reports
- Linus Sigurdson
The weekly navigator
From the past week, we highlight: 1) Investor hosted a sell-side lunch with its new CEO, Christian Cederholm; 2) Patricia Industries’ strong performance over the past decade and its role in Investor’s investment case; and 3) Svolder’s Q3 2023/24 results showed that Swedish small-caps have started to return to form.
- Linus Sigurdson
New number of votes and shares outstanding
New number of votes and shares outstanding Where the company increases or reduces the total number of shares or votes in the company, the company shall by law publish information regarding the change. At the 2011 Annual General Meeting, a share conversion clause was added to Industrivärden’s articles of association. Shareholders have the right at any time to request conversion of Class A shares to Class C shares. During the month of May 2024, 1,000,000 Class A shares were converted to 1,000,000 Class C shares. Following the share conversion, the number of votes in the company is...
- Linus Sigurdson
The weekly navigator
From this week, we highlight: 1) Lundbergs reported Q1 results, and we expect neutral NAV revisions; 2) however, its exclusion from the OMXS Benchmark Index could drive a discount-to-NAV expansion, and we reiterated our SELL; and 3) Investor’s CFO Helena Saxon increased her shareholding in the company. The weekly navigator will be off next week and return the following week.
- Linus Sigurdson
The weekly navigator
From this week, we highlight: 1) Creaspac released its Q1 results, and has just a month left to find an acquisition target; 2) Investor bought 25m Ericsson B-shares, marking one of just a handful of purchases in its listed portfolio in recent years; and 3) Lundbergs is set to report Q1 results next week, as the Lundberg sphere continues to tighten its grip on Industrivärden.
- Linus Sigurdson
- Linus Sigurdson
- Linus Sigurdson
The weekly navigator
From the past week, we highlight: 1) we raised our target price on Latour to SEK285 (280), but reiterated our HOLD; 2) Kinnevik-owned Lunar raised SEK282m of new capital; and 3) we will host an investor lunch with Latour’s CEO Johan Hjertonsson at our Stockholm office next week.
Net asset value on April 30, 2024
Net asset value on April 30, 2024 On April 30, 2024, net asset value was SEK 369 per share. The closing price on April 30, 2024, was SEK 357.20 for the Class A shares and SEK 356.90 for the Class C shares. Stockholm, May 2, 2024 AB INDUSTRIVÄRDEN (publ) For further information, please contact: Sverker Sivall, Head of Corporate Communication and Sustainability, tel. The information was submitted for publication at 10:00 a.m. CEST on May 2, 2024. Attachment
New number of votes and shares outstanding
New number of votes and shares outstanding Where the company increases or reduces the total number of shares or votes in the company, the company shall by law publish information regarding the change. At the 2011 Annual General Meeting, a share conversion clause was added to Industrivärden’s articles of association. Shareholders have the right at any time to request conversion of Class A shares to Class C shares. During the month of April 2024, 3,104,052 Class A shares were converted to 3,104,052 Class C shares. Following the share conversion, the number of votes in the company ...
Nytt antal röster och utestående aktier
Nytt antal röster och utestående aktier Bolaget har en skyldighet enligt lag att offentliggöra uppgifter om en förändring i totala antalet aktier eller röster i bolaget. Vid årsstämman 2011 infördes ett omvandlingsförbehåll i Industrivärdens bolagsordning. Aktieägare har rätt att när som helst begära omvandling av A-aktier till C-aktier. Under april månad 2024 har omvandlingar skett av 3 104 052 A-aktier till 3 104 052 C-aktier. Efter omvandlingen uppgår antalet röster i bolaget till 263 396 693,5. Det totala antalet registrerade aktier i bolaget uppgår till 431 899 108, varav 24...
- Linus Sigurdson
The weekly navigator
The key takeaways from this week are: 1) we raised our target price on Investor to SEK290 (260) as we see continued outperformance characteristics; 2) we cut our target price on Kinnevik to SEK135 (140) but reiterated our BUY, as we see continuously declining writedown risk in a more concentrated growth portfolio; and 3) VNV Global reported an unchanged Q1 NAV QOQ in USD terms.
- Linus Sigurdson
The weekly navigator
The key takeaways from the past week are: 1) we raised our target price on VEF to SEK3.5 (3.4) and reiterated our BUY; 2) Kinnevik lowered the value of its unlisted portfolio by 5% QOQ in Q1 and proposed a SEK23/share cash distribution; and 3) Patricia Industries reported a strong Q1 in Johan Forssell’s last quarterly report as Investor’s CEO.
Communiqué from Industrivärden’s 2024 Annual General Meeting
Communiqué from Industrivärden’s 2024 Annual General Meeting Industrivärden’s Annual General Meeting (AGM) was held on April 11, 2024, at which the following resolutions were made. The AGM adopted the income statement and balance sheet as well as the consolidated income statement and the consolidated balance sheet. Furthermore, the AGM voted in favor of the proposal to pay a dividend of SEK 7.75 per share. April 15, 2024 was decided as the record date for the right to receive dividends. The AGM granted the members of the Board of Directors and the CEO discharge from liabi...
Kommuniké från Industrivärdens årsstämma 2024
Kommuniké från Industrivärdens årsstämma 2024 Industrivärdens årsstämma hölls den 11 april 2024, varvid nedanstående beslut fattades. Stämman fastställde resultaträkningen och balansräkningen samt koncernresultaträkningen och koncernbalansräkningen. Vidare beslutade stämman att lämna en utdelning om 7,75 kronor per aktie. Avstämningsdag för rätt att erhålla utdelning fastställdes till den 15 april 2024. Stämman beviljade styrelseledamöterna och den verkställande direktören ansvarsfrihet för verksamhetsåret 2023. Stämman beslutade att utöka antalet styrelseledamöter t...
- Linus Sigurdson
The weekly navigator
Our key takeaways from the past week are: 1) we reiterated our HOLD on Industrivärden, but raised our target price to SEK380 (340); 2) VEF portfolio company TransferGo raised USD10m in an up round; and 3) we have higher conviction in Kinnevik’s NAV, following recent strength in VC fundraising.
- Linus Sigurdson
Industrivärden (Hold, TP: SEK380.00) - Stock-picking advised
Strong share price performances and dividends (from e.g. its Volvo holding) made Industrivärden a winner versus the SIXRX in Q1. We find the 6% discount to NAV unattractive, given its fully-replicable portfolio, and forecast 12-month forward NAV growth of 14%, due to our positive views on the Volvo, SHB and Essity holdings. We reiterate our HOLD, but have raised our target price to SEK380 (340), based on our updated NAV forecast. We believe investors are better off stock-picking among the indivi...
Delårsrapport, 1 januari – 31 mars 2024
Delårsrapport, 1 januari – 31 mars 2024 Substansvärdet den 31 mars 2024 var 166,8 mdkr, eller 386 kronor per aktie. Under det första kvartalet ökade substansvärdet med 11 procent, motsvarande 38 kronor per aktie. Totalavkastningen uppgick under perioden till 12 procent för såväl A-aktien som C-aktien, jämfört med 8 procent för Stockholmsbörsens totalavkastningsindex (SIXRX). Under första kvartalet förvärvades aktier för totalt 0,9 mdkr, varav 0,3 mdkr i Sandvik, 0,3 mdkr i Volvo och 0,3 mdkr i SCA. 2024 2023 2023 31 mars 31 mars 31 dec Substansvärde, mnkr 166 79...
Interim Report, January 1 – March 31, 2024
Interim Report, January 1 – March 31, 2024 Net asset value on March 31, 2024, was SEK 166.8 bn, or SEK 386 per share. During the first quarter, net asset value increased by 11%, corresponding to SEK 38 per share. The total return for the period was 12% for the Class A shares, as well as for the Class C shares, compared with 8% for the Stockholm Stock Exchange’s total return index (SIXRX). During the first quarter, shares were purchased for a total of SEK 0.9 bn, of which SEK 0.3 bn in Sandvik, SEK 0.3 bn in Volvo and SEK 0.3 bn in SCA. 2024 2023 2023 March 31 March 3...
- Linus Sigurdson
The weekly navigator
Our key takeaways from this week are: 1) Walgreens made a USD5.8bn impairment charge in its Q2 report related to its VillageMD holding; 2) Henrik Tjärnström joined the board of Creaspac; 3) we expect a neutral to slightly positive NAV trend in VEF’s Q1 report; and 4) Industrivärden is due to kick off the Q1 reporting season on 8 April.
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