L.E. Lundbergfoeretagen AB B

L E Lundbergforetagen AB is an investment company that manages and develops a number of companies. The asset portfolio includes the wholly owned real estate company, Fastighets AB L E Lundberg, the publicly traded subsidiaries, Hufvudstaden and Holmen and the associated companies, Indutrade and Husqvarna. Co. also has major shareholdings in Industrivarden, Handelsbanken, Sandvik and Skanska. Co.'s subsidiary, L E Lundberg Kapitalforvaltning, is engages in securities trading. Operations consist of real estate operations, the manufacture and sale of printing paper, paperboard and sawn timber products, forest and power operations, and equity management (including securities trading).
  • TickerLUND B
  • ISINSE0000108847
  • ExchangeNasdaq Nordic Stockholm
  • SectorReal Estate Investment & Services
  • CountrySweden

Analysts

L E Lundbergforetagen Ab: 1 director bought

A director at L E Lundbergforetagen Ab bought 10,000 shares at 419.460SEK and the significance rating of the trade was 68/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The n...

Joachim Gunell

The weekly navigator

Key takeaways from last week: 1) we keep our SELL recommendation on Lundbergs, as we forecast muted NAV growth for 2020; 2) Bure proposed a 2019 DPS of SEK2.5 (25% YOY growth); and 3) Latour and Vostok New Ventures flexed their financial muscle by boosting their MTN programme and bond loans, respectively.

Joachim Gunell

Lundbergs (Sell, TP: SEK415.00) - Winner on real estate windfall

Lundbergs has achieved an impressive 20-year NAV CAGR of 11%, and while we are 30% above its valuation of its unlisted real estate portfolio, we still only forecast -1% NAV growth in 2020 (previously -7%). Based on muted NAV growth prospects while trading at a reported premium to NAV of 5%, we believe it makes sense to take profits following the recent rally. We reiterate our SELL but have raised our target price to SEK415 (360) to reflect our updated portfolio view.

Håkon Astrup ...
  • Joachim Gunell
  • Karl-Johan Bonnevier
  • Ole-Andreas Krohn
  • Patrik Ling
  • Rune Majlund Dahl

Northern Lights

Joachim Gunell

The weekly navigator

Key takeaways from last week include: 1) despite an impressive performance in Q4, we still find Latour’s 20% premium to reported NAV lofty; 2) Vostok New Ventures (VNV) reported impressive 13% NAV growth in Q4; and 3) Kinnevik committed to invest SEK150m in MatHem.

Joachim Gunell

The weekly navigator

Key takeaways from last week: 1) we keep our SELL recommendation on Lundbergs, as we forecast muted NAV growth for 2020; 2) Bure proposed a 2019 DPS of SEK2.5 (25% YOY growth); and 3) Latour and Vostok New Ventures flexed their financial muscle by boosting their MTN programme and bond loans, respectively.

Joachim Gunell

Lundbergs (Sell, TP: SEK415.00) - Winner on real estate windfall

Lundbergs has achieved an impressive 20-year NAV CAGR of 11%, and while we are 30% above its valuation of its unlisted real estate portfolio, we still only forecast -1% NAV growth in 2020 (previously -7%). Based on muted NAV growth prospects while trading at a reported premium to NAV of 5%, we believe it makes sense to take profits following the recent rally. We reiterate our SELL but have raised our target price to SEK415 (360) to reflect our updated portfolio view.

Joachim Gunell

The weekly navigator

Key takeaways from last week include: 1) despite an impressive performance in Q4, we still find Latour’s 20% premium to reported NAV lofty; 2) Vostok New Ventures (VNV) reported impressive 13% NAV growth in Q4; and 3) Kinnevik committed to invest SEK150m in MatHem.

Joachim Gunell

The weekly navigator

Key takeaways from last week: 1) we have upgraded Kinnevik to BUY (HOLD) as we have gained increased confidence on its ability to crystallise values from its growth portfolio; 2) we stay on the side-line in Industrivärden following an uneventful Q4 report; and 3) Ratos are taking steps in the right direction, but the turnaround in Plantasjen could take a while longer.

Joachim Gunell

The weekly navigator

Key takeaways from last week: 1) Latour continues to execute on its systematic M&A agenda; 2) Kinnevik’s main shareholder Cristina Stenbeck comments on her private investment portfolio to Dagens industri; and 3) Lundbergs’ 8% premium to NAV screens as rich, but it would trade in line with NAV if applying P/NAV peer multiples to its unlisted real estate operations.

L E Lundbergforetagen Ab: 1 director bought

A director at L E Lundbergforetagen Ab bought 10,000 shares at 419.460SEK and the significance rating of the trade was 68/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The n...

Håkon Astrup ...
  • Joachim Gunell
  • Karl-Johan Bonnevier
  • Ole-Andreas Krohn
  • Patrik Ling
  • Rune Majlund Dahl

Northern Lights

Alexander Aukner ...
  • Eivind Sars Veddeng
  • Joachim Gunell
  • Nicolay Dyvik
  • Ole-Andreas Krohn
  • Patrik Ling

Northern Lights

Alexander Aukner ...
  • Joachim Gunell
  • Jon Masdal
  • Marius Knudssøn
  • Martin Huseby Karlsen
  • Mattias Holmberg
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Viktor Trollsten

Northern Lights

Joachim Gunell ...
  • Jørgen Lian
  • Nicolay Dyvik
  • Ole Martin Westgaard
  • Ole-Andreas Krohn

Northern Lights

Alexander Aukner ...
  • Christoffer Wang Bjørnsen
  • Joachim Gunell
  • Jon Masdal
  • Marius Knudssøn
  • Martin Huseby Karlsen
  • Mattias Holmberg
  • Ole-Andreas Krohn
  • Paul Harper

Northern Lights

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Expert Corporate Governance Service (ECGS)

Lundbergföretagen April 03th, 2019

In general, Lundbergforetagen is in compliance with the Swedish regulations relating to the organisation and procedures of the Annual General Meeting. Under ITEM 12, approval is sought for the re-election of the board of directors. Although there is just sufficient independent representation on the board, ECGS notes that the number of executives (3) sitting on the board is NOT in accordance with provision 4.3 of the Swedish Corporate Governance Code. Aforementioned provision stipulates that no more than one (1) member of the board may be a member of the executive management. Based on the abov...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

After failing to break above resistance, global equities (MSCI ACWI) have had a rough start to the third quarter. Tuesday's 10-year low reading for September's US ISM manufacturing index further spooked investors and reignited global growth concerns. Continued weakness in global manufacturing and the US-EU tariff escalation raises the potential for a breakdown in global equities, however our outlook remains neutral as long as the MSCI ACWI remains confined to its horizontal range. • Prevailing trends continue for major indexes. Trends that began in March/April remain intact. That is, the MSCI...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

More cracks begin to show Weaker than expected data out of China and an as-expected 0.1% preliminary GDP contraction for the 2nd quarter in Germany has global equities back on the defensive, with the MSCI ACWI, ACWI ex-US, and EAFE back near logical support. In last week's Int'l Compass we noted that some cracks are beginning to show in the form of STOXX 600 Banks and Brent crude breakdowns, which led us to believe global equities are vulnerable to a breakdown. Below we highlight more cracks that are showing, which only increases the likelihood that equities may be poised to break down. • Mo...

Dave Nicoski ...
  • Ross LaDuke

Int'l Insights: Bullish Developed Markets Stocks

Favor EAFE over EM The U.S. dollar remains elevated and as long as this remains the case we believe developed international equities (EAFE) will continue to outperform relative to emerging markets (MSCI EM)... see charts below. Below we highlight attractive and actionable themes within developed international: • Australia. Australia's All Ordinaries index exhibits bullish price and RS trends, a rarity when it comes to global markets considering most country-specific indexes display neutral or negative price trends. We highlight several Australian names, and would use recent broad market weak...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

EU and UK Financials remain actionable Our outlook on global equities (both the MSCI ACWI and ACWI ex-US) remains positive and we continue to expect higher equity prices going forward. Below we highlight several new developments which give us additional confidence in our outlook, including but not limited to continued price and RS improvements for UK/European Financials. • Actionable Sector: Financials. Today's stock recommendations go beyond UK and European Financials, however these regions are the primary focus due to a plethora of attractive setups. In today's report we reiterate our 3/21...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

MSCI EAFE inflecting, aided by strength in Japan Developed international (MSCI EAFE, local currency) is displaying a change in trend, bullishly inflecting topside its downtrend and putting an end to the YTD pattern of lower highs. Despite this incrementally positive development, our outlook remains neutral for MSCI EAFE as there are still many additional resistance areas the index needs to overcome before we would turn outright bullish... see chart below. • Japan: Not too late to add exposure. Improvements in Japan are leading broad developed int'l indexes higher. Last week we highlighted bu...

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