Investor AB: 1 director

A director at Investor AB bought 7,000 shares at 290.650SEK 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 years clearly s...

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.

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.

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.

L E Lundbergforetagen AB: 1 director

A director at L E Lundbergforetagen AB maiden bought 3,000 shares at 525.500SEK and the significance rating of the trade was 76/100. 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...

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.

The weekly navigator

From the past week, we highlight: 1) Kinnevik seeks a buyback mandate and proposes two new board members ahead of its EGM; 2) we met VEF’s and Creditas’ CEOs in Stockholm; and 3) Flerie is set to present at our Healthcare Conference in Oslo next week.

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.

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.

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.

The weekly navigator

From the past week, we highlight: 1) our deep dive into Kinnevik’s ‘core growth companies’; 2) our lowered target price of SEK105 for Kinnevik, following the Q3 results; 3) our raised target price of SEK330 for Investor; 4) our lowered target price of SEK375 for Industrivärden; and 5) our reduced target price of SEK68 for Flerie.

Rich valuation, slow NAV growth

The weekly navigator

From the past week, we highlight: 1) VEF’s portfolio looks to be in a good place ahead of its Q3 report (due at 08:00 CET on 23 October), but is still trading at a 43% discount to NAV; 2) starting in this issue, we include Byggmästaren in our sector overview; and 3) Kinnevik, Investor, Industrivärden and Flerie are set to report Q3 results next week.

The weekly navigator

From the past week, we highlight: 1) we expect low-single digit NAV growth QOQ in Kinnevik’s Q3 report; 2) we hosted an investor lunch with Flerie, where we see upside potential from NAV growth and a discount contraction; and 3) we published a sector update, highlighting our impressions from meeting with 13 investment company CEOs over the past few weeks.

Pick your contender

Following our ‘investment company weeks’ at DNB Markets in Stockholm, we give a brief update on our view of the sector and summarise our impressions from lunch presentations with 13 investment company CEOs. From a broader perspective, we note the increased investor interest in the sector, as well as the structurally lower discounts to NAV, albeit not in the VC-oriented companies. We continue to have Investor as our sector top pick, with additional BUYs on Latour, Kinnevik, VEF and Flerie.

The weekly navigator

From the past week, we highlight: 1) we hosted investor lunches with the CEOs of Svolder and Byggmästaren at our Stockholm office; 2) we met with Investor, which is continuing to execute on its M&A agenda; 3) we met with VEF, which is seeing positive momentum for fintech VCs in its core markets of Brazil and India.

The weekly navigator

This week, we hosted investor lunches with the CEOs of VNV Global, Latour, Flat Capital, Linc and Aeternum Capital at our Stockholm office.

The weekly navigator

From the past week, we highlight our investor lunches with the CEOs of Spiltan, Industrivärden, Creades, Bure and Öresund at our Stockholm offices.

The weekly navigator

From the past week, we highlight: 1) we upgraded Latour to BUY (HOLD) and raised our target price to SEK332 (285), as we see enough positives to look beyond the steep premium to NAV; 2) we upgraded Lundbergs to HOLD (SELL) and raised our target price to SEK555 (510), as we believe the negative triggers have long since played out and have a more positive view on its real estate exposure; and 3) Investor announced a new CFO. Also, tomorrow marks the start of our ‘investment company weeks’ at DNB M...

Lundbergs (Hold, TP: SEK555.00) - Negatives seem to have played out

Q2 saw Lundbergs’ NAV growth slightly underperform the SIXRX, and we continue to expect limited NAV growth over the coming 12 months. That said, we see little in terms of negative triggers, and believe its real estate exposure (c30% of GAV) could prove more benign in the falling interest rate environment. We have upgraded to HOLD (SELL) and raised our target price to SEK555 (510), reflecting a neutral portfolio view and a 10% target discount.