INDU C Industrivarden AB Class C

Interim Report, January 1 – September 30, 2022

Interim Report, January 1 – September 30, 2022

  • Net asset value on September 30, 2022, was SEK 107.5 billion, or SEK 249 per share, a decrease during the year’s first nine months of SEK 83 per share. Including reinvested dividend, net asset value decreased by 23%.
  • The total return for the first nine months of 2022 was -20% for the Class A shares and -19% for the Class C shares, compared with -31% for the Stockholm Stock Exchange’s total return index (SIXRX).
  • During August 2022, Alleima became a new portfolio holding due to Sandvik's distribution of the company to the shareholders.
  • During the first nine months of the year, shares were purchased for a total of SEK 2.9 billion, of which in Volvo for SEK 1.0 billion, in Alleima for SEK 0.7 billion, in Sandvik for SEK 0.5 billion, in Handelsbanken for SEK 0.4 billion, in Essity for SEK 0.2 billion and in Skanska for SEK 0.2 billion.

This information is such that AB Industrivärden is required to make public pursuant to the EU Market Abuse Regulation and the Swedish Securities Market Act. The information was submitted for publication, through the agency of Sverker Sivall, Head of Corporate Communications and Sustainability ( , ), at 10 a.m. CEST on October 6, 2022.

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EN
06/10/2022

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INDU CIndustrivarden AB Class C

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Reports on Industrivarden AB Class C

Linus Sigurdson
  • Linus Sigurdson
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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.

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Linus Sigurdson
  • 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 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
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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 ...

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

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