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1. Company Snapshot

1.a. Company Description

Investor AB (publ) is a venture capital firm specializing in mature, middle market, buyouts and growth capital investments.It is operating through four business areas including core, private equity, operating, and financial investments.For core investments, the firm invests in health care, financial services, IT and fintech sectors and considers investments in listed companies in leading minority positions.


The firm seeks to invest globally and acquire a board seat.For its operating investments, the firm seeks to focus on medium-sized to large companies headquartered in Northern Europe.It acquires controlling interest or minority position with significant influence in its portfolio companies within operating investments.


The firm considers majority or minority investments in both listed and unlisted companies.Within private equity, the firm makes venture capital and buyout investments.For venture capital, it seeks investments through its subsidiary, Investor Growth Capital, which is focused on investments in the information technology, technology, engineering, financial services, and healthcare sectors in Europe, the United States, and Asia.


It seeks to invest in companies ranging from startups to companies that are about to enter an expansion stage and its investment commitment range between SEK 20 million ($2.94 million) and SEK 200 million ($29.43 million).In its venture capital investments, it acquires minority stakes in its portfolio companies and the ownership horizon varies from three to seven years.For buyouts, the firm makes fund investments through its subsidiary, EQT that makes buyout investments in medium-sized mature companies in Northern Europe and Greater China.


The firm seeks to exit its private equity investments between three years and seven years.The firm seeks to take board membership in its portfolio companies.For financial investments, it acquires minority ownership in financial holdings for shorter horizon.


Investor AB (publ) was founded in 1916 and is based in Stockholm, Sweden with additional offices in Amsterdam, Netherlands; Beijing, China; Menlo Park, California; Hong Kong, China; New York, New York; and Tokyo, Japan.

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1.b. Last Insights on INVE

Investor AB's recent performance was driven by strong asset growth, with a 14% increase in adjusted net asset value reported in its full-year 2025 earnings call. The company also proposed an 8% dividend hike, indicating confidence in its financial position. Additionally, the appointment of Chuck Witkowski, CEO of Permobil, to Wandercraft's Board of Directors signals a new phase of growth and global commercialization for the robotics company. This strategic move is expected to drive innovation and expansion, further contributing to Investor AB's positive momentum.

1.c. Company Highlights

2. Investor AB's Q4 2025 Earnings: A Strong Performance

Investor AB reported a robust Q4 2025, with adjusted net asset value standing at SEK 1,087 billion, up 6% from Q3. The company's total shareholder return (TSR) was 15% for the year, with listed companies' total return at 22%. The board proposes a dividend of SEK 5.60 per share, an 8% increase from last year. Although actual EPS figures were not disclosed, the company's financial performance was strong, driven by its diverse portfolio. With a P/E Ratio of 6.67 and a Dividend Yield of 1.52%, the stock appears to be reasonably valued.

Publication Date: Feb -01

📋 Highlights
  • Adjusted NAV Growth:: Rose 14% YoY in 2025, reaching SEK 1,087 billion in Q4, up 6% from Q3.
  • Listed Companies Outperform:: Delivered 22% total return in 2025, driven by SEK 2.3 billion investments in Ericsson and Atlas Copco.
  • Patricia Industries Resilience:: Despite -9% total return (due to USD weakness), achieved 4% organic growth and SEK 24 billion add-on acquisitions.
  • EQT Investments Surge:: Generated 15% total return in 2025 and 8% in Q4, fueled by EQT AB's share price growth and Fortnox co-investment.
  • Dividend Growth:: Proposed 2025 dividend of SEK 5.60/share (+8% YoY), reflecting 8% average annual growth over the past decade.

Business Area Performance

All business areas contributed positively to the company's performance, with Listed Companies and EQT investments up 6% and 8%, respectively, and Patricia Industries up 1%. Mölnlycke had a solid quarter with 3% organic growth, driven by Wound Care, while Nova Biomedical and Laborie were key contributors to Q4 performance. The company's balance sheet remains strong, with a leverage of 2.1% and SEK 27 billion in cash.

Operational Highlights

The company's operational performance was strong, with Mölnlycke's Wound Care segment driving growth, and Laborie's BPH product showing promise in the U.S. market. EQT's reported value is not expected to change materially with the Q4 numbers. The company's focus on innovation and customer focus is expected to drive future growth, particularly in the Wound Care market, which is expected to grow low to mid-single digits.

Valuation and Outlook

With a P/B Ratio of 1.1 and an ROE of 17.98%, Investor AB's valuation appears reasonable. The company's dividend proposal represents an 8% average annual growth over the last 10 years, making it an attractive option for income investors. As the company continues to work on efficiencies and invest in growth opportunities, its prospects appear bright. The upcoming Capital Markets Day in 2026 will provide further insight into the company's strategy and growth plans.

Growth Prospects

Investor AB's growth prospects are promising, driven by its diverse portfolio and focus on innovation. The company's investments in EQT and Patricia Industries are expected to drive future growth, particularly in areas such as industrial automation and technology. Analysts estimate next year's revenue growth at 8.7%, indicating a positive outlook for the company.

3. NewsRoom

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Wandercraft Appoints Permobil CEO Chuck Witkowski to Board of Directors, Signaling a New Phase of Growth and Global Commercialization

Jan -28

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Investor AB (IVSBF) Full Year 2025 Earnings Call Highlights: Strong Asset Growth Amid Currency ...

Jan -22

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Nomination Committee appointed for AB Electrolux Annual General Meeting 2026

Sep -18

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Weekly Picks: 💸 A Steady Compounder, German Horsepower, and a Pharma Giant’s Comeback

Apr -30

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Investor AB (IVSBF) (Q4 2024) Earnings Call Highlights: Strong Full-Year NAV Growth Amid Mixed ...

Jan -24

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Investor AB's Dividend Analysis

May -07

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Investor AB's Dividend Analysis

Nov -02

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (8.68%)

6. Segments

Listed Companies

Expected Growth: 6.4%

Investor AB's listed companies portfolio is driven by growth in the Healthcare sector, increasing consolidation in the Technology industry, and strong fundamentals in the Consumer Goods sector, with companies like ABB and Atlas Copco driving growth.

Patricia Industries

Expected Growth: 12.1%

Patricia Industries' growth is driven by increasing demand for sustainable investments and the company's strategic expansion into new markets, leveraging Investor AB's expertise and resources.

Investments in EQT

Expected Growth: 12.4%

EQT's private equity business, driven by increasing global investments and rising asset values, is expected to grow significantly, supported by Investor AB's strong financial position and commitment to EQT's long-term development.

Investor Groupwide

Expected Growth: 6.4%

Investor AB's Investor Groupwide segment is driven by increasing ESG adoption, expansion of private equity and credit investments, and strategic acquisitions, which will sustain growth momentum.

7. Detailed Products

Patent and Trademark Management

Investor AB's patent and trademark management services help companies to protect and monetize their intellectual property.

Venture Capital Investments

Investor AB's venture capital investments focus on early-stage companies with high growth potential in the technology and life science sectors.

Private Equity Investments

Investor AB's private equity investments focus on established companies with strong market positions and growth potential.

Real Estate Investments

Investor AB's real estate investments focus on commercial properties in prime locations, providing a stable source of income.

Listed Equity Investments

Investor AB's listed equity investments focus on publicly traded companies with strong market positions and growth potential.

8. Investor AB (publ)'s Porter Forces

Forces Ranking

Threat Of Substitutes

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

Bargaining Power Of Customers

The bargaining power of customers for Investor AB (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 Investor AB (publ) is medium due to the company's reliance on various suppliers for its investment activities.

Threat Of New Entrants

The threat of new entrants for Investor AB (publ) is low due to the high barriers to entry in the investment industry, including regulatory requirements and capital requirements.

Intensity Of Rivalry

The intensity of rivalry for Investor AB (publ) is high due to the competitive nature of the investment industry, with many established players competing for market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 11.06%
Debt Cost 3.95%
Equity Weight 88.94%
Equity Cost 7.88%
WACC 7.45%
Leverage 12.44%

11. Quality Control: Investor AB (publ) passed 5 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
Crédit Agricole

A-Score: 7.5/10

Value: 8.4

Growth: 3.7

Quality: 6.9

Yield: 9.4

Momentum: 8.0

Volatility: 8.7

1-Year Total Return ->

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Stock-Card
Erste Bank

A-Score: 6.4/10

Value: 5.1

Growth: 5.4

Quality: 5.4

Yield: 6.9

Momentum: 9.5

Volatility: 6.3

1-Year Total Return ->

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Stock-Card
3i Group

A-Score: 5.9/10

Value: 5.2

Growth: 8.3

Quality: 9.6

Yield: 4.4

Momentum: 3.0

Volatility: 5.0

1-Year Total Return ->

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Stock-Card
Investor AB

A-Score: 5.7/10

Value: 3.5

Growth: 4.8

Quality: 7.8

Yield: 3.8

Momentum: 5.0

Volatility: 9.7

1-Year Total Return ->

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Stock-Card
Partners Group Holding

A-Score: 4.7/10

Value: 1.0

Growth: 5.0

Quality: 7.6

Yield: 6.2

Momentum: 1.5

Volatility: 7.0

1-Year Total Return ->

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Stock-Card
EQT

A-Score: 4.6/10

Value: 2.7

Growth: 7.1

Quality: 8.2

Yield: 1.9

Momentum: 4.0

Volatility: 3.7

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

363.9$

Current Price

363.9$

Potential

-0.00%

Expected Cash-Flows