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1. Company Snapshot

1.a. Company Description

Investment AB Latour (publ) is an investment firm.The firm prefer to invest in companies for long term with Development, manufacture and marketing of proprietary products under their own brands.It prefer to invest in companies with 10 percent average annual growth over a business cycle, 10 percent operating margin over a business cycle, and 15 - 20 percent return on operating capital over a business cycle.


It takes an active role on the board of its investee company.The firm was previously known as AB Hevea.Investment AB Latour (publ) was founded in 1984 and is based in Gothenburg, Sweden with an additional office in Malmo, Sweden and Stockholm, Sweden.

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1.b. Last Insights on LATO

Investment AB Latour's recent performance was impacted by concerns over decelerating organic growth. Despite record profitability and robust Q4 results, investors may be worried about the sustainability of the company's growth trajectory. Strategic acquisitions drove future growth, but rising costs and expenses, including increased selling expenses, may weigh on margins. Additionally, a cautious outlook on the macroeconomic environment could be influencing sentiment. No share buyback program was announced, and rating agencies have not recently updated their ratings.

1.c. Company Highlights

2. Investment AB Latour's Strong Q4 2025 Results Driven by Organic Growth and Strategic Acquisitions

Investment AB Latour reported a strong Q4 2025, with wholly owned operations delivering a record quarterly result. Order intake increased by 7% and net sales grew by 6%, driven by organic growth. The adjusted operating result for the quarter was a record high, with an operating margin of 15%. The company's net asset value increased by 2.4% adjusted for dividends, and consolidated net debt decreased to SEK 15 billion. The dividend proposal is SEK 5.10 per share, an increase of 10.9%.

Publication Date: Feb -18

📋 Highlights
  • Record Operating Margin:: Wholly owned operations achieved a 15% adjusted operating margin in Q4, a record high.
  • Full-Year Growth:: Total growth order intake rose 13% YoY, while net sales increased 9% for the full year.
  • Net Asset Value Increase:: NAV grew 2.4% after dividends, with consolidated net debt reduced to SEK 15 billion.
  • Dividend & Share Price:: Proposed dividend of SEK 5.10/share (up 10.9%), and share price ended at SEK 225 (4% premium to NAV).
  • Acquisition Impact:: 7 acquisitions added SEK 1.8 billion in annual revenue, with net debt at 10% of market value for remaining capacity.

Financial Performance

The company's financial performance was robust, with a total return of 1.4% on its listed portfolio, valued at SEK 89.2 billion. The share price at the end of December was SEK 225, with a premium of 4% compared to the net asset value. CFO Mikael Albrektsson noted that the majority of holdings demonstrated positive growth and profitability, contributing to the strong results.

Valuation Metrics

With a P/E Ratio of 28.68 and an EV/EBITDA of 24.22, the market appears to be pricing in a certain level of growth and profitability. The Dividend Yield is 2.09%, indicating a relatively stable return for investors. The ROE of 11.56% suggests that the company is generating strong returns on equity. As Johan Hjertonsson mentioned, "We enter 2026 with a strong order backlog and an organization well prepared to meet opportunities and challenges."

Growth Prospects

Analysts estimate next year's revenue growth at 1.6%. The company's wholly owned operations are expected to continue growing, driven by organic order intake and strategic acquisitions. Latour Industries has been successful in building new company platforms, with 3 out of 6 sister companies growing within Latour Industries. The company is well-positioned to capitalize on opportunities in the market, with a strong financial position and a proven track record of execution.

Acquisition Strategy

The company has been active in making acquisitions, with 7 completed in the year, adding SEK 1.8 billion in annual revenue. Johan Hjertonsson explained that the execution of acquisitions is a mix between the central team and local teams, working tightly together to identify new areas for growth. The company's net debt corresponds to about 10% of the market value of its investments, leaving headroom for further acquisitions.

3. NewsRoom

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Investment AB Latour (IVTBF) Q4 2025 Earnings Call Highlights: Record Profitability Amidst ...

Feb -11

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Investment AB Latour (IVTBF) Q3 2025 Earnings Call Highlights: Strong Order Intake and ...

Nov -04

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Is Latour (OM:LATO B) Overvalued? A Fresh Look at Current Valuation After Recent Share Price Moves

Oct -21

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Nomination Committee for the ASSA ABLOY 2026 Annual General Meeting

Oct -13

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (5.55%)

6. Segments

Swegon

Expected Growth: 4.5%

Growing demand for energy-efficient solutions, increasing awareness of indoor air quality, and stringent government regulations drive the ventilation and indoor climate solutions market growth.

Hultafors Group

Expected Growth: 4.5%

Growing demand for high-quality hand tools and instruments in the construction and industry sectors, driven by increasing infrastructure development, urbanization, and industrialization, will fuel the Hultafors Group's growth.

Latour Industries

Expected Growth: 8.5%

Latour Industries' long-term industrial investments and diversified portfolio are expected to drive growth, fueled by increasing demand for sustainable and innovative industrial solutions.

Caljan

Expected Growth: 4.5%

Growing e-commerce demand, increasing warehouse automation, and rising need for efficient logistics solutions drive the conveyor systems and logistics market growth.

Nord-Lock Group

Expected Growth: 4.5%

Increasing demand for secure bolting solutions in industries such as wind energy, construction, and industrial manufacturing drives growth. The Nord-Lock Group's innovative products and global presence position it for continued market leadership.

Bemsiq

Expected Growth: 10.5%

Bemsiq's growth is driven by increasing demand for unlisted company investments and venture capital, fueled by Investment AB Latour's strong financial position and strategic investments in high-growth industries.

7. Detailed Products

Latour Industries

A segment that operates in the industrial sector, focusing on manufacturing and sales of niche products.

Nordic Water

A segment that provides water and wastewater treatment solutions.

Hastings

A segment that operates in the investment management sector, focusing on real assets and private equity.

Einar Mattsson

A segment that operates in the real estate sector, focusing on property development and management.

Latour Ventures

A segment that focuses on venture capital investments in start-ups and growth companies.

8. Investment AB Latour (publ)'s Porter Forces

Forces Ranking

Threat Of Substitutes

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

Bargaining Power Of Customers

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

Threat Of New Entrants

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

Intensity Of Rivalry

The intensity of rivalry for Investment AB Latour (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 23.01%
Debt Cost 3.95%
Equity Weight 76.99%
Equity Cost 9.50%
WACC 8.23%
Leverage 29.89%

11. Quality Control: Investment AB Latour (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
Schroders

A-Score: 6.5/10

Value: 6.3

Growth: 3.1

Quality: 6.6

Yield: 8.1

Momentum: 7.0

Volatility: 7.7

1-Year Total Return ->

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Stock-Card
Julius Bär

A-Score: 6.1/10

Value: 5.5

Growth: 6.4

Quality: 6.4

Yield: 7.5

Momentum: 4.0

Volatility: 6.7

1-Year Total Return ->

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Stock-Card
Hargreaves Lansdown

A-Score: 5.1/10

Value: 3.2

Growth: 5.1

Quality: 9.4

Yield: 1.9

Momentum: 5.0

Volatility: 6.3

1-Year Total Return ->

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Stock-Card
Alba

A-Score: 4.9/10

Value: 5.4

Growth: 1.6

Quality: 6.6

Yield: 1.9

Momentum: 10.0

Volatility: 3.7

1-Year Total Return ->

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Stock-Card
L E Lundbergföretagen

A-Score: 4.8/10

Value: 3.9

Growth: 4.1

Quality: 6.8

Yield: 1.2

Momentum: 3.0

Volatility: 10.0

1-Year Total Return ->

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Stock-Card
Latour

A-Score: 4.7/10

Value: 1.3

Growth: 7.4

Quality: 6.4

Yield: 3.1

Momentum: 2.5

Volatility: 7.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

224.9$

Current Price

224.9$

Potential

-0.00%

Expected Cash-Flows