in USD. Of course, our large holding, Babylon, that's now a publicly listed company, has seen weak trading since the completion of their listing process during the quarter, resulting in a 42% decline in fair value or some $181 million over the quarter, and making up the bulk of the overall NAV movement of $209 million during the quarter. Voi, our Voi mark of $226 million is unchanged in our books over the quarter and still based on its latest equity transaction that was completed during the third quarter. During the fourth quarter, we also invested an additional $70 million in Voi in the form of convertible notes. Our equity holding in BlaBlaCar is valued at $141 million, and that's based on the revenue multiple-based valuation model as per year-end 2021 and down roughly 8% over the quarter, mainly driven by compressed peer multiples. Swvl and Gett are both in ongoing listing processes via their respective SPACs, and still value on the basis of revenue multiples valuation models, as per year-end 2021. Swvl is valued at $160 million, also down some 8% over the quarter, driven by the same compressed peer multiples. Our holding in Gett is valued at $140 million, which is down only some 1% over the quarter. That's mainly driven by revised revenue expectations for 2022 on the upside that counter the negative impact of compressed peer multiples. Following our remaining holding in Hemnet, also listed here in Stockholm, was down some 5% over the quarter, and valued at $58 million at year-end 2021. During the quarter, VNV received proceeds from our second partial sale of Hemnet shares in the amount of $22 million. For the full year 2021, VNV has sold some Hemnet shares in the amount of $39 million all in all, and all of this compared to our original investment amount of $10 million. Property Finder is valued at $47 million based on a revenue multiple-based valuation model as per year-end 2021, which is up 18% over the quarter, despite slightly compressed multiples in the classified space. This is primarily driven by strong trading during the end of 2021 and revised top-line expectations for 2022 on the upside. Finally, one of our smaller holdings worth highlighting is Hungry Panda, which is as per year-end valued at $22 million based on a new funding round that closed just before Christmas, which is approximately 41% up compared to our mark as per third quarter 2021. Yeah, I'll stop there for the main holdings. We will open up for Q&A. As a reminder, please use the Q&A function in Zoom to type your questions, and we'll address them going forward. Great. How should we do this, Björn? Do you wanna read out the questions? Sure. Mm-hmm. Sure. First question here. You showed the value-creating activity around VNV bond issues, capital raises, and buybacks, with a bigger share of listed companies in the VNV portfolio that you now hold for the longer term. Could we see you buying shares in the listed companies in your portfolio if they are volatile like Babylon? Yeah, no. I think it's very unlikely that you'll see us actually buying the listed shares of the company, at least on an opportunistic basis. The way sort of we reason, and forgive me if I've already sort of mentioned this in sort of the overall presentation. The way we reason, when our private holdings become sort of public is that we'll hold on to them if we feel we can add value and if they sort of fit our return profile. Our minimum return in our portfolio would be, like, a 20% sort of return profile. If they hit that and we obviously if we feel that they have that sort of annual return profile going forward, we can hold them. The other sort of check in the box, if you will, would be that we are close to the companies. We're board members, and we have a history with the companies, allowing ourselves to sort of maybe have a larger, higher visibility into what's going on. The combination of those two allows us to stay as holders when our private holdings become public holdings. I think it's unlikely that you'll see us sort of engage in Babylon now where we obviously feel Babylon is a very interesting investment, the way it's trading. We'll leave it to our shareholders or whoever it may be to sort of get, you know, to buy that stock. I think it's very unlikely that you'll see us sort of actually get engaged in terms of buying stock however cheap we may feel they are in the listed part of our portfolio. Having said that, of course, we, you know, one way that we gain further exposure to the companies in our portfolio, also the listed ones, is by buying back our own stock. As you know, we've been an active buyer of own stock over these past 10 years, and we've sort of distributed capital to the order of $750 million to shareholders mainly in the form of buybacks over these past 10 years. The last sort of buyback we did was just before Christmas. I think it's fair to describe the way we think about this is that we—when we look at new investments, we always compare it to the alternatives. One very real alternative for us is to buy back our own stock. If we can buy back a portfolio that we believe a lot in at a discount, then we've demonstrated very clearly, I think, a will to do that. I think that would be the way in which we sort of get more indirect exposure to also the listed part of our portfolio. Long-winded answer, but hopefully covers what the question was looking for. Another question on volatility. Some listed tech names are now down 70%-80% from their 52-week high. Have you seen similar activity in private markets in general? No, I haven't. I think private markets are obviously not, you know, minute-to-minute, day-to-day kind of volatility. They don't have that in them in the same way that public markets do. The best private companies, the best run private companies, which I'd like to think and I strongly believe that our portfolio make up, you know, a crop that can be described amongst, you know, in that kind of category. Those companies are well-run, and they're also well-run in terms of liquidity and fundraising. The best companies will not be forced to raise money in difficult times. Hence sort of if the public markets takes a nosedive, the best run private markets will be, "No, we're not looking to sort of raise money at these levels. We 'cause we don't have to." Then there are no new marks in that sense that you know, you don't get that volatility in private market as you do in public markets. If that kind of volatility does, in contrast to what I've just said, and you know happen, then we are ready to take advantage of them. So but yeah. The short answer to the question is no, the private markets are not that volatile as public markets. Thank you. A question relating to the team expansion. Why did you hire four at once, and how will this change your own role there? I don't think my role changes much. This adds capacity to me, Björn, and the others here to do the sort of same work that we've done for, I think, quite a long time now. I think this company's been run with a very small team for a very long time. I think maybe a too small team. Then I think it was really sort of me talking to Dan, who eventually sort of has now joined us. He's on a full-time basis. Got an increasing sort of realization that it would be very beneficial for us if we increased the team here, but without sort of changing the culture of how we work and the structure of how we work. I think the team that has come in you know, very much shares the kind of culture that we have. I don't think you'll when you meet us and when you talk to us in the future, I think you'll get the sense that we operate in a very similar way. Because all these people coming in sort of share the sort of the kind of mindset that we have in-house now. It just gives us more capacity to look at the new investments that come our way. I think with VNV Global, you know, as that brand sort of becomes more and more well-known, the deal flow that's coming our way is accelerating. It's good to have capacity to sort of be able to sift through that deal flow and decide what makes sense for us to get engaged in and what not to get engaged in. Also to my earlier point, you know, the operating experience from startups with Dennis at Voi, Tessa running her own things, and Dan obviously running very, very large operations at OLX gives us capacity to another dimension in terms of capacity to understand you know the companies that come our way and to make sort of hopefully good decisions around those. Thank you. Another question on Gett and Swvl and their respective SPAC transactions. Are you expecting redemption rates in Swvl and Gett transactions to be similar to that of Babylon, or have these companies taken any measures to avoid this? It's difficult to say. I think the SPAC market overall, regardless of how good the companies are, you know, have seen very high redemptions of late, which is a reflection of the risk appetite from the hedge fund world has changed. It's been a less sort of effective way to get listed. Once you've started going down that route, it's more practical sort of to finish it. I should also say, like Babylon has shown, and Swvl and Gett are in very good positions to also sort of execute on is that there are opportunities, you know, getting listed opens up sort of funding opportunities. There are mechanisms and there are funding routes that are available to these companies that allow them to raise the kind of money that they need to raise, they want to raise, despite the redemption levels being higher than what we thought maybe a year ago. Thank you. Another general question here is VNV company sensitive to interest rates increasing? Yeah, no. I think every company, every equity investment is, right? Or any financial investment is. But as I was trying to sort of point out in our Q4 report here now is that one part of one way, you know all these, you know, everything we do is about discounting future cash flows, right? The discount factor in that sort of equation becomes very, very important. Part of that discount factor is the interest rate, and when the interest rate goes from 1%-3%, that's. Or 1%-2%, 1%-4%, whatever it is, that's a negative aspect. I think what's going on right now is that you have the interest rate, but you also have the risk premia on top of that, and that risk premia is very affected by uncertainty. So we have maybe a blown-up risk premia now due to a lot of uncertainty. We don't know where interest rates will sort of stabilize, if it's at 2% or 3% or 4%. Then there's all sorts of other risks out there, some geopolitical in Eastern Europe and some in Asia, and just the uncertainty around where interest rates will stabilize. One thing we know is that volatility will die down, and then uncertainty will decrease, the risk premium will decrease, and then I think we're in a very, very interesting environment compared to where the levels we're trading at now. Yeah, just on a clinical sort of answer, interest rates going up affects us negatively. There's no way about that. There's another question on Bokadirekt. What is the development plans for Bokadirekt after the recent funding round? Looking at the fact that they're already a leader in Sweden, do they have the ambition to move abroad as well with their platform or just digging deeper in its home market? Yeah, I guess I'm not at liberty to sort of talk about their M&A plans. I think our view there in general is that although it's in contrast to Hemnet, where it's very reassuring, I think, that they are in Sweden, and they're in Sweden alone, and there are no ventures outside of Sweden, because the markets outside of Sweden are very, you know, sort of populated by similar outfits to Hemnet which have very high barriers to entry. In the space of this beauty SaaS go-to-marketplace environment, I think the opportunities on geographical expansion is much more promising. I think it's fair to say that if Bokadirekt, in a very similar fashion to Booksy now, has its sort of base in these soft services to these sort of enterprises, these small businesses rather than enterprises, the liquidity that Bokadirekt now has gives them the opportunity to also grow into a marketplace. That's sort of, I think, the best way to, in general terms, describe what you know, the use of proceeds for this issue. The question related to Babylon, Swvl, and Gett, when would you expect liquidity in Babylon to improve? Would you expect Swvl and Gett to have the same challenges going out? Yeah. I think there's the typical sort of lockup in any listing, SPAC or, you know, a SPAC listing or an IPO listing has a six-month duration. After that lockup, you at least on paper have a larger free float. Although people like us who are, you know, more buyers than sellers at these levels, you know, if we could, I mean, for certain, no sellers even at sort of the listing prices, let alone the prices where they're trading now. You know, the free float, technical free float at least goes up, and that's sort of the first sort of step to this becoming, you know, to the daily turnover and the stock becoming better. I think, for all those names, it's that six-month lockup that's the important one to follow. Great. I think we've covered most of the questions here, and it seems our hour is running up. I think we close the Q&A session with that, and yeah. Please, Per. Thanks. I mean, this is the first time we do this on Zoom. It sort of feels a little bit like the Capital Markets Day. I now feel better for what our portfolio companies get subject to when they do these Zoom things. Thanks for joining, and we'll do this again in three months. In the meantime, you know where to find us if there's anything else you wanna kick around. All right. Thank you, everyone. Thank you.