As of June 30th, the net asset value amounted to SEK 299 million (SEK 83 per share), which is approx. 171% above the closing price of the FRAM B share on the same day and represents an increase of +16% compared to last May.

In order to better reflect Carmudi’s current business model as a fully integrated marketplace for cars (sometimes acting as agent and sometimes as principal), Fram is changing its valuation methodology for Carmudi to EV/GMV (Gross Merchandise Value - i.e. total value of the cars transacted via the platform). The valuation is however still based on a listed peer group and a discount of 40% is still applied to the EV/GMV multiples of the peer group. 

In order to further expand its investment and company building activities in SEA, Fram is currently initiating discussions with potential institutional investors for a new investment vehicle that can deploy into the benign valuation environment. Carmudi, Dragonlend and EveHR are also engaging in individual investor discussions.