Its been a while since I came with updates. Sometimes you need to prioritize based on the situation. Family and health definitely comes first. We have been down with sickness last few weeks and now in a recovery phase.
Lot has happened in the stock market world recently and in todays post I will give a summary on few ofthe companies that I own , which came with quaterly updates.
Cibus
Cibus released its financial report for 2025. Cibus has two financial goals, one of which is an effort to steadily increase the dividend over time. It has been a few challenging years for the entire property sector, but the really tough times are over. Now Cibus has room to increase its dividend again. The second financial goal is for the loan-to-value ratio to be between 55-65 percent.
Cibus proposed an unchanged dividend of EUR 0.9 per share.
The net asset value as of the balance sheet date was EUR 13 (EUR 12.9 as of Q3 2025).
The interest coverage ratio was 2.4 times, the same as in Q3 but slightly stronger than the same quarter in 2024.
The loan-to-value ratio is 58.2 percent.
The occupancy rate was 95.7 percent at the end of the quarter.
Current earnings potential is EUR 1.08 per share (EUR 1.07 as of Q3 2025).
Cibus has an average interest rate of 4 percent on its loans.
The properties have an average yield of 6.4 percent.
To me this is a good report and I see them doing good in coming quaters. I will increase in Cibus whenever I see an opportunity to buy more.
Axfood
Axfood is a fantastic company. They have a strong position in the market and impressive key figures for their industry. The business is not sensitive to cyclical trends and ticks along steadily year after year. I believe that Axfood is an excellent company to own in the very long term. I will hold Axfood and try to add when there is weakness..
Latour
Latour is not a bad company. There are a couple of things that explain the share development. The share was extremely overvalued for a while. The fact that it can get so crazy is due to the poor liquidity of the share. There are not that many shares for sale. The reason for this is that the company has a major owner (the Douglas family) who holds a very large portion of all shares. Now the extreme valuation has started to approach something of a normal situation, but the share is still far too highly valued. Recently, Latour was trading at a 6 percent premium to the net asset value. Latour as a company is not performing anywhere near well enough to deserve such a valuation these days.
Latour’s net worth increased by 2.4 percent in 2025.
Latour’s time will come, you need to be patient. I have a holding today which I am happy with, and not planning to add more at these levels.
AB Volvo
The Swedish truck manufacturer Volvo is a fantastic company. They have a strong market position and they run their business impressively efficiently. I think Volvo is an excellent company to own for the very long term.
I have received a very good return on this investment in a few years. The valuation has gone from low to, well, let me call it “not low”. I don’t want to call it too expensive. The potential in the long term is very good, but I’m content here. With a little luck, I will have the opportunity to buy in at a lower valuation again. If not, I will have to do without. When the monster dividend is paid out, the share may come down a little in valuation. Before a dividend like that, there is always a little extra buying pressure.
I keep adding when the opportunity arises.
Svolder
Small companies have been sluggish for several years now and there has been talk for a long time about their return. I think we are pretty close but not there yet. The economy in Sweden is expected to improve in the coming year. Political incentives in 2026 will lead to consumers having more in their wallets. Sooner or later, there will be better times for small companies. For this reason, I have taken a position and bought more in Svolder.
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