Today Investment company Industrivärden (INDU C, OMX Stockholm ) released its nine-month report – a report that was nothing short of strong. Pervading the words of CEO, Helena Stjernholm, is a continued good value development in the equity portfolio and a stable financial position. The net asset value rose to SEK 173 billion (159.6), corresponding to SEK 401 per share – an increase of SEK 31, corresponding to 8%, since the beginning of the year. The market value of the equity portfolio, adjusted for acquisitions and dividends, amounted to SEK 177.7 billion, which is an increase of SEK 7.8 billion, corresponding to 5%.
Relative to the stock exchange’s total return index (SIXRX), Mr. Lundberg and others showed that old is oldest with a total return of 10% for both A and C shares, compared to 6% for the aforementioned index.
During the period, Industrivärden made share acquisitions for a total of SEK 3.4 billion, mainly in SCA (SEK 806 million), Sandvik (SEK 784 million), Volvo (SEK 779 million), Essity (SEK 717 million), Handelsbanken (SEK 239 million) and Alleima (SEK 124 million). No divestments were made, all in accordance with the policy that has been in place for a long time. Dividend income from the portfolio rose to SEK 9,532 million (8,467), which together with value changes of SEK 7,715 million resulted in a profit for the period of SEK 16,983 million, corresponding to SEK 39.32 per share (36.68).
| Period | Dividends received from portfolio companies |
| Nine-month report 2025 | SEK 9,532 million |
| Nine-month report 2019 | SEK 4,093 million |
| Nine-month report 2012 | SEK 2,391 million |
| Nine-month report 2007 | SEK 2,107 million |
Together with increases and the fact that the underlying companies have increased their respective dividends, the CAGR for the dividends that Industrivärden has received between January and September from 2007 and up to and including the nine-month report for 2025 is approximately 8.7%. That is a really good figure.
Industrivärden’s debt has, just as I and most likely many others want to see, continued to decrease as the nine-month report is released. Net debt amounted to SEK 4,660 million, compared to SEK 6,914 million at the end of the year, which corresponds to a debt-to-equity ratio of only 3%, down from the 4% that applied in the same period last year. Regarding the equity ratio, it strengthened to 96% (95%). With this and the company’s history, it will not be a shock to see Industrivärden’s credit rating from S&P Global Ratings: A+/Stable/A-1.
I have owned shares in Industrivärden and no plans or ambitions to scale back or completely sell the position. The slow tortoise seem to continue to win.
NOTE: This post should not be seen as a recommendation for any of the securities discussed. I am only sharing my thoughts and analysis, nothing else. As always, it is important that you do your own due deligence.
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