While Q2 saw the listed portfolio climb back from the virus-led market trough, Investor’s Q3 was marked by a recovery of the unlisted subsidiaries under Patricia Industries. Nonetheless, the NAV progression was mainly driven by the expansion of multiples, with Mölnlycke standing as one of the few to return to positive sales growth over the quarter. Although credit is due for the resilient operating profitability shown across most of the unlisted subsidiaries.
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Investor’s listed portfolio of high quality assets benefited from the market rebound that has carried on since the end of March. Its NAV has increased accordingly, regaining all the lost ground from the COVID-19-led market slump. While the holding’s unlisted subsidiaries felt the pinch of the sanitary and economic crisis, Investor’s diversified asset base and broad sector exposure should allow it to ride the post-COVID recovery wave in H2.
Investor’s NAV decreased 10% to SEK437,919m (or SEK572/share) in Q1, registering a -11% total shareholder return (compared to -18% for its benchmark). Despite the challenging market conditions, the holding company has not put off investments, but rather the opposite, injecting SEK7.2bn in capital in its existing listed and unlisted holdings over Q1.
While weak equity markets proved to be a sore spot for Investor’s FY18, the trend was fully reversed in FY19. The value of the listed asset portfolio lifted the group’s NAV, outdoing the performance of Patricia Industries, which surprisingly, posted a minor decrease in value over Q4 on the back of a contraction in multiples.
Investor continues to build upon a strong 2019, despite a mixed Q3 for its listed core investments. The blockbuster IPO of its fund investment arm EQT, along with the strong revenue momentum of its wholly-owned subsidiaries in Patricia Industries make for an enticing investment proposition. While the discount to NAV compression has seen some relief, the looming headwinds in the demand/macro-economic front could weigh on listed and unlisted investments alike.
Investor followed up a satisfactory Q1 with a positive value performance in Q2 from its listed companies’ portfolio (+5.8% qoq), Patricia Industries (+6%) and EQT (+8%). As the equity markets’ boon lingers on, investors cannot seem to get enough of Investor – with its share price climbing a further +9% over Q2, squeezing the already narrow discount to under 8% of its reported NAV.
Equity markets’ recovery over Q1 leaves Investor with a tight discount to NAV. Patricia and EQT investments reported positive performances.
Strongly affected by global threats, Investor’s listed assets cut into the NAV. Non-listed units (under Patricia) did well.
Irrelevant quarterlies cannot hide the fact that trade war worries have cut into the NAV. Too bad. Non-listed units (booked under Patricia) do well.
Despite lower earnings in Q1 18, Investor is as always in good shape thanks to its strong and recurrent cash-flow stream.
FY14 Consolidated profit, of which unrealized change in value, stood at SEK44.3bn, compared to SEK33.6bn in 2016. Change in value amounted to SEK36bn in 2017 vs. SEK22bn in 2016, i.e. a + 63.4% yoy jump. Except for this item, the net result would stand at SEK8.25bn, (-28.5%) including a received Dividend of SEK8,404m vs. SEK 8,351m in 2016.
The positive value changes were attributable to Investor’s listed core investments, which saw their aggregated NAV increasing by 14.4% to SEK284bn, i.e. 72%
Over the first nine months of 2017, Investor reported a net income of SEK45,314m, compared to SEK24,485m over the same period in 2016. Indeed, positive unrealised changes in value worth SEK36,245m boosted the Q3 results vs. SEK16,174m recorded in the same period of 2016. Excluding the latter item, the net result would have stood at SEK9,069m vs. SEK8,311m a year earlier (+9.1% yoy). The holding’s bottom line included SEK7,428m in dividends received from almost all the listed holdings vs. SEK7,48
Over Q2 17, the Swedish holding announced net income of SEK9,537m, treble that in Q2 16, but lower than that achieved in Q1 17. At H1 17, consolidated net income amounted to SEK39,940m compared to a loss of SEK-6,288m for the same period in 2016. Positive unrealised changes in value worth SEK32,815m lifted this year’s result vs. a negative change of (SEK-12,857m) in the same period of 2016. Excluding the latter item, the net result would have stood at SEK7,125m vs. SEK6,566m a year earlier for
In H1 16, the consolidated net loss amounted to SEK-6,288m compared to a net profit of SEK25,542m for the same period in 2015. A high amount of unrealised changes in value characterised this result as in every year, but this time the changes were negative (SEK-12,857m). Except for this item, the net result was SEK6,566m for the group share (-2% yoy), including SEK5,560m for dividends received (SEK6,266m in 2015), almost all from the listed holdings.
The negative value changes were related to th
The 2015 consolidated net result decreased to SEK17.4bn, including a lower amount of unrealised change in value than in previous years (SEK8.5bn, compared with SEK42bn in 2014). Except for this item, the group’s net result amounted to SEK8.9bn (+2.3%), of which SEK7,681m was dividends received from the listed holdings (SEK6,227m in 2014).
During the year, Investor invested SEK12bn, of which about SEK6bn was used to acquire further shares in two listed holdings (ABB and Wärtsilä).
The strong c
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