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

Joachim Gunell

The weekly navigator

Key takeaways from last week include: 1) Creades traded down 12% on a Di article; 2) Aker’s recent investment in REC Silicon is up by ~300% in a month; and 3) Investor will kick off the Q4 earnings season next week with focus likely to be on proposed DPS, add-on acquisitions in Patricia Industries, and Mölnlycke’s organic growth.

Joachim Gunell

The weekly navigator

With limited newsflow last week, we highlight strong NAV growth opportunities for both Vostok Emerging Finance and Vostok New Ventures, while our sector top picks remain Investor and Aker.

Joachim Gunell

The weekly navigator

Key news flow in recent weeks: 1) Investor-owned medtech Laborie made a USD525m acquisition, adding ~2% to Patricia Industries 2020e sales; 2) Creades lowered its ownership in Swedish fintech Tink; and 3) we find some of the valuations in the sector demanding, especially Creades, which is trading at a 30% premium to NAV.

Joachim Gunell

The weekly navigator

Key takeaways from last week include: 1) Svolder reported solid fiscal Q1 2019/20 NAV growth of 12%; 2) Öresund continues to increase its ownership in its largest holding, Bilia; and 3) following strong runs throughout the investment company universe, the sector is trading at an all-time-low discount to NAV of 3-5%.

Joachim Gunell

The weekly navigator

Key takeaways from last week include: 1) Öresund bought 2.7m shares in SEB; 2) Kinnevik’s main shareholder, Cristina Stenbeck, bought 2.6m redemption shares to increase her stake in Millicom, implying that she sees good value; and 3) Vostok New Ventures shares continue to trade strongly, being the sector’s top performer, up 83% YTD.

Joachim Gunell

The weekly navigator

Key takeaways from last week include: 1) Creades traded down 12% on a Di article; 2) Aker’s recent investment in REC Silicon is up by ~300% in a month; and 3) Investor will kick off the Q4 earnings season next week with focus likely to be on proposed DPS, add-on acquisitions in Patricia Industries, and Mölnlycke’s organic growth.

Joachim Gunell

The weekly navigator

With limited newsflow last week, we highlight strong NAV growth opportunities for both Vostok Emerging Finance and Vostok New Ventures, while our sector top picks remain Investor and Aker.

Joachim Gunell

The weekly navigator

Key news flow in recent weeks: 1) Investor-owned medtech Laborie made a USD525m acquisition, adding ~2% to Patricia Industries 2020e sales; 2) Creades lowered its ownership in Swedish fintech Tink; and 3) we find some of the valuations in the sector demanding, especially Creades, which is trading at a 30% premium to NAV.

Joachim Gunell

The weekly navigator

Key takeaways from last week include: 1) Svolder reported solid fiscal Q1 2019/20 NAV growth of 12%; 2) Öresund continues to increase its ownership in its largest holding, Bilia; and 3) following strong runs throughout the investment company universe, the sector is trading at an all-time-low discount to NAV of 3-5%.

Joachim Gunell

The weekly navigator

Key takeaways from last week include: 1) Öresund bought 2.7m shares in SEB; 2) Kinnevik’s main shareholder, Cristina Stenbeck, bought 2.6m redemption shares to increase her stake in Millicom, implying that she sees good value; and 3) Vostok New Ventures shares continue to trade strongly, being the sector’s top performer, up 83% YTD.

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

Joachim Gunell ...
  • Ole-Andreas Krohn
  • Patrik Ling

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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