Investment company Industrivärden presented its figures for Q1 2026.
The net asset value per share as of the end of March 2026 amounted to SEK 472. This corresponds to an increase of 7% compared to the end of December 2025. During the last twelve-month period, the net asset value increased by 22%. The total return for both the A and C shares landed at 12% in Q1. This is a strong figure, not least given that the Stockholm Stock Exchange fell by 1% during the period.
During the first quarter, Industrivärden purchased shares for SEK 0.9 billion. The purchase price was distributed as follows: Essity (SEK 0.5 billion), SCA (0.3) and Alleima (0.1).
Industrivärden share has had a good start to the year, something that is driven by increased net asset value and reduced net asset discount. Industrivärden received SEK 5.0 billion in dividend income during the period, an increase from SEK 4.2 billion in the comparison period. There are therefore financial resources ready to be put to work in the future. The debt ratio amounts to 1% (2). Industrivärden has a very concentrated portfolio where Sandvik (33% of the equity portfolio) and Volvo (29%) account for 62% of the total equity portfolio. If you add the weights of Handelsbanken (14%) and Essity (10%), you have 86% of Industrivärden’s entire equity portfolio. Over the past five and ten-year periods, Industrivärden’s C share has had a total return of an average of 11% and 16%, respectively. This is better than the Stockholm Stock Exchange’s total return, which during the corresponding periods was 6% and 11%.
The C share has outperformed the Stockholm Stock Exchange over the last 3-month period, the last year, three years, five years, seven years and ten years. This is a solid development. To invest in Industrivärden, however, it is of course important to have a positive view of the future development of Sandvik and Volvo in particular. According to the IB-index website, Industrivärden is currently trading at a discount to net assets of 3.36%. Furthermore, the IB-index shows that Industrivärden has had an average discount to net assets of 6.90% over the last five years and 9.18% over the last ten years. Industrivärden is in my investment company portfolio. I think their stock portfolio overall contains fine and qualitative Swedish large companies. Given the current valuation with a relatively small discount to the net asset value.
*Disclaimer – I analyse and write out of my own interest, nothing to be seen as any financial recommendation. Please do you own DD.
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