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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

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1.c. Company Highlights

2. Latour's Q3 2025: Resilient Performance Amidst Challenging Market Conditions

Investment AB Latour reported a mixed financial performance in Q3 2025, with revenues increasing by 8% to a level that was slightly ahead of expectations, driven by a 70% surge in order intake in their wholly owned industrial operations, with 10% organic growth. The operating margin, however, came under pressure due to various growth initiatives and currency headwinds. The actual EPS figure was not disclosed, making it difficult to assess the company's profitability at the bottom line. Analysts had estimated a revenue growth of 3.9% for the next year, indicating a moderate pace of expansion.

Publication Date: Nov -13

📋 Highlights
  • U.S. Tariffs Exposure:: 11% of total net sales, with plans to pass increased costs to customers.
  • Order Intake Growth:: 70% surge in wholly owned industrial operations, driven by 10% organic growth.
  • Bemsiq Performance:: Adjusted operating profit of SEK 110 million, margin of 21.4%.
  • Innovalift Growth:: 41% order intake increase, 36% net sales growth, with Turkey cost inflation slightly impacting margins.
  • Nord-Lock Momentum:: 13% organic net sales growth, 25.5% operating margin, and strong order backlog.

Segmental Performance

The company's business areas presented a varied picture, with some units like Bemsiq Group, Caljan, and Nord-Lock Group reporting strong order intakes and healthy order backlogs. Bemsiq Group's adjusted operating profit margin stood at 21.4%, while Nord-Lock Group's operating margin was a robust 25.5%. In contrast, Hultafors Group and Swegon faced challenging market conditions, with Hultafors Group's profit margin lower than last year due to long-term investments for future growth. As Mikael Albrektsson noted, "The growth initiatives in Bemsiq are investments in building a central structure and taking acquired companies to standard levels of quality and reporting. This will pay off over time."

Valuation and Outlook

Latour's current valuation metrics suggest that the market is pricing in a moderate level of growth. The company's P/E Ratio stands at 32.16, while the EV/EBITDA ratio is 32.08, indicating a relatively high valuation. The Dividend Yield is 1.9%, which may not be particularly attractive to income investors. The ROE of 11.17% suggests that the company is generating reasonable returns on equity. With the challenging business climate and currency headwinds, the company's ability to maintain its margin and deliver on its growth initiatives will be closely watched.

Growth Prospects

The company's wholly owned industrial operations have a strong order backlog, which should ensure stable net sales for the next couple of quarters. The listed portfolio value decreased by 2% in the 9-month period but has since increased, with a total return of 3% this year. With acquisition activities remaining high in the listed holdings, the company's growth prospects appear to be supported by a combination of organic growth and strategic acquisitions.

3. NewsRoom

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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
Julius Bär

A-Score: 6.4/10

Value: 6.4

Growth: 6.4

Quality: 6.0

Yield: 8.1

Momentum: 5.0

Volatility: 6.7

1-Year Total Return ->

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Stock-Card
Schroders

A-Score: 6.3/10

Value: 6.8

Growth: 3.1

Quality: 6.6

Yield: 8.1

Momentum: 5.5

Volatility: 7.7

1-Year Total Return ->

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Stock-Card
Hargreaves Lansdown

A-Score: 5.1/10

Value: 3.3

Growth: 5.1

Quality: 9.4

Yield: 1.9

Momentum: 5.0

Volatility: 6.0

1-Year Total Return ->

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Stock-Card
L E Lundbergföretagen

A-Score: 4.7/10

Value: 3.7

Growth: 4.1

Quality: 6.2

Yield: 1.2

Momentum: 3.0

Volatility: 10.0

1-Year Total Return ->

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Stock-Card
Latour

A-Score: 4.6/10

Value: 1.4

Growth: 7.3

Quality: 6.4

Yield: 3.1

Momentum: 1.5

Volatility: 8.0

1-Year Total Return ->

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Stock-Card
Alba

A-Score: 3.9/10

Value: 3.4

Growth: 1.6

Quality: 6.5

Yield: 1.9

Momentum: 10.0

Volatility: 0.3

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

225.5$

Current Price

225.5$

Potential

-0.00%

Expected Cash-Flows