INDU C Industrivarden AB Class C

Interim Report 3M:2020, January 1–March 31, 2020

Interim Report 3M:2020, January 1–March 31, 2020

  • Net asset value on March 31, 2020, was SEK 94.1 billion, or SEK 216 per share, a decrease during the first quarter of SEK 43 per share. Including reinvested dividend, net asset value decreased by 17%.
  • The total return for the first three months of 2020 was -17% for the Class A shares and -14% for the Class C shares, compared with -18% for the Stockholm Stock Exchange’s total return index (SIXRX).
  • Earnings per share for the period were SEK -42.59.
  • During the first quarter of 2020, shares were purchased in SCA B for SEK 0.4 billion and in Sandvik for SEK 0.3 billion.
  • The debt-equities ratio as per March 31, 2020, was 5%, an increase since year-end of 2 percentage points.
  • Due to the prevailing uncertainty caused by the COVID-19-pandemic, the Board of Directors has decided to withdraw its dividend proposal to the Annual General Meeting 2020.

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 the Head of Corporate Communication and Sustainability stated below, at 11:00 a.m. CEST on April 7, 2020. Sverker Sivall, Head of Corporate Communications and Sustainability Phone: Email:

Attachment

EN
07/04/2020

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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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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
Free Trial
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
LATO B LATOUR AB INVESTMENT CLASS B
VEFAB VEF
KINV B KINNEVIK INVESTMENTS AB
INVE B INVESTOR AB
04/24/25 April 24, 2025 1 EN
Linus Sigurdson
  • Linus Sigurdson
Free Trial
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
KINV B KINNEVIK INVESTMENTS AB
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...

INDU C INDUSTRIVARDEN AB CLASS C
04/08/25 April 8, 2025 1 EN
Linus Sigurdson
  • Linus Sigurdson
Free Trial
LUND B L E Lundbergfor...
INDU C Industrivarden ... ... (+6)

The weekly navigator

From the past week, we highlight: 1) we expect FX and multiples headwinds to weigh heavily on Kinnevik’s Q1 report; 2) VEF’s NAV looks set to grow by low single digits QOQ in USD terms; and 3) Industrivärden is due to report Q1 results next week, ahead of which we highlight a more attractive near-term investment story in its main owner Lundbergs.

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
04/03/25 April 3, 2025 1 EN

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