q2 and 1h17 results presentation - vostok emerging finance · recent highlights •# of current...
TRANSCRIPT
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Q2and1H17resultspresentation
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2>2
Q2and1H17financialhighlights
§ Positivenetresultfor2Q17:
ü Q217wasUSD7.6mlnandEPSwasUSD0.0039
ü 1H17wasUSD14.7mln andEPSwasUSD0.022
§ ThepositivenetresultoverthefirstsixmonthswasprimarilydrivenbytherevaluationofREVO/Sorsdata coupledwithapositivesharepricedevelopmentinTinkoff
§ NetAssetValue:
ü GrewtoUSD159.2mln (151.5mln atendofQ117and144.3asat31December2016)orUSD0.24pershare,asat30June2017.
ü NAVcontinuedtogrowtoUSD168.7mln orUSD0.25pershareasat31July2017
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3>3
1H17:IncomeStatement
(USD thousands) 1H17 1H16 2Q17 2Q16
Results from financial assets at fair value 14, 573 12,735 7,005 10,211
Dividend and coupon income 1,395 1,353 1,316 1,279
Total Operating Income 15,968 14,088 8,321 11,490
Operating expenses -1,765 -831 -1,060 -458
Operating result 14,203 13,257 7,261 11,032
Net financial items 477 -30 362 -255
Result before tax 14,680 13,227 7,623 10,777
Taxation - - - -
Net result for the period 14,680 13,227 7,623 10,777
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4>4
1H17:BalanceSheet
(USD thousands) June 30, 2017 June 30, 2016 December 31, 2016
Financial non-current assets 147,548 72,082 120,155
Current assets 12,116 36,748 24,998
Total assets 159,664 108,857 145,182
Equity 159,231 108,770 144,326
Trade payables – 11 –
Other current liabilities 225 40 732
Accrued expenses 208 36 124
Total equity and liabilities 159,664 108,857 145,182
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5>5
Q217Eventhighlights
§ Investmentsinthequarter:
ü FinanZero – LedaUSD0.5mln internalbridgeround
ü Finja – FinalisedourUSD1mln investmentaspartofalargerfundinground
ü Nibo – InvestedUSD3.3mln intoafastgrowthBrazilianAccountingSaas play
ü TransferGO – InvestedanadditionalUSD2,9mln throughatwo-yearconvertibleloannote
§ Eventsaftertheendofperiod
ü Newchiefcounsel,HelenaCaanMattssonjoinedtheteam
ü Saleof1,075,000Tinkoff GDRsovertwoseparatetrades,correspondingtoapproximately17%oftheposition,yieldingatotalofUSD13mln
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>6
PortfolioCompany Geography BusinessType %Ownership 30June'17FairValue($) InvestmentYear
Russia DigitalBank 3.5% 73367631 2007
Russia Payments&ConsumerCredit 25.0% 14151131 2015
Africa MobileMoneyMarketplace 7.6% 12705768 2015
Turkey PaymentProcessing 20.9% 9000000 2017
Brazil AccountingSaas 15.4% 3299998 2017
EmergingEurope Cross-borderRemittances 9.8% 6282098 2016
Brazil ConsumerCreditMarketplace 23.8% 2019316 2016
Pakistan MobileWallet 22.87% 1151494 2016
121977435
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7>7
PortfoliocommentaryVEFPortfolioasatJune30,2017NAV:USD159.2mn
TCSGroup46%
REVO
9%
JUMO
8%
Iyzico6%
Nibo
2%
TransferGo4%
FinanZero1%
Finja1%
Cash/LiquidAssets23%
• Wehave8holdingsintheportfoliotodaypluscashandliquidassets
• TCSisourlargestholdingwhilethereisacleardividebetweenour4largerand4smallerholdingstoday
• Strongcashposition(USD37.7mln)isakeyastrengthofourbusinessandleavesuswellpositioned
• Wewouldexpectthenumberofholdingstogrowandtheirrelativesizetogrowovertime
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PortfolioDistribution(excash)
Russia72%
Africa11%
Turkey7%
Brazil4%
EmergingEurope5%
Pakistan1%
ByGeography
Russia29%
Africa26%
Turkey19%
Brazil11%
EmergingEurope13%
Pakistan2%
ByGeography(exTCS)
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9>9
VEFsharepriceandNAVevolution
Date LatestSharePrice(SEK)
NAV/Share(SEK)
Discount NAV(USDmn) MarketCap(SEKmn)
MarketCap(USDmn)
23/08/2017 1.75 2.07 15.5% 168.7 1,230.4 142.3
0,90
1,10
1,30
1,50
1,70
1,90
2,10
SEK
NAV RightsIssue SharePrice
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10>10
VEFshareholderstructure
HoldingasperthelatestnotificationtotheCompany
LargestShareholdersOwner Holding,SDRs Holding,%
LibraFund 154,126,431 23.3%FidelityFMR 66,149,599 10.0%FidelityFIL 60,248,714 9.1%SwedbankRoburFunds 57,674,245 8.7%Alecta PensionInsurance 33,500,000 5.1%Ruane Cunniff 32,967,270 5.0%BankJuliusBaer&Co 18,354,000 2.8%LGTBank 18,111,000 2.7%WellingtonManagement 16,307,121 2.5%Svenska Handelsbanken AB 15,288,000 2.1%Largestowners 472,726,380 71.5%Total 661,495,995 100.00%
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“Investinginleadingfintech companiesacrossemergingmarkets”
Geography Withinemergingandfrontiermarkets,wefocusonthemorepopulousandscalablemarketscrossreferencedagainstcompetitionforopportunities
Sector Wetargetalllinesoffinancialservicesinclusiveofpayments,remittances,mobilemoney,digitalbanks,financialmarketplacesandconsumer/SMEcredit
Minoritystakesandboardseat
Privateequityaccessvehicle
VEFtargetssizeableminoritystakesof10–20%withboardrepresentationwhereappropriate.Wefocusonequityinvesting,buthaveanabilitytoinvestacrossthecapitalspectrum
UniqueFintechInvestment
WhileVEFitselfisalistedinvestmentcompany,ourmandateisfocusedoninvestinginemergingprivatecompanies
Thereareveryfewwaystoplaythegrowingfintech investmentthemeinpublicmarkets.VEFisauniqueassetinthisregard.
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WhereEmergingMarketsmeetfintech
CRED
IT ConsumerSMEP2PCreditScoring
PAYM
ENTS OfflineOnline
MobileRemittances
OTHE
R SaasWealthManagementDigitalBanksEquityCrowdfundingComparisonWebsitesQualifiedLeadsInsurance
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CreatedpostVostok Nafta split
VNVportfolio
(1997–2015) (2015+) (2015+)
VEFportfolio
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DavidNangleManagingDirectorandBoardMemberExperience:• RenaissanceCapitalHeadofResearch
andFin.SectorResearch• INGBaringsHeadofEMEAFinancials
Research
LarsOGrönstedt
ChairmanoftheBoardExperience:• ChairmanandMDof
Handelsbanken• ViceChairmanof
SwedishNationalDebtOffice
PerBrillioth
BoardMemberExperience:• MDofVostok New
Ventures• Chairmanof
PomegranateAB• EMinvesting22yrs
VoriaFattahi
BoardMemberExperience:• InvestmentDirector
atVolati AB• InvestmentAB
Kinnevik• Apax Partners
MilenaIvanova
BoardMemberExperience:• RenaissanceCapital
DeputyHeadofResearch
• UniCredit Markets&InvestmentBanking
Ranjan Tandon
BoardMemberExperience:• Founderand
Chairman,LibraAdvisors
• Merril Lynch,DCM,Halliburton
Finance&Legal
HelenaCaan Mattsson
GeneralCounsel
HenrikStenlund
CFO/COO
AnahitaZafari
DeputyCFO
AlexisKoumoudos
SeniorAssociate
Investmentteam/IR
BoardofDirectors
Management
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15>15
ThePortfolio
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16>16
PortfolioCompany Geography BusinessType %Ownership 30June'17FairValue($) InvestmentYear
Russia DigitalBank 3.5% 73367631 2007
Russia Payments&ConsumerCredit 25.0% 14151131 2015
Africa MobileMoneyMarketplace 7.6% 12705768 2015
Turkey PaymentProcessing 20.9% 9000000 2017
Brazil AccountingSaas 15.4% 3299998 2017
EmergingEurope Cross-borderRemittances 9.8% 6282098 2016
Brazil ConsumerCreditMarketplace 23.8% 2019316 2016
Pakistan MobileWallet 22.87% 1151494 2016
121977435
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17>17
Recenthighlights
• #ofcurrentaccountcustomerspassed2mduringQ117• ROAEat42.8%forQ217• Anewdividendpolicyannounced,targetingquarterlypayoutof50%ofpreviousquarter’snetincome
53,3% 34,5%
2,9%
3,5% 5,8% OlegTinkov
Freefloat
BaringVostok
VostokEmergingFinance
Source: TCS(June30,2016)
Tinkoff Bank
• BusinessType:DigitalBanking• Founded:2006Yearofinvestment: 2007• OwnershipStake:3.5%• Keyregion:
KeyFacts
Amarketstilldominatedbyoldworldfinancialinstitutions,butwithEurope’slargestonlinepopulation
1
Thenumber1fintechanddigitalbankingplayinRussia2
Continuestoinnovate,diversifyandbroadenproductsuite3
Consistencyofastrongdeepmanagementbench4
Trackrecordofgrowthandsignificantprofitability5
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18>18
Tinkoff Bank
Tinkoff is#2creditcardissuerinRussiaandgrowingmarketshare
+
MajorchangesinRussianretailfinance,drivenby:
• Economicsituation• Theregulator• Newtechnology
UniqueOpportunity:• Smoothencyclicalityofcredit
business• Addnon-creditrevenue• Createfinancialecosystemto
betterservecustomers
Tinkoff.ru– theconcept
Source: Tinkoff strategyday(October2016)
Tinkoff.ru– theconcept
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19
Netincome(RUBbn) Returnonassets
Returnonequity
ProfitatRUB3.7bnin4Q16
5,3%
7,7%
5,3% 6,8% 7,3%
8,7% 7,7%
3m'16 3m'17 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17
32,3%
42,8% 32,3%
41,5% 43,4%
51,4%
42,8%
3m'16 3m'17 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17
1,9
3,4
1,9
2,5
2,9
3,73,4
3m'16 3m'17 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17
>19
Tinkoff Bank
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20
• Type:Merchantpayments/consumercredit• Founded: 2012Yearofinvestment: 2015• OwnershipStake:25%• Keyregion:
KeyFacts 64.5%
WorkswithRussia’sonandofflinemerchantsatPOStoincreaseconversionandbasketsize1
Focusonsmallticketcategorieswith$100bnofannualsalesandgrowing2
Providesinstantpaylatersolutionsfortheconsumer3
Customerdataleveragedfordirectmarketing,promotionandloyaltyprograms4
Similartoofflinepay-latersolutionsinTurkey/BrazilandonlinesolutionofAffirm(US)5
KeyMerchantPartners
REVO
>20
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REVO
Metrics Dec 2014 Dec 2015 Dec 2016 June 2017No. of active stores 572 1,623 1,970 2,235No. of installments granted 9,969 41,217 51,774 24,885Avg. installment plan (Rub) 3,852 4,103 4,225 4,718Avg. duration of installment plan (months) 4.9 4.6 4.7 4.6Avg. APR of installment plans 84% 96% 95.3% 64.0%
0
500
1000
1500
2000
2500
Jan'15
Mar'15
May'15
July'15
Sept'15
Nov'15
Jan'16
Mar'16
May'16
Jul'16
Sept'16
Nov'16
Jan'17
Mar'17
May'17
Connectedstores,# Monthlyinstallmentplansissued,#
0
20 000
40 000
60 000
80 000
100 000
Jan'15
Mar'15
May'15
Jul'15
Sep'15
Nov'15
Jan'16
Mar'16
May'16
Jul'16
Sep'16
Nov'16
Jan'17
Mar'17
May'17
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22>22
JUMO
• Type:MobileMoneyMarketplace• Founded:2013Yearofinvestment: 2015• OwnershipStake:7.6%• Keyregion:
KeyFacts
Mobilemoneymarketplaceforindividualsandsmallbusinesses1
FocusonkeymobilemoneymarketsofAfricaandbeyond2
MarketplaceworkswithMNOsandtheircclientbasesononesideandconnectsinFSPsandtheirproductsuiteontheother
3
Deliveredover8mnloansto3mnuniquecustomerstodate4
Verystronganddeepmanagementbench5
JUMOMOBILEMARKETPLACE
JUMOCapitalFSPs
FINANCIALSERVICEPROVIDERS
MTN AIRTEL TIGO VODAVIMP SAFAR
MOBILENETWORKOPERATORS
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23>23
Iyzico
• Type:PaymentProcessor• Founded:2012Yearofinvestment: 2017• OwnershipStake:20%• Keyregion:
KeyFacts
LeadingTurkishpaymentsolutionproviderforonlineretailers1
Hasover8,500livemerchantsand160,000selleraccountsundermarketplaces2
TurkeyisEurope’slargestconsumercardmarketthatremainsunder-penetratedinonlinepayments3
Provenmodelseenscaleandsucceedinothermarkets4
Foundingteamhaveasuccessfultrackrecordandexperienceatgloballeadersinthespace5
KeyMerchantPartners
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24>24
TransferGo
• Type:CrossBorderRemittances• Founded:2012Yearofinvestment: 2016• OwnershipStake:9.8%• Keyregion:
KeyFacts
LowcostcrossborderremittanceproviderfocusingonWesterntoEasternEurope1
Targetingblue-collarworkers,someofthemostconsistentandregularremittancecustomers2
Highmarketshareinkeycorridorsresultingfromfocusedapproachtocorridorroll-out3
Deepbankintegrationfacilitatesfastestguaranteedsettlementtimesamongstpeers4
Globalremittancevolumestotalling$600bannuallyanddigitalgrowingshare5
$43,00$120,00
$436,00$399,00
$462,00
$268,00
$0,00
$100,00
$200,00
$300,00
$400,00
$500,00
$600,00
$700,00
$800,00
2009A 2014A 2019E
GlobalRemittanceVolumes($bn)
DigitalRemittances CashRemittances
Source: WorldBankdata
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25>25
TransferGo
Metrics Dec 2015 Mar 2016 Jun 2016 Sep 2016 Dec 2016 Mar 2017No. of active users* 27,800 32,522 37,645 40,461 51,792 54,001Money flow (GBP mn) 7.1 9.8 15.3 14.4 19.0 21.3Avg. ticket size (GBP) 240 269 370 370 335 349
15000200002500030000350004000045000500005500060000
Sep'15
Oct'15
Nov'15
Dec'15
Jan'16
Feb'16
Mar'16
Apr'16
May'16
Jun'16
Jul'16
Aug'16
Sep'16
Oct'16
Nov'16
Dec'16
Jan'17
Feb'17
Mar'17
ActiveUsers*,# MonthlyMoneyFlow,GBP
57911131517192123
Sep'15
Oct'15
Nov'15
Dec'15
Jan'16
Feb'16
Mar'16
Apr'16
May'16
Jun'16
Jul'16
Aug'16
Sep'16
Oct'16
Nov'16
Dec'16
Jan'17
Feb'17
Mar'17
* Transactedoverlast90days
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26>26
FinanZero
• Type:ConsumerLoanMarketplace• Founded:2016Yearofinvestment: 2016• OwnershipStake:23.8%• Keyregion:
KeyFacts
PioneeringmarketplaceforconsumerloansinBrazil1
Partneredwithrangeofbanksandcreditinstitutionsofferingmostsuitableloansforconsumer
2
Fullyintegratingwithbankshandlinglendingprocessfromstarttofinish3
Provenmodelseenscaleandsucceedinothermarkets4
FoundingteamhaveasuccessfultrackrecordandexperiencefromleadingconsumerloanbrokerinSweden
5
FinanZero LoanMarketplace
OtherDigitalLeadsOLX
BancoPan
BancoSafra
OmniFinance BanksPorto-
credCreditProvider
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27>27
Nibo
• Type:AccountingSaaS• Founded:2012Yearofinvestment: 2017• OwnershipStake:15.4%• Keyregion:
KeyFacts
LeadingBrazilianaccountingSaaA providerforSMBsandaccountants1
Hasover2,000accountantsservicingthousandsoftheirSMBcustomers.2
Largeaddressablemarketof+400kindividualaccountantsandsome10mSMBs3
Provenmodelseenscaleandsucceedinothermarkets,ex.Intuit(US)andXero (NZ)4
Strongteam,andbusinessmodeldrivenbyoneoftheworld’smostcomplextaxandaccountingmarketregulationsintheworld.
5
Nibo SaaSdashboard
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28>28
Finja
• Type:Mobilepaymentsandloansmarketplace• Founded:2012Yearofinvestment: 2017• OwnershipStake:22.9%• Keyregion:
KeyFacts
Newlyestablishedfintech companyinPakistanwithamissiontoofferinnovativefinancialservicesbydisplacingcash.
1
TheSimSim mobilewalletcommerciallylaunchedinJuly2017andshowingstronggrowthbothintransactionvolumeandnumberofwallets.
2
Walletrevenuestreamsmainlyfrommobiletop-ups,utilitybillspaymentsandcustomerfloatincome.
3
Firstpayrolllendingpilotsuccessfullylaunched4
Utterlystrongfoundingteamwitha50yearcollectiveexperienceinmobilewallets,onlinemarketplacesandfinancialproductsinPakistan.
5
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OutlookandGuidance
>29
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30>30
… PortfoliostartingtoshowclearearlyperformerswithTinkoff BankandRevo standoutnames
… EMEAandLatinAmericanowcoreregionsoffocusforus,wearewellentrenchedandhaveahealthypipeline
… Wellontracktodeliveronourtargetofbuildingaportfoliowith10+holdings
… Cashisking– Strongcashpositionleavesuswellpositionedfornewopportunitiesaswellassupportingexistinginvestments
…
Opportunitiesandoutlookfor2017
Themodelandthesisisworkingwellandweareinaverygoodpositiontocontinuetocreateshareholdervalue