INDU C Industrivarden AB Class C

Interim Report, January 1 – September 30, 2023

Interim Report, January 1 – September 30, 2023

  • Net asset value on September 30, 2023, was SEK 134.7 billion, or SEK 312 per share. During the first nine months, net asset value increased by 6%, corresponding to SEK 19 per share.

  • The total return for the period was 17% for the Class A shares, as well as for the Class C shares, compared with 5% for the Stockholm Stock Exchange’s total return index (SIXRX).

  • During the first nine months of 2023, shares were purchased for a total of SEK 2.0 billion, of which SEK 0.8 billion in Sandvik, SEK 0.6 billion in Volvo, SEK 0.4 billion in Handelsbanken and SEK 0.2 billion in SCA.



 202320222022
 Sept 30Sept 30Dec 31
Net asset value, SEK M134 663107 466126 477
Net asset value per share, SEK312249293
Share price Industrivärden C, SEK288.60223.30253.00
Debt-equities ratio5%6%5%
    
 202320222022
SEK MJan – SeptJan – SeptJan – Dec
Earnings per share, SEK26.10-76.17-32.34
Dividend income6 4185 4795 479
Dividend paid3 1312 9152 915
Equities portfolio:   
Purchases2 0492 9153 184
Sales



This information is such that AB Industrivärden is required to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of Sverker Sivall, Head of Corporate Communications and Sustainability (phone: , e-mail: ), at 11:00 a.m. CEST on October 6, 2023.

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EN
06/10/2023

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Reports on Industrivarden AB Class C

Linus Sigurdson
  • Linus Sigurdson

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.

Linus Sigurdson
  • Linus Sigurdson

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.

Linus Sigurdson
  • Linus Sigurdson

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 ...

Linus Sigurdson
  • Linus Sigurdson

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...

Linus Sigurdson
  • Linus Sigurdson

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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