INDU C Industrivarden AB Class C

Year-End Report 2021; January 1–December 31, 2021  

Year-End Report 2021; January 1–December 31, 2021  

  • Net asset value on December 31, 2021, was SEK 143.5 billion, or SEK 332 per share, an increase during the year of SEK 53 per share. Including reinvested dividend, net asset value increased by 22%. On February 9, 2022, net asset value was SEK 329 per share.
  • The total return for 2021 was 8% for the Class A shares and 10% for the Class C shares, compared with 39% for the Stockholm Stock Exchange’s total return index (SIXRX).
  • Earnings per share were SEK 61.57.
  • During 2021, shares were purchased in Sandvik for SEK 2.5 billion, in Volvo for SEK 0.8 billion, in Handelsbanken for SEK 0.5 billion and in Essity SEK 0.5 billion. Furthermore, the entire shareholding in SSAB was divested for SEK 2.0 billion.
  • The debt-equities ratio as per December 31, 2021, was 4%.
  • During the year a distribution in kind was received from Handelsbanken in the form of Industrivärden Class A shares, which were subsequently canceled pursuant to a resolution by an Extraordinary General Meeting.
  • The Board of Directors proposes an ordinary dividend of SEK 6.75 per share (6.25).

Publication

This information is such that AB Industrivärden is required to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the Head of Corporate Communication and Sustainability (Sverker Sivall, phone: , email: , at 3:30 p.m. CET on February 10, 2022.

Attachment



EN
10/02/2022

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INDU CIndustrivarden AB Class C

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Reports on Industrivarden AB Class C

Linus Sigurdson
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From the past week, we highlight: 1) we lowered our target price for Latour to SEK300 (340) following a Q1 report with a slight NAV decline but strong organic order intake growth; 2) Investor bought 6.3m Ericsson shares, and we highlight its successful top-ups in the name; 3) insider purchases at Investor are in our view a signal to look beyond a relatively small discount to NAV; and 4) Flat Capital reported Q1 NAV down 1% QOQ.

LUND B L E LUNDBERGFORETAGEN AB CLASS B
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KINV B KINNEVIK INVESTMENTS AB
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  • Linus Sigurdson
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LUND B L E Lundbergfor...
INDU C Industrivarden ... ... (+6)

The weekly navigator

From the past week, we highlight: 1) we lowered our target price in Investor to SEK320 following a 9% write-down of Patricia Industries in its Q1 report; 2) we reduced our target price in Kinnevik to SEK100 to reflect macroeconomic headwinds, but remain positive ahead of Cristina Stenbeck’s return as chair; 3) we cut our VEF target price to SEK2.5 on FX movements and see re-rating potential from e.g. ongoing buybacks; and 4) we lowered our target price in Flerie to SEK57 given worsening funding ...

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KINV B KINNEVIK INVESTMENTS AB
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  • Linus Sigurdson
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INDU C Industrivarden ... ... (+6)

The weekly navigator

From the past week, we highlight: 1) we are encouraged by the return of Cristina Stenbeck as chair of Kinnevik, and believe it could result in a lower discount to NAV; 2) VEF completed a milestone partial exit of Juspay at a 37% IRR, putting it on track to pay down debt and repurchase shares at a 50% discount to NAV in the near term; and 3) for Industrivärden, we recently reiterated our HOLD and lowered our target price to SEK345 (400), as we see risk to the earnings outlook of its portfolio com...

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Industrivärden (Hold, TP: SEK345.00) - Caught in a market headwind

We remain on the sidelines following Industrivärden’s Q1 report, reiterating our HOLD but with a lowered SEK345 (400) target price. While this reflects forward NAV growth of 26%, we have raised our target discount to NAV to 20% to account for the current macro situation (potential near-term volatility in its portfolio companies’ earnings outlook). We see clearer near-term value in its main owner Lundbergs given its defensive portfolio characteristics, a lower portfolio-weighted US exposure and a...

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