Significant events during the month
The August NAV fell by -15% m-on-m, primarily driven by the ramp-down of the lending business in Carmudi as well as a change in the valuation methodology for Liven Technology.
Carmudi: NAV dropped by -6% m-on-m due to lower LTM pre-tax profit and contracting peer multiples. Carmudi posted a pre-tax loss of c. 2 kUSD for the month.
EveHR: NAV increased by +17% m-on-m, supported by growing LTM gross profit and expanding peer multiples. EveHR reached a modest pre-tax profit in August.
Liven Technology: NAV decreased following a shift in its valuation methodology from the latest transaction to EV/revenues vs. a listed peer group.