INDU C Industrivarden AB Class C

Bokslutsrapport 2020; 1 januari – 31 december 2020

Bokslutsrapport 2020; 1 januari – 31 december 2020

  • Substansvärdet den 31 december 2020 var 121,2 mdkr, eller 279 kr per aktie, en ökning under året med 20 kr per aktie. Inklusive återinvesterad utdelning ökade substansvärdet med 8 %. Den 8 februari 2021 uppgick substansvärdet till 297 kr per aktie.
  • Totalavkastningen uppgick under 2020 till 18 % för A- och C-aktien, jämfört med 15 % för Stockholmsbörsens totalavkastningsindex (SIXRX).
  • Resultat per aktie uppgick under 2020 till 19,39 kr.
  • Under 2020 förvärvades aktier för 2,1 mdkr i Volvo A, 0,9 mdkr i Essity B, 0,6 mdkr i Handelsbanken A, 0,4 mdkr i SCA B och 0,3 mdkr i Sandvik. Vidare avyttrades aktier för 0,2 mdkr i Essity A.
  • Skuldsättningsgraden den 31 december 2020 var 6 %.
  • Med anledning av den rådande osäkerheten till följd av Covid-19-pandemin, beslutade årsstämman 2020 att inte lämna någon utdelning för 2019, i enlighet med styrelsens förslag.
  • Styrelsen föreslår en ordinarie utdelning om 6,25 (0,00) kr per aktie samt en extra utdelning om 2,00 kr per aktie.

Denna information är sådan som AB Industrivärden är skyldigt att offentliggöra enligt EU:s marknadsmissbruksförordning och lagen om värdepappersmarknaden. Informationen lämnades, genom kommunikations- och hållbarhetschefens försorg, för offentliggörande den 9 februari 2021, kl. 13:20 CET. Sverker Sivall, kommunikations- och hållbarhetschef, Telefon: 08-666 64 19, E-post:

Bilaga



EN
09/02/2021

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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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