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1. Company Snapshot

1.a. Company Description

AB Industrivärden is a publicly owned investment manager.The firm invests in the public equity markets of Nordic region.It employs fundamental analysis, with a focus on factors like long term return potential, proven business model, balance between risk and return, and attractive valuation to create its portfolio.


AB Industrivärden was founded in 1944 and is based in Stockholm, Sweden.

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1.b. Last Insights on INDU

AB Industrivärden's 6.0% performance over the past three months can be attributed to its strong quarterly results, driven by a 12% increase in net asset value and a 11% increase in net asset value per share. The company's share conversion clause and dividend payment of SEK 7.75 per share also contributed to the positive performance. Additionally, the company's strategic investments in Sandvik, Volvo, and SCA may have boosted investor confidence, leading to the stock's upward trend.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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New number of votes and shares outstanding

Apr -30

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Communiqué from Industrivärden’s 2024 Annual General Meeting

Apr -11

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Industrivarden AB's Dividend Analysis

Apr -11

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Interim Report, January 1 – March 31, 2024

Apr -08

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Notice of Annual General Meeting 2024

Mar -04

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Publication of Industrivärden’s 2023 Annual Report and Sustainability Report

Feb -23

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Year-End Report January 1 – December 31, 2023

Feb -02

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Nominating Committee’s recommendation for Board of Directors ahead of the 2024 Annual General Meeting

Jan -24

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.51%)

6. Segments

Volvo

Expected Growth: 4.5%

Increasing demand for electric and autonomous vehicles, growing infrastructure development, and rising construction activities drive Volvo's growth. The company's focus on sustainability and innovative products also contribute to its growth prospects.

Handelsbanken

Expected Growth: 4.5%

Handelsbanken's growth is driven by increasing demand for digital banking services, expansion into new markets, and a strong brand reputation in Sweden. The bank's focus on personal and corporate banking services, as well as its commitment to sustainability, are expected to contribute to its growth.

Sandvik

Expected Growth: 4.5%

Sandvik's growth is driven by increasing demand for industrial processes and infrastructure solutions, particularly in the mining and construction industries. The company's focus on digitalization and sustainability also contributes to its growth prospects.

Essity

Expected Growth: 4.5%

Essity's growth is driven by increasing demand for sustainable and innovative hygiene and health products, particularly in emerging markets, as well as the company's focus on digitalization and e-commerce expansion.

Skanska

Expected Growth: 4.5%

Skanska's growth is driven by increasing demand for sustainable infrastructure, urbanization, and government investments in transportation and energy projects, as well as its innovative construction methods and focus on green buildings.

Ericsson

Expected Growth: 4.8%

Ericsson's growth is driven by increasing demand for 5G network infrastructure, growing adoption of IoT and Industry 4.0, and expansion into new markets such as mission-critical communications and digital services.

SCA

Expected Growth: 4.5%

SCA's growth is driven by increasing demand for sustainable forestry products, expansion in emerging markets, and investments in digitalization and automation, leading to improved operational efficiency.

Alleima

Expected Growth: 4.5%

Growing demand for advanced materials in renewable energy, aerospace, and industrial processes drives Alleima's growth. Increasing adoption of electric vehicles and energy storage systems also fuels demand for specialty alloys and stainless steels.

7. Detailed Products

Sandvik Materials Technology

Provides advanced stainless steels, special alloys, and titanium, as well as heating technology and metallurgical services

Sandvik Mining and Rock Technology

Offers equipment, tools, and services for the mining and construction industries

Sandvik Machining Solutions

Provides cutting tools, tooling systems, and machining solutions

SSAB

Produces high-strength steel plate, strip, and tube products

Nordic Paper

Produces paper and pulp products, including packaging paper, specialty paper, and pulp

Patricia Industries

Invests in and develops companies in various industries, including healthcare, technology, and industrial manufacturing

8. AB Industrivärden (publ)'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for AB Industrivärden (publ) is medium due to the presence of alternative investment options for investors.

Bargaining Power Of Customers

The bargaining power of customers for AB Industrivärden (publ) is low due to the company's diversified investment portfolio and lack of dependence on a single customer.

Bargaining Power Of Suppliers

The bargaining power of suppliers for AB Industrivärden (publ) is medium due to the company's reliance on a few key suppliers for its investment activities.

Threat Of New Entrants

The threat of new entrants for AB Industrivärden (publ) is high due to the relatively low barriers to entry in the investment industry.

Intensity Of Rivalry

The intensity of rivalry for AB Industrivärden (publ) is high due to the presence of several established players in the investment industry.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 5.19%
Debt Cost 3.95%
Equity Weight 94.81%
Equity Cost 8.23%
WACC 8.01%
Leverage 5.47%

11. Quality Control: AB Industrivärden (publ) passed 6 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
KBC Ancora

A-Score: 7.4/10

Value: 4.2

Growth: 4.8

Quality: 8.6

Yield: 9.4

Momentum: 8.5

Volatility: 9.0

1-Year Total Return ->

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Stock-Card
Azimut Holding

A-Score: 7.4/10

Value: 6.3

Growth: 3.8

Quality: 9.0

Yield: 9.4

Momentum: 8.5

Volatility: 7.3

1-Year Total Return ->

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Stock-Card
MandG

A-Score: 6.7/10

Value: 7.5

Growth: 1.8

Quality: 4.2

Yield: 10.0

Momentum: 7.5

Volatility: 9.0

1-Year Total Return ->

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Stock-Card
DWS

A-Score: 6.5/10

Value: 4.7

Growth: 3.8

Quality: 7.8

Yield: 8.1

Momentum: 8.5

Volatility: 6.0

1-Year Total Return ->

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Stock-Card
Amundi

A-Score: 6.2/10

Value: 5.5

Growth: 5.0

Quality: 5.3

Yield: 9.4

Momentum: 5.0

Volatility: 7.3

1-Year Total Return ->

View Full Report
Stock-Card
Industrivärden

A-Score: 5.7/10

Value: 4.3

Growth: 4.1

Quality: 7.4

Yield: 3.8

Momentum: 5.0

Volatility: 9.7

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

400.4$

Current Price

400.4$

Potential

-0.00%

Expected Cash-Flows