# Industrivarden AB ser. A (INDU-C.ST)

Canonical: https://gigainvestors.com/s/INDU-C.ST

Analysis as of: 2026-10-16T07:34:39.418Z. Financial observations: FY2002–FY2025.

Listing currency: SEK. Reporting currency: SEK.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: SEK 510.60 per share; close as of 2026-10-15.

Estimated value: low SEK 531.66 per share, central SEK 531.66 per share, high SEK 531.66 per share. Buy at or below the central value SEK 531.66 per share. Valuation as of 2026-10-16T07:34:39.418Z; scenarios are not confidence intervals.

Expected annual return: 10.4% at the stated quote. About 10.4% a year at today's price (required return 10.0%). required return 10.0% a year.

## Checklist

### understandable: pass

- 5 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 2

- Operating margin variation: 0.01×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.99×

- FY2017: 0.99×

- FY2019: 1.00×

- FY2020: 1.00×

- FY2021: 1.00×

- FY2023: 1.00×

- FY2024: 0.98×

- FY2025: 1.00×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 10.4%

- ROIC, second-lowest year: -7.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.0%

- Typical minus recent gross margin: 0.0 pp

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 11.3%

- FY2017: 9.4%

- FY2018: -7.1%

- FY2019: 25.6%

- FY2020: 6.6%

- FY2021: 17.8%

- FY2022: -8.2%

- FY2023: 19.2%

- FY2024: 7.6%

- FY2025: 18.0%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.08×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: SEK 7.4B

- Net income, five-year total: SEK 91B

- Return on incremental invested capital: 29.2%

- Working capital / revenue, annual change: 69.5 pp

- Working capital / revenue, final three-year average: 0.3%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.26×

- FY2022: 1.00×

- FY2023: 0.20×

- FY2024: 0.66×

- FY2025: 0.00×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 9.4% vs 18.0%

- Per-share earnings: 35.74 to 69.93 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.0%

- Ordinary dilution, 5-year annual growth: -0.2%

- Market cap gain: SEK 106B

- Cumulative retained earnings: SEK 115B

- Diluted shares, 10-year annual growth: -0.0%

- Diluted shares, 5-year annual growth: -0.2%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 8.8%

- Per-share value change: SEK 34.19

- Per-share value, starting three-year median: SEK 35.74

- Per-share value, ending three-year median: SEK 69.93

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: SEK 0

- Cumulative net income, 10 years: SEK 153B

- ROIC, first three-year median: 9.4%

- ROIC, last three-year median: 18.0%

Chart: Earnings per share; fiscal year observations.

- FY2016: SEK 38.03

- FY2017: SEK 35.74

- FY2018: SEK -19.14

- FY2019: SEK 68.51

- FY2020: SEK 19.39

- FY2021: SEK 61.10

- FY2022: SEK -32.34

- FY2023: SEK 69.93

- FY2024: SEK 29.30

- FY2025: SEK 81.97

### accounting: pass

- Sloan accruals exceed 10%

- Sloan accruals: 13.2%

- Receivables to sales index (DSRI): 0.43×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.26×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 14.2%

- FY2017: 12.0%

- FY2018: -12.7%

- FY2019: 22.2%

- FY2020: 6.2%

- FY2021: 13.0%

- FY2022: 0.0%

- FY2023: 15.2%

- FY2024: 2.6%

- FY2025: 13.2%

## Holders

## Price story

The price assumes assets grow 11.5% yearly for ten years · sales +176.3%

Story as of 2026-10-16T10:00:01.744Z; price observation 2026-10-15.

The price assumes assets grow 11.5% yearly for ten years

### Sales · FY2024–2025

sales +176.3%; source https://filings.xbrl.org/549300TM1DLIQI3B3T37/2024-12-31/ESEF/SE/1/indu-2024-12-31-0-sv/reports/indu-2024-12-31-0-sv.xhtml; observed 2025-05-08.

- FY2016: SEK 17B 

- FY2017: SEK 16B 

- FY2018: SEK -8.3B 

- FY2019: SEK 30B 

- FY2020: SEK 8.5B 

- FY2021: SEK 27B 

- FY2022: SEK -14B 

- FY2023: SEK 30B 

- FY2024: SEK 13B 

- FY2025: SEK 36B 

### Gross margin · FY2025

gross margin 99.5%; source https://filings.xbrl.org/549300TM1DLIQI3B3T37/2024-12-31/ESEF/SE/1/indu-2024-12-31-0-sv/reports/indu-2024-12-31-0-sv.xhtml; observed 2025-05-08.

- FY2016: 98.7% 

- FY2017: 99.4% 

- FY2024: 98.6% 

- FY2025: 99.5% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in asset management; annual sales are SEK 35.7 billion.

- Source: https://eodhd.com/api/fundamentals/INDU-C.ST.json#2025-12-31 (filed 2025-05-08); FY2025: revenue 35693000000.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); Dividend observations: [[2016,2162000000],[2017,2285000000],[2018,2394000000],[2019,2502000000],[2020,2719697000],[2021,3590000000],[2022,2915000000],[2023,3131000000],[2024,3347000000],[2025,3563000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 27.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); INDU-C.ST SharesStats.PercentInsiders = 27.18 percentage points; cache date 2026-10-16.

### What the price says

The price assumes assets grow 11.5% yearly for ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); Price 510.6; FX 1; reported NAV 444; ten-year realization discounted at 0.1; required annual NAV growth 0.11548174962267255. Closing-price date 2026-10-15.

## Monthly share-price history (SEK per share)

- 2016-10: SEK 161.20 per share

- 2016-11: SEK 158.00 per share

- 2016-12: SEK 169.80 per share

- 2017-01: SEK 169.40 per share

- 2017-02: SEK 178.70 per share

- 2017-03: SEK 194.10 per share

- 2017-04: SEK 206.00 per share

- 2017-05: SEK 205.40 per share

- 2017-06: SEK 202.00 per share

- 2017-07: SEK 196.00 per share

- 2017-08: SEK 188.20 per share

- 2017-09: SEK 206.30 per share

- 2017-10: SEK 215.20 per share

- 2017-11: SEK 204.00 per share

- 2017-12: SEK 202.50 per share

- 2018-01: SEK 209.90 per share

- 2018-02: SEK 199.05 per share

- 2018-03: SEK 193.95 per share

- 2018-04: SEK 185.15 per share

- 2018-05: SEK 185.20 per share

- 2018-06: SEK 173.70 per share

- 2018-07: SEK 185.40 per share

- 2018-08: SEK 195.35 per share

- 2018-09: SEK 197.50 per share

- 2018-10: SEK 190.20 per share

- 2018-11: SEK 186.65 per share

- 2018-12: SEK 179.20 per share

- 2019-01: SEK 186.15 per share

- 2019-02: SEK 192.35 per share

- 2019-03: SEK 194.75 per share

- 2019-04: SEK 213.60 per share

- 2019-05: SEK 191.70 per share

- 2019-06: SEK 205.80 per share

- 2019-07: SEK 210.40 per share

- 2019-08: SEK 205.30 per share

- 2019-09: SEK 215.50 per share

- 2019-10: SEK 208.90 per share

- 2019-11: SEK 222.10 per share

- 2019-12: SEK 225.90 per share

- 2020-01: SEK 227.30 per share

- 2020-02: SEK 216.30 per share

- 2020-03: SEK 193.90 per share

- 2020-04: SEK 202.20 per share

- 2020-05: SEK 209.40 per share

- 2020-06: SEK 211.10 per share

- 2020-07: SEK 214.90 per share

- 2020-08: SEK 227.90 per share

- 2020-09: SEK 238.90 per share

- 2020-10: SEK 227.60 per share

- 2020-11: SEK 261.60 per share

- 2020-12: SEK 265.50 per share

- 2021-01: SEK 266.50 per share

- 2021-02: SEK 278.90 per share

- 2021-03: SEK 306.40 per share

- 2021-04: SEK 305.60 per share

- 2021-05: SEK 325.70 per share

- 2021-06: SEK 313.20 per share

- 2021-07: SEK 329.70 per share

- 2021-08: SEK 300.80 per share

- 2021-09: SEK 272.00 per share

- 2021-10: SEK 278.90 per share

- 2021-11: SEK 266.90 per share

- 2021-12: SEK 284.10 per share

- 2022-01: SEK 286.90 per share

- 2022-02: SEK 258.90 per share

- 2022-03: SEK 263.90 per share

- 2022-04: SEK 250.50 per share

- 2022-05: SEK 253.10 per share

- 2022-06: SEK 227.50 per share

- 2022-07: SEK 261.00 per share

- 2022-08: SEK 234.80 per share

- 2022-09: SEK 223.30 per share

- 2022-10: SEK 248.10 per share

- 2022-11: SEK 266.10 per share

- 2022-12: SEK 253.00 per share

- 2023-01: SEK 274.50 per share

- 2023-02: SEK 287.60 per share

- 2023-03: SEK 279.20 per share

- 2023-04: SEK 292.30 per share

- 2023-05: SEK 290.10 per share

- 2023-06: SEK 297.20 per share

- 2023-07: SEK 298.10 per share

- 2023-08: SEK 285.20 per share

- 2023-09: SEK 288.60 per share

- 2023-10: SEK 287.20 per share

- 2023-11: SEK 315.80 per share

- 2023-12: SEK 328.30 per share

- 2024-01: SEK 327.90 per share

- 2024-02: SEK 352.30 per share

- 2024-03: SEK 368.10 per share

- 2024-04: SEK 356.90 per share

- 2024-05: SEK 368.10 per share

- 2024-06: SEK 357.60 per share

- 2024-07: SEK 362.90 per share

- 2024-08: SEK 368.40 per share

- 2024-09: SEK 373.30 per share

- 2024-10: SEK 366.00 per share

- 2024-11: SEK 357.50 per share

- 2024-12: SEK 349.10 per share

- 2025-01: SEK 392.70 per share

- 2025-02: SEK 405.70 per share

- 2025-03: SEK 367.40 per share

- 2025-04: SEK 338.70 per share

- 2025-05: SEK 346.30 per share

- 2025-06: SEK 341.70 per share

- 2025-07: SEK 362.60 per share

- 2025-08: SEK 376.40 per share

- 2025-09: SEK 372.90 per share

- 2025-10: SEK 395.20 per share

- 2025-11: SEK 396.70 per share

- 2025-12: SEK 415.00 per share

- 2026-01: SEK 445.80 per share

- 2026-02: SEK 511.80 per share

- 2026-03: SEK 463.00 per share

- 2026-04: SEK 482.10 per share

- 2026-05: SEK 506.20 per share

- 2026-06: SEK 532.00 per share

- 2026-07: SEK 544.60 per share

- 2026-08: SEK 538.00 per share

- 2026-09: SEK 528.80 per share

- 2026-10: SEK 510.60 per share

## Annual estimated value (SEK per share)

- FY2021: low SEK 397.55 per share, central SEK 397.55 per share, high SEK 397.55 per share

- FY2022: low SEK 330.40 per share, central SEK 330.40 per share, high SEK 330.40 per share

- FY2023: low SEK 416.71 per share, central SEK 416.71 per share, high SEK 416.71 per share

- FY2024: low SEK 443.05 per share, central SEK 443.05 per share, high SEK 443.05 per share

- FY2025: low SEK 531.66 per share, central SEK 531.66 per share, high SEK 531.66 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:40:24.384Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/549300TM1DLIQI3B3T37/2024-12-31/ESEF/SE/1/indu-2024-12-31-0-sv/reports/indu-2024-12-31-0-sv.xhtml); period 2024-12-31, filed 2025-05-08.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.