reports
Latour Investment AB: 1 director
A director at Latour Investment AB maiden bought 7,500 shares at 266.860SEK and the significance rating of the trade was 67/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two...
- 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
Latour (Hold, TP: SEK285.00) - Awaiting a demand recovery
Q1 saw the book-to-bill return to positive territory, but we remain on the sidelines, because the 36% premium to reported NAV limits the near-term upside potential as demand remains volatile in 2024e. We reiterate our HOLD, but have raised our target price to SEK285 (280), based on: 1) 11% NAV growth from its listed portfolio; 2) an EV/EBIT of 23x for its Industrial Operations; and 3) a 10% target premium to our 12-month forward NAV.
- 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
Investor (Buy, TP: SEK290.00) - Seamless succession
Patricia Industries showcased strong performance in Johan Forssell’s final quarter as CEO. He leaves his successor with a well-oiled machine, an impressive track record and strong financial flexibility for value-adding M&A activity. We expect continued NAV outperformance under the helm of Christian Cederholm and find the 13% discount to our NAV excessive. We reiterate our BUY and have raised our target price to SEK290 (260).
- Linus Sigurdson
Kinnevik (Buy, TP: SEK135.00) - Focus on core holdings
We still like the growth-exposure story going into 2024, with a portfolio increasingly concentrated towards its top-performing holdings. We believe the proposed SEK23/share capital distribution should provide some near-term support to the shares, but find the lack of a buyback mandate puzzling given the implicit 60% discount to its unlisted NAV. We have lowered our target price to SEK135 (140) but reiterate BUY, as we see a further decreasing writedown need given the number of recent VC transact...
- 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.
- Research Team
Investor AB - Impressive Q1 but limited upside going forward
• Q1 NAV at SEK 299 p/s, up 27% YoY and 4% above our estimate. Its listed portfolio was +12% thanks to names like SAAB and ABB. Private assets had a good start of the year with sales up 7% and a total return of 18%• We estimate today's NAV to be SEK 294 p/s, implying a discount of 11.1% vs. today's share price• Q1 was a good start of the year for Investor AB but, like we argued in our last report, we find that the share price performed ‘too good, too fast'. The average upside in t...
- Linus Sigurdson
VEF (Buy, TP: SEK3.50) - Positive momentum continues
VEF wrote up its portfolio by 1% QOQ in Q1 (in USD terms). We believe the underlying portfolio performance remains healthy, and the USD10m up round in TransferGo strengthens our conviction in VEF’s NAV valuations as VC dealmaking continues to pick up after a lacklustre 2023. In light of these developments, we find the 56% discount to NAV excessive and expect a positive re-rating as VEF looks to make an exit this year. We reiterate our BUY and have raised our target price to SEK3.5 (3.4).
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...
- Joren Van Aken
- 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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