INDU C Industrivarden AB Class C

Interim Report January 1 – March 31, 2019

Interim Report January 1 – March 31, 2019

  • Net asset value on March 31, 2019, was SEK 100.5 billion, or SEK 231 per share, an increase during the first quarter 2019 of SEK 35 per share. Including reinvested dividend, net asset value increased by 18%.
  • The total return for the first quarter 2019 was 9% for the Class A shares, as well as for the Class C shares, compared with 13% for the Stockholm Stock Exchange’s total return index (SIXRX).
  • Earnings per share during the first quarter 2019 were SEK 35.11 per share.
  • During the first quarter 2019 shares were acquired in Sandvik for SEK 0.3 billion and in Skanska for SEK 0.3 billion.
  • During the first quarter of 2019 the exchangeable holders called for redemption of SEK 2.8 billion, whereby shares in ICA Gruppen were delivered.
  • The debt-equities ratio as per March 31, 2019, was 3%, a decrease since year-end of 4 percentage points.

Attachment

EN
09/04/2019

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INDU CIndustrivarden AB Class C

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Reports on Industrivarden AB Class C

Linus Sigurdson
  • Linus Sigurdson
Free Trial
LUND B L E Lundbergfor...
INDU C Industrivarden ... ... (+6)

The weekly navigator

From the past week, we highlight: 1) Investor bought shares in EQT for the first time since its 2019 IPO; 2) ahead of Kinnevik’s 12 May AGM, we highlight the return of Cristina Stenbeck as chair and the potential for share buybacks at a 40% discount to NAV; and 3) Lundbergs bought shares in its existing holdings for SEK512m.

LUND B L E LUNDBERGFORETAGEN AB CLASS B
INDU C INDUSTRIVARDEN AB CLASS C
LATO B LATOUR AB INVESTMENT CLASS B
VEFAB VEF
KINV B KINNEVIK INVESTMENTS AB
INVE B INVESTOR AB
05/08/25 May 8, 2025 1 EN
Linus Sigurdson
  • Linus Sigurdson
Free Trial
LUND B L E Lundbergfor...
INDU C Industrivarden ... ... (+6)

The weekly navigator

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
INDU C INDUSTRIVARDEN AB CLASS C
LATO B LATOUR AB INVESTMENT CLASS B
VEFAB VEF
KINV B KINNEVIK INVESTMENTS AB
INVE B INVESTOR AB
04/30/25 April 30, 2025 1 EN
Linus Sigurdson
  • Linus Sigurdson
Free Trial
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 ...

LUND B L E LUNDBERGFORETAGEN AB CLASS B
INDU C INDUSTRIVARDEN AB CLASS C
LATO B LATOUR AB INVESTMENT CLASS B
VEFAB VEF
KINV B KINNEVIK INVESTMENTS AB
INVE B INVESTOR AB
04/24/25 April 24, 2025 1 EN
Linus Sigurdson
  • Linus Sigurdson
Free Trial
LUND B L E Lundbergfor...
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...

LUND B L E LUNDBERGFORETAGEN AB CLASS B
INDU C INDUSTRIVARDEN AB CLASS C
LATO B LATOUR AB INVESTMENT CLASS B
VEFAB VEF
KINV B KINNEVIK INVESTMENTS AB
INVE B INVESTOR AB
04/10/25 April 10, 2025 1 EN
Linus Sigurdson
  • Linus Sigurdson
Free Trial
INDU C Industrivarden ...

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...

INDU C INDUSTRIVARDEN AB CLASS C
04/08/25 April 8, 2025 1 EN

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