# Investment AB Latour (publ) (LATO-B.ST)

Canonical: https://gigainvestors.com/s/LATO-B.ST

Analysis as of: 2026-10-16T07:35:24.370Z. Financial observations: FY2005–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 205.10 per share; close as of 2026-10-15.

Estimated value: low SEK 116.79 per share, central SEK 131.97 per share, high SEK 152.19 per share. Buy at or below the central value SEK 131.97 per share. Valuation as of 2026-10-16T07:35:24.370Z; scenarios are not confidence intervals.

Expected annual return: 7.4% at the stated quote. About 7.4% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; SE 10-year bond 3.1% + 4 points).

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.07×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.12×

- FY2017: 0.11×

- FY2018: 0.12×

- FY2019: 0.13×

- FY2020: 0.14×

- FY2021: 0.14×

- FY2022: 0.14×

- FY2023: 0.14×

- FY2024: 0.13×

- FY2025: 0.13×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 7.6%

- ROIC, second-lowest year: 6.1%

- Typical minus recent gross margin: 0.2 pp

- Typical gross margin (annual median): 39.6%

- Recent gross margin (lower of latest and 3-year median): 39.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.1%

- ROIC including acquisitions, ten-year median: 10.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 6.1%

- FY2017: 5.5%

- FY2018: 6.2%

- FY2019: 7.0%

- FY2020: 7.8%

- FY2021: 7.8%

- FY2022: 7.4%

- FY2023: 8.5%

- FY2024: 7.7%

- FY2025: 7.8%

### economics: pass

- Owner earnings / net income, 5-yr: 0.86×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: SEK 22B

- Net income, five-year total: SEK 26B

- Return on incremental invested capital: 35.9%

- Working capital / revenue, annual change: 0.5 pp

- Working capital / revenue, change between three-year averages: 1.9 pp

- Working capital / revenue, final three-year average: 27.3%

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

- FY2021: 1.01×

- FY2022: 0.97×

- FY2023: 1.00×

- FY2024: 0.97×

- FY2025: 0.34×

### management: pass

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

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 6.1% vs 7.8%

- Per-share earnings: 5.75 to 9.18 (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: 0.1%

- Market cap gain: SEK 90B

- Cumulative retained earnings: SEK 23B

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

- Diluted shares, 5-year annual growth: 0.1%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 6.0%

- Per-share value change: SEK 3.43

- Per-share value, starting three-year median: SEK 5.75

- Per-share value, ending three-year median: SEK 9.18

- Buybacks concentrated in cheaper years (correlation): -0.14

- Average buyback yield: 0.0%

- Buyback history: 7 years

- Debt-funded buybacks: Yes

- Acquisition spending: SEK 15B

- Cumulative net income, 10 years: SEK 45B

- ROIC, first three-year median: 6.1%

- ROIC, last three-year median: 7.8%

Chart: Earnings per share; fiscal year observations.

- FY2016: SEK 5.75

- FY2017: SEK 4.37

- FY2018: SEK 3.66

- FY2019: SEK 8.33

- FY2020: SEK 8.32

- FY2021: SEK 6.82

- FY2022: SEK 6.49

- FY2023: SEK 9.18

- FY2024: SEK 9.63

- FY2025: SEK 7.67

### accounting: pass

- Sloan accruals: 0.8%

- Receivables to sales index (DSRI): 1.01×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.89×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.45×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 11.9%

- FY2017: 6.8%

- FY2018: 4.1%

- FY2019: 9.1%

- FY2020: 7.1%

- FY2021: 5.4%

- FY2022: 4.4%

- FY2023: 2.1%

- FY2024: 3.7%

- FY2025: 0.8%

## Holders

## Price story

Down 44% since Dec 2021 · sales +8.7%

Story as of 2026-10-16T10:00:04.749Z; price observation 2026-10-15.

Price needs cash profits to grow 6.7% a year for ten years

### Sales · FY2024–2025

sales +8.7%; source https://filings.xbrl.org/5493006GFBLNB3Y0Y789/2024-12-31/ESEF/SE/0/5493006GFBLNB3Y0Y789-2024-12-31-sv/reports/5493006GFBLNB3Y0Y789-2024-12-31-sv.xhtml; observed 2025-05-08.

- FY2016: SEK 8.4B 

- FY2017: SEK 9.9B 

- FY2018: SEK 12B 

- FY2019: SEK 14B 

- FY2020: SEK 15B 

- FY2021: SEK 19B 

- FY2022: SEK 23B 

- FY2023: SEK 26B 

- FY2024: SEK 26B 

- FY2025: SEK 28B 

### Gross margin · FY2025

gross margin 39.7%; source https://filings.xbrl.org/5493006GFBLNB3Y0Y789/2024-12-31/ESEF/SE/0/5493006GFBLNB3Y0Y789-2024-12-31-sv/reports/5493006GFBLNB3Y0Y789-2024-12-31-sv.xhtml; observed 2025-05-08.

- FY2016: 41.9% 

- FY2017: 40.8% 

- FY2018: 40.2% 

- FY2019: 40.5% 

- FY2020: 39.1% 

- FY2021: 38.2% 

- FY2022: 37.5% 

- FY2023: 39.0% 

- FY2024: 39.4% 

- FY2025: 39.7% 

## Owner memo

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

### How it makes money

Operates in conglomerates; annual sales are SEK 28.1 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2025: revenue 28145000000; grossProfit 11179000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); LATO-B.ST: Investment AB Latour (publ) is an investment firm. The firm prefer to invest in companies for long term with Development, manufacture and marketing of proprietary products under their own brands. It prefer to invest in companies with 10 percent average annual growth over a business cycle, 10 percent operating margin over a business cycle, and 15 - 20 percent return on operating capital over a business cycle. It takes an active role on the board of its investee company. The firm was previously known as AB Hevea. Investment AB Latour (publ) was founded in 1984 and is based in Gothenburg, Sweden with an additional office in Malmo, Sweden and Stockholm, Sweden.

### Why customers stay

Margins ranged from 39% to 39.7% during 2023–25; it earns 7.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2023: grossProfit / revenue = 39%.

- Source: https://filings.xbrl.org/5493006GFBLNB3Y0Y789/2024-12-31/ESEF/SE/0/5493006GFBLNB3Y0Y789-2024-12-31-sv/reports/5493006GFBLNB3Y0Y789-2024-12-31-sv.xhtml (filed 2025-05-08); FY2024: grossProfit / revenue = 39.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2025: grossProfit / revenue = 39.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); 10-year return on capital observations [[2016,0.06090695902150244],[2017,0.05539263603779734],[2018,0.061589936200919036],[2019,0.0699971936306104],[2020,0.07801680092781242],[2021,0.07785886514696423],[2022,0.07417303118509178],[2023,0.08513924149433873],[2024,0.07695288246932797],[2025,0.07780255964651832]]; median 0.07556295682720987. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 37% gross margin through 2022 cost inflation.

- Source: https://filings.xbrl.org/5493006GFBLNB3Y0Y789/2024-12-31/ESEF/SE/0/5493006GFBLNB3Y0Y789-2024-12-31-sv/reports/5493006GFBLNB3Y0Y789-2024-12-31-sv.xhtml (filed 2025-05-08); Gross margin observations: [[2021,0.3817525717671137],[2022,0.3747733404095352],[2023,0.3895499021526419]]; range within 2 percentage points.

### Where the cash goes

Spends 20.5% of cash earnings on expansion; earns 35.9% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2016: growth capex 0; upkeep 207000000; owner earnings 3633000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2017: growth capex 24000000; upkeep 194000000; owner earnings 2793000000. Growth capex / owner earnings = 0.008592910848549946.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2018: growth capex 0; upkeep 225000000; owner earnings 2337000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2019: growth capex 0; upkeep 240000000; owner earnings 5360000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2020: growth capex 113023623.12082314; upkeep 426976376.87917686; owner earnings 5185023623.120823. Growth capex / owner earnings = 0.02179809222408039.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2021: growth capex 0; upkeep 306000000; owner earnings 4430000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2022: growth capex 0; upkeep 440000000; owner earnings 4021800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2023: growth capex 0; upkeep 444000000; owner earnings 5871000000. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/5493006GFBLNB3Y0Y789/2024-12-31/ESEF/SE/0/5493006GFBLNB3Y0Y789-2024-12-31-sv/reports/5493006GFBLNB3Y0Y789-2024-12-31-sv.xhtml (filed 2025-05-08); FY2024: growth capex 0; upkeep 569000000; owner earnings 6009200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2025: growth capex 339915324.60851; upkeep 3759084675.39149; owner earnings 1658515324.60851. Growth capex / owner earnings = 0.20495157299119107.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); Incremental return on capital 0.35872817328033973, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); Dividend observations: [[2016,1077000000],[2017,1277000000],[2018,1437000000],[2019,1598000000],[2020,799000000],[2021,1918000000],[2022,2110000000],[2023,2366000000],[2024,2621000000],[2025,2941000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 76.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); LATO-B.ST SharesStats.PercentInsiders = 76.703 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 6.7% yearly over ten years; actual decline was 8.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); Ten-year compound average after fade. Initial solved rate 0.08253730214949473. Price 205.1; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 6.450652586058317 → FY2025 2.5860487887993546. Closing-price date 2026-10-15.

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

- 2016-10: SEK 83.35 per share

- 2016-11: SEK 84.08 per share

- 2016-12: SEK 85.55 per share

- 2017-01: SEK 83.80 per share

- 2017-02: SEK 90.20 per share

- 2017-03: SEK 89.50 per share

- 2017-04: SEK 100.08 per share

- 2017-05: SEK 100.73 per share

- 2017-06: SEK 105.60 per share

- 2017-07: SEK 102.90 per share

- 2017-08: SEK 100.90 per share

- 2017-09: SEK 110.30 per share

- 2017-10: SEK 116.30 per share

- 2017-11: SEK 102.50 per share

- 2017-12: SEK 100.90 per share

- 2018-01: SEK 100.30 per share

- 2018-02: SEK 97.85 per share

- 2018-03: SEK 94.90 per share

- 2018-04: SEK 96.20 per share

- 2018-05: SEK 95.00 per share

- 2018-06: SEK 96.90 per share

- 2018-07: SEK 97.90 per share

- 2018-08: SEK 106.80 per share

- 2018-09: SEK 110.90 per share

- 2018-10: SEK 110.80 per share

- 2018-11: SEK 113.80 per share

- 2018-12: SEK 112.00 per share

- 2019-01: SEK 112.20 per share

- 2019-02: SEK 121.50 per share

- 2019-03: SEK 124.50 per share

- 2019-04: SEK 134.50 per share

- 2019-05: SEK 126.90 per share

- 2019-06: SEK 136.90 per share

- 2019-07: SEK 132.40 per share

- 2019-08: SEK 131.00 per share

- 2019-09: SEK 129.60 per share

- 2019-10: SEK 130.50 per share

- 2019-11: SEK 143.00 per share

- 2019-12: SEK 152.80 per share

- 2020-01: SEK 160.90 per share

- 2020-02: SEK 150.10 per share

- 2020-03: SEK 141.60 per share

- 2020-04: SEK 146.60 per share

- 2020-05: SEK 168.90 per share

- 2020-06: SEK 169.00 per share

- 2020-07: SEK 179.30 per share

- 2020-08: SEK 192.90 per share

- 2020-09: SEK 210.80 per share

- 2020-10: SEK 207.80 per share

- 2020-11: SEK 225.80 per share

- 2020-12: SEK 199.70 per share

- 2021-01: SEK 187.40 per share

- 2021-02: SEK 192.30 per share

- 2021-03: SEK 226.20 per share

- 2021-04: SEK 259.00 per share

- 2021-05: SEK 283.70 per share

- 2021-06: SEK 280.80 per share

- 2021-07: SEK 336.40 per share

- 2021-08: SEK 300.30 per share

- 2021-09: SEK 272.40 per share

- 2021-10: SEK 311.20 per share

- 2021-11: SEK 341.20 per share

- 2021-12: SEK 368.70 per share

- 2022-01: SEK 286.90 per share

- 2022-02: SEK 264.30 per share

- 2022-03: SEK 301.00 per share

- 2022-04: SEK 263.10 per share

- 2022-05: SEK 239.70 per share

- 2022-06: SEK 202.30 per share

- 2022-07: SEK 251.70 per share

- 2022-08: SEK 211.00 per share

- 2022-09: SEK 185.60 per share

- 2022-10: SEK 186.75 per share

- 2022-11: SEK 204.70 per share

- 2022-12: SEK 197.10 per share

- 2023-01: SEK 219.60 per share

- 2023-02: SEK 217.20 per share

- 2023-03: SEK 210.60 per share

- 2023-04: SEK 221.50 per share

- 2023-05: SEK 214.90 per share

- 2023-06: SEK 213.80 per share

- 2023-07: SEK 212.00 per share

- 2023-08: SEK 199.45 per share

- 2023-09: SEK 192.75 per share

- 2023-10: SEK 192.75 per share

- 2023-11: SEK 234.90 per share

- 2023-12: SEK 262.30 per share

- 2024-01: SEK 263.10 per share

- 2024-02: SEK 262.60 per share

- 2024-03: SEK 281.50 per share

- 2024-04: SEK 269.50 per share

- 2024-05: SEK 291.90 per share

- 2024-06: SEK 286.20 per share

- 2024-07: SEK 314.30 per share

- 2024-08: SEK 308.60 per share

- 2024-09: SEK 316.70 per share

- 2024-10: SEK 293.40 per share

- 2024-11: SEK 277.00 per share

- 2024-12: SEK 275.90 per share

- 2025-01: SEK 290.90 per share

- 2025-02: SEK 291.20 per share

- 2025-03: SEK 272.30 per share

- 2025-04: SEK 260.80 per share

- 2025-05: SEK 252.80 per share

- 2025-06: SEK 249.20 per share

- 2025-07: SEK 250.50 per share

- 2025-08: SEK 240.10 per share

- 2025-09: SEK 222.90 per share

- 2025-10: SEK 242.90 per share

- 2025-11: SEK 225.70 per share

- 2025-12: SEK 225.40 per share

- 2026-01: SEK 222.10 per share

- 2026-02: SEK 230.60 per share

- 2026-03: SEK 201.10 per share

- 2026-04: SEK 209.80 per share

- 2026-05: SEK 199.55 per share

- 2026-06: SEK 192.50 per share

- 2026-07: SEK 200.60 per share

- 2026-08: SEK 201.80 per share

- 2026-09: SEK 202.10 per share

- 2026-10: SEK 204.50 per share

## Annual estimated value (SEK per share)

- FY2016: low SEK 45.44 per share, central SEK 53.91 per share, high SEK 62.47 per share

- FY2017: low SEK 52.04 per share, central SEK 61.35 per share, high SEK 71.27 per share

- FY2018: low SEK 63.33 per share, central SEK 76.61 per share, high SEK 89.13 per share

- FY2019: low SEK 106.96 per share, central SEK 141.02 per share, high SEK 164.85 per share

- FY2020: low SEK 107.85 per share, central SEK 140.33 per share, high SEK 163.22 per share

- FY2021: low SEK 108.30 per share, central SEK 148.32 per share, high SEK 173.62 per share

- FY2022: low SEK 116.27 per share, central SEK 165.25 per share, high SEK 193.78 per share

- FY2023: low SEK 131.84 per share, central SEK 187.18 per share, high SEK 219.41 per share

- FY2024: low SEK 131.27 per share, central SEK 185.89 per share, high SEK 217.69 per share

- FY2025: low SEK 113.38 per share, central SEK 128.58 per share, high SEK 148.81 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 2026-10-15T06:41:05.930Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/5493006GFBLNB3Y0Y789/2024-12-31/ESEF/SE/0/5493006GFBLNB3Y0Y789-2024-12-31-sv/reports/5493006GFBLNB3Y0Y789-2024-12-31-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.

Investment AB Latour (publ)

LATO-B · ST

STOXX Europe 600

Not a wonderful business

1 quality test fails. A lower price would not fix the business.

Share price: SEK 205.10
Buy up to: SEK 131.97
Expected / yr: 7.4% at today's price (10.0% at central value)

The business

How it makes money
Why customers stay
Can it raise prices
Where the cash goes
Are managers owners
What the price says

1. Is this a good business?

Evidence only; not required for Buy

Margins varied 7.3% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 13.1%
Worst year: 11.3%
Latest · 2025: 13.0%

Capital return excluding acquisitions: median 7.6% (minimum 15%), and the second-worst year 6.1% (minimum 10%).

ROIC excluding acquisitions

10y median: 7.6%
Worst year: 5.5%
Latest · 2025: 7.8%

Each $1 of profit left $0.86 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 0.86×
Annual median: 0.97×
Latest · 2025: 0.34×

Per-share value rose from 5.75 to 9.18, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: SEK 7.24
Worst year: SEK 3.66
Latest · 2025: SEK 7.67

Profits were backed by cash: accruals were 0.8% of assets (limit 10%).

Sloan accruals

10y median: 4.9%
Worst year: 11.9%
Latest · 2025: 0.8%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 13.0%, three-year average owner earnings per share 7.04 SEK.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price SEK 83.35 · Value 53.91 · Buy at or below 53.91; 2016-11 · Price SEK 84.08 · Value 53.91 · Buy at or below 53.91; 2016-12 · Price SEK 85.55 · Value 53.91 · Buy at or below 53.91; 2017-01 · Price SEK 83.80 · Value 53.91 · Buy at or below 53.91; 2017-02 · Price SEK 90.20 · Value 61.35 · Buy at or below 61.35; 2017-03 · Price SEK 89.50 · Value 61.35 · Buy at or below 61.35; 2017-04 · Price SEK 100.08 · Value 61.35 · Buy at or below 61.35; 2017-05 · Price SEK 100.72 · Value 61.35 · Buy at or below 61.35; 2017-06 · Price SEK 105.60 · Value 61.35 · Buy at or below 61.35; 2017-07 · Price SEK 102.90 · Value 61.35 · Buy at or below 61.35; 2017-08 · Price SEK 100.90 · Value 61.35 · Buy at or below 61.35; 2017-09 · Price SEK 110.30 · Value 61.35 · Buy at or below 61.35; 2017-10 · Price SEK 116.30 · Value 61.35 · Buy at or below 61.35; 2017-11 · Price SEK 102.50 · Value 61.35 · Buy at or below 61.35; 2017-12 · Price SEK 100.90 · Value 61.35 · Buy at or below 61.35; 2018-01 · Price SEK 100.30 · Value 61.35 · Buy at or below 61.35; 2018-02 · Price SEK 97.85 · Value 76.61 · Buy at or below 76.61; 2018-03 · Price SEK 94.90 · Value 76.61 · Buy at or below 76.61; 2018-04 · Price SEK 96.20 · Value 76.61 · Buy at or below 76.61; 2018-05 · Price SEK 95.00 · Value 76.61 · Buy at or below 76.61; 2018-06 · Price SEK 96.90 · Value 76.61 · Buy at or below 76.61; 2018-07 · Price SEK 97.90 · Value 76.61 · Buy at or below 76.61; 2018-08 · Price SEK 106.80 · Value 76.61 · Buy at or below 76.61; 2018-09 · Price SEK 110.90 · Value 76.61 · Buy at or below 76.61; 2018-10 · Price SEK 110.80 · Value 76.61 · Buy at or below 76.61; 2018-11 · Price SEK 113.80 · Value 76.61 · Buy at or below 76.61; 2018-12 · Price SEK 112.00 · Value 76.61 · Buy at or below 76.61; 2019-01 · Price SEK 112.20 · Value 76.61 · Buy at or below 76.61; 2019-02 · Price SEK 121.50 · Value 141.02 · Buy at or below 141.02; 2019-03 · Price SEK 124.50 · Value 141.02 · Buy at or below 141.02; 2019-04 · Price SEK 134.50 · Value 141.02 · Buy at or below 141.02; 2019-05 · Price SEK 126.90 · Value 141.02 · Buy at or below 141.02; 2019-06 · Price SEK 136.90 · Value 141.02 · Buy at or below 141.02; 2019-07 · Price SEK 132.40 · Value 141.02 · Buy at or below 141.02; 2019-08 · Price SEK 131.00 · Value 141.02 · Buy at or below 141.02; 2019-09 · Price SEK 129.60 · Value 141.02 · Buy at or below 141.02; 2019-10 · Price SEK 130.50 · Value 141.02 · Buy at or below 141.02; 2019-11 · Price SEK 143.00 · Value 141.02 · Buy at or below 141.02; 2019-12 · Price SEK 152.80 · Value 141.02 · Buy at or below 141.02; 2020-01 · Price SEK 160.90 · Value 141.02 · Buy at or below 141.02; 2020-02 · Price SEK 150.10 · Value 140.33 · Buy at or below 140.33; 2020-03 · Price SEK 141.60 · Value 140.33 · Buy at or below 140.33; 2020-04 · Price SEK 146.60 · Value 140.33 · Buy at or below 140.33; 2020-05 · Price SEK 168.90 · Value 140.33 · Buy at or below 140.33; 2020-06 · Price SEK 169.00 · Value 140.33 · Buy at or below 140.33; 2020-07 · Price SEK 179.30 · Value 140.33 · Buy at or below 140.33; 2020-08 · Price SEK 192.90 · Value 140.33 · Buy at or below 140.33; 2020-09 · Price SEK 210.80 · Value 140.33 · Buy at or below 140.33; 2020-10 · Price SEK 207.80 · Value 140.33 · Buy at or below 140.33; 2020-11 · Price SEK 225.80 · Value 140.33 · Buy at or below 140.33; 2020-12 · Price SEK 199.70 · Value 140.33 · Buy at or below 140.33; 2021-01 · Price SEK 187.40 · Value 140.33 · Buy at or below 140.33; 2021-02 · Price SEK 192.30 · Value 148.32 · Buy at or below 148.32; 2021-03 · Price SEK 226.20 · Value 148.32 · Buy at or below 148.32; 2021-04 · Price SEK 259.00 · Value 148.32 · Buy at or below 148.32; 2021-05 · Price SEK 283.70 · Value 148.32 · Buy at or below 148.32; 2021-06 · Price SEK 280.80 · Value 148.32 · Buy at or below 148.32; 2021-07 · Price SEK 336.40 · Value 148.32 · Buy at or below 148.32; 2021-08 · Price SEK 300.30 · Value 148.32 · Buy at or below 148.32; 2021-09 · Price SEK 272.40 · Value 148.32 · Buy at or below 148.32; 2021-10 · Price SEK 311.20 · Value 148.32 · Buy at or below 148.32; 2021-11 · Price SEK 341.20 · Value 148.32 · Buy at or below 148.32; 2021-12 · Price SEK 368.70 · Value 148.32 · Buy at or below 148.32; 2022-01 · Price SEK 286.90 · Value 148.32 · Buy at or below 148.32; 2022-02 · Price SEK 264.30 · Value 165.25 · Buy at or below 165.25; 2022-03 · Price SEK 301.00 · Value 165.25 · Buy at or below 165.25; 2022-04 · Price SEK 263.10 · Value 165.25 · Buy at or below 165.25; 2022-05 · Price SEK 239.70 · Value 165.25 · Buy at or below 165.25; 2022-06 · Price SEK 202.30 · Value 165.25 · Buy at or below 165.25; 2022-07 · Price SEK 251.70 · Value 165.25 · Buy at or below 165.25; 2022-08 · Price SEK 211.00 · Value 165.25 · Buy at or below 165.25; 2022-09 · Price SEK 185.60 · Value 165.25 · Buy at or below 165.25; 2022-10 · Price SEK 186.75 · Value 165.25 · Buy at or below 165.25; 2022-11 · Price SEK 204.70 · Value 165.25 · Buy at or below 165.25; 2022-12 · Price SEK 197.10 · Value 165.25 · Buy at or below 165.25; 2023-01 · Price SEK 219.60 · Value 165.25 · Buy at or below 165.25; 2023-02 · Price SEK 217.20 · Value 187.18 · Buy at or below 187.18; 2023-03 · Price SEK 210.60 · Value 187.18 · Buy at or below 187.18; 2023-04 · Price SEK 221.50 · Value 187.18 · Buy at or below 187.18; 2023-05 · Price SEK 214.90 · Value 187.18 · Buy at or below 187.18; 2023-06 · Price SEK 213.80 · Value 187.18 · Buy at or below 187.18; 2023-07 · Price SEK 212.00 · Value 187.18 · Buy at or below 187.18; 2023-08 · Price SEK 199.45 · Value 187.18 · Buy at or below 187.18; 2023-09 · Price SEK 192.75 · Value 187.18 · Buy at or below 187.18; 2023-10 · Price SEK 192.75 · Value 187.18 · Buy at or below 187.18; 2023-11 · Price SEK 234.90 · Value 187.18 · Buy at or below 187.18; 2023-12 · Price SEK 262.30 · Value 187.18 · Buy at or below 187.18; 2024-01 · Price SEK 263.10 · Value 187.18 · Buy at or below 187.18; 2024-02 · Price SEK 262.60 · Value 185.89 · Buy at or below 185.89; 2024-03 · Price SEK 281.50 · Value 185.89 · Buy at or below 185.89; 2024-04 · Price SEK 269.50 · Value 185.89 · Buy at or below 185.89; 2024-05 · Price SEK 291.90 · Value 185.89 · Buy at or below 185.89; 2024-06 · Price SEK 286.20 · Value 185.89 · Buy at or below 185.89; 2024-07 · Price SEK 314.30 · Value 185.89 · Buy at or below 185.89; 2024-08 · Price SEK 308.60 · Value 185.89 · Buy at or below 185.89; 2024-09 · Price SEK 316.70 · Value 185.89 · Buy at or below 185.89; 2024-10 · Price SEK 293.40 · Value 185.89 · Buy at or below 185.89; 2024-11 · Price SEK 277.00 · Value 185.89 · Buy at or below 185.89; 2024-12 · Price SEK 275.90 · Value 185.89 · Buy at or below 185.89; 2025-01 · Price SEK 290.90 · Value 185.89 · Buy at or below 185.89; 2025-02 · Price SEK 291.20 · Value 128.58 · Buy at or below 128.58; 2025-03 · Price SEK 272.30 · Value 128.58 · Buy at or below 128.58; 2025-04 · Price SEK 260.80 · Value 128.58 · Buy at or below 128.58; 2025-05 · Price SEK 252.80 · Value 128.58 · Buy at or below 128.58; 2025-06 · Price SEK 249.20 · Value 128.58 · Buy at or below 128.58; 2025-07 · Price SEK 250.50 · Value 128.58 · Buy at or below 128.58; 2025-08 · Price SEK 240.10 · Value 128.58 · Buy at or below 128.58; 2025-09 · Price SEK 222.90 · Value 128.58 · Buy at or below 128.58; 2025-10 · Price SEK 242.90 · Value 128.58 · Buy at or below 128.58; 2025-11 · Price SEK 225.70 · Value 128.58 · Buy at or below 128.58; 2025-12 · Price SEK 225.40 · Value 128.58 · Buy at or below 128.58; 2026-01 · Price SEK 222.10 · Value 128.58 · Buy at or below 128.58; 2026-02 · Price SEK 230.60 · Value 131.97 · Buy at or below 131.97; 2026-03 · Price SEK 201.10 · Value 131.97 · Buy at or below 131.97; 2026-04 · Price SEK 209.80 · Value 131.97 · Buy at or below 131.97; 2026-05 · Price SEK 199.55 · Value 131.97 · Buy at or below 131.97; 2026-06 · Price SEK 192.50 · Value 131.97 · Buy at or below 131.97; 2026-07 · Price SEK 200.60 · Value 131.97 · Buy at or below 131.97; 2026-08 · Price SEK 201.80 · Value 131.97 · Buy at or below 131.97; 2026-09 · Price SEK 202.10 · Value 131.97 · Buy at or below 131.97; 2026-10 · Price SEK 204.50 · Value 131.97 · Buy at or below 131.97; 2026-10 · Price SEK 205.10 · Value 131.97 · Buy at or below 131.97

SEK per share · annual estimates

Price & return math
Value range	SEK 116.79 – SEK 152.19
Buy at or below	Central value SEK 131.97
Discount to value	1 − 205.10 / 131.97 = -55.4%
Return / year	About 7.4% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash SEK 10.08/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash SEK 6.64/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueSEK 28B

Revenue

Owner earningsSEK 1.7B

Owner earnings

Operating margin13.0%

Operating margin

Net cash / debtSEK -17B

Net cash / debt

Diluted shares641M

Diluted shares

Prices 15 Oct 2026 · FY2025Original filing ↗ ·