reports
- Linus Sigurdson
The weekly navigator
From the past week, we highlight: 1) with Q1 coming to a close, we highlight valuation trends YTD for Investor, Kinnevik and Latour; 2) Klarna’s prospective IPO would have both direct and indirect effects on Swedish investment companies; and 3) Flerie is set to take Toleranzia private in an all-shares deal.
- Linus Sigurdson
The weekly navigator
From the past week, we highlight: 1) Investor-owned Advanced Instruments agreed to acquire Nova Biomedical for USD2.2bn, creating Investor’s second-largest unlisted holding; 2) Svolder reported Q2 2024/25 NAV up 10% QOQ, outperforming the CSRX at 5%; 3) we see 24% NTM NAV growth potential in Bure’s portfolio; and 4) VNV further postponed its proposed USD83m sale of Gett.
- Linus Sigurdson
The weekly navigator
From the past week, we highlight: 1) the Wallenberg sphere announced new roles for members of the sixth generation, including on the board of Investor; 2) following serial acquirer Röko’s IPO this week, we highlight the attractive valuation of Latour’s unlisted assets; and 3) as the dividend season approaches, we note the seasonal contraction of NAV discounts.
- Linus Sigurdson
The weekly navigator
From the past week, we highlight: 1) we met with Investor, and note its rising SAAB exposure in light of increasing European defence spending; 2) Tiger Global led a USD75m funding round in Kinnevik-owned Mews at an undisclosed valuation; 3) VEF’s largest asset, Creditas, reported a solid Q4; and 4) Creades and Flat Capital made new investments.
- Linus Sigurdson
The weekly navigator
From the past week, we highlight: 1) we see Q1 tailwinds for VEF after the sharp decline in its NAV in Q4; 2) Kinnevik peer multiples have seen healthy progress YTD, we believe setting the stage for further NAV growth in 2025; 3) Byggmästaren reported its Q4 NAV; and 4) following the Q4 reporting season, we note Svolder’s sector-leading 10-year DPS CAGR of ~20%, underpinned by a 10-year NAV CAGR of 18%.
- Linus Sigurdson
The weekly navigator
From the past week, we highlight: 1) Investor held a sell-side meeting with its new CFO Jenny Ashman Haquinius; 2) Latour made an acquisition and expanded its loan framework; 3) we reiterated our HOLD on Lundbergs following its Q4 report; 4) Bure reported Q4 NAV down 5% QOQ; and 5) Flat Capital reported Q4 NAV and sold its stake in Truecaller at an IRR of 47%.
- Linus Sigurdson
The weekly navigator
From the past week, we highlight: 1) Latour’s Q4 report supported our view of a good earnings growth in 2025e, with scope left for additional M&A; 2) we remain on the sidelines for Industrivärden following its Q4 report; 3) Lundbergs is due to report Q4 results next week; and 4) Bure is also scheduled to release its report Q4 next week, following a strong 2024.
- Linus Sigurdson
The weekly navigator
From the past week, we highlight: 1) we raised our target price on Kinnevik to SEK110 (105) following QOQ NAV growth in Q4; 2) our bullish view on Latour’s 2025e earnings growth potential ahead of its Q4 report, due on 11 February; and 3) insider purchases at Investor, in our view a signal to look beyond the relatively small discount to NAV.
- Linus Sigurdson
The weekly navigator
Highlights from the past week were: 1) Kinnevik-owned TravelPerk raised USD200m in an externally led funding round c40% above Kinnevik’s Q3 valuation; 2) we lowered our target price for VEF to SEK2.9 following its Q4 report; while 3) we maintained our SEK68 target price for Flerie, and note recent insider purchases; and 4) VNV reported its Q4 NAV was up 1% QOQ as Voi reached adj. EBIT breakeven.
- Linus Sigurdson
VEF (Buy, TP: SEK2.90) - Adverse valuation headwinds
Q4 saw a major NAV decline QOQ, as key asset Creditas faced FX and peer multiples headwinds, resulting in a 44% lower mark QOQ. That said, our impression is underlying operations continue to progress ell, and we are encouraged by VEF starting to execute on exits. We have lowered our target price to SEK2.9 (3.6), following the Q4 valuation reset, but reiterate our BUY as we still see scope for NAV growth and a discount re-rating from continued exits, deleveraging and potential buybacks.
- Linus Sigurdson
The weekly navigator
From the past week, we highlight: 1) we increased our target price for Investor to SEK345 following its Q4 report; 2) VEF reported Q4 NAV down 26% QOQ; 3) Flerie reported NAV down 1.5% QOQ; 4) we hosted an investor lunch with VNV Global; 5) Latour announced its new CFO; and 6) Creades raised its valuation of Klarna.
- Linus Sigurdson
The weekly navigator
From the past week, we highlight: 1) we expect a fairly neutral Q4 report from Kinnevik; 2) VEF’s largest asset Creditas is set for valuation headwinds in its Q4 report; 3) we met with Flat Capital, which announced a new investment this week; and 4) we will host an investor lunch with VNV CEO Per Brilioth at our Stockholm office on 17 January, followed by an investor lunch with Flerie CEO Ted Fjällman on 22 January.
- Linus Sigurdson
The weekly navigator
From the past week, we highlight: 1) Svolder is trading at a discount, and we note insider purchases; 2) Latour looks in a good place to be an outperformer in 2025e; and 3) we still find the market’s view of Kinnevik too gloomy. The weekly navigator will take a break over the holidays, with the next edition due in mid-January.
- Linus Sigurdson
The weekly navigator
From the past week, we highlight: 1) starting in this issue, we include Flat Capital in our sector overview, noting a high premium to NAV even adjusted for secondary-market transaction prices in its unlisted portfolio; 2) Kinnevik has a buyback mandate in place following its EGM; and 3) Latour’s Bemsiq has acquired a Canadian manufacturer of gas detection products.
- Linus Sigurdson
The weekly navigator
From the past week, we highlight: 1) we lowered our target price on Lundbergs to SEK540 and reiterated our HOLD given our neutral view on the bulk of its listed portfolio; 2) VNV Global postponed its proposed sale of Gett from H2 2024 to Q1 2025; and 3) Creades raised its valuation of Apotea ahead of the 6 December listing, and we note the still-high IRR in its unlisted portfolio.
- Linus Sigurdson
The weekly navigator
From the past week, we highlight: 1) Kinnevik led a USD130m funding round in Enveda; 2) Latour continues delivering on its M&A agenda; 3) Lundbergs reported Q3 NAV was up 7% QOQ, as the Lundberg sphere tightens its grip on Industrivärden; and 4) we met VEF, following its portfolio company BlackBuck’s recent IPO.
- Linus Sigurdson
- Linus Sigurdson
The weekly navigator
From the past week, we highlight: 1) Bure reported Q3 results, outperforming the SIXRX by more than 5%-points; 2) VEF’s largest holding, Creditas, reported Q3 numbers, with origination improving 17% QOQ ahead of a profitable growth reacceleration and potential listing; 3) Apotea (10% of Creades’ unlisted assets) announced its intention to go public before year-end; and 4) Kinnevik’s chair is set to step down in 2025.
- Linus Sigurdson
The weekly navigator
From the past week, we highlight: 1) Latour reported c9% NAV growth QOQ in Q3, outperforming the SIXRX, while the premium to our NAV is now only 2%; 2) Aker raised its dividend payout policy to 4–6% of NAV, giving it the sector’s highest dividend yield; and 3) Bure is due to report its Q3 results tomorrow, 8 November.
- Linus Sigurdson
The weekly navigator
From the past week, we highlight: 1) VNV Global wrote down its unlisted portfolio by 3% QOQ in its Q3 report, as its Gett sale remains under regulatory review; 2) starting in this issue, we include Spiltan Invest in our sector overview (SEK9.2bn NAV with the key asset being Paradox Interactive); and 3) Latour is set to report Q3 results next week.
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