# L E Lundbergföretagen (LUND-B.ST)

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

Analysis as of: 2026-10-16T07:35:15.944Z. 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 567.50 per share; close as of 2026-10-15.

Estimated value: low SEK 286.31 per share, central SEK 325.34 per share, high SEK 377.29 per share. Buy at or below the central value SEK 325.34 per share. Valuation as of 2026-10-16T07:35:15.944Z; scenarios are not confidence intervals.

Expected annual return: 6.9% at the stated quote. About 6.9% 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: fail

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 0

- Operating margin variation: 0.54×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.85×

- FY2017: 0.54×

- FY2018: 0.39×

- FY2019: 1.02×

- FY2020: 0.22×

- FY2021: 0.67×

- FY2022: 0.26×

- FY2023: 0.32×

- FY2024: 0.33×

- FY2025: 0.27×

### moat: fail

- ROIC median below threshold

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

- Recent gross margin fell 32.3pp below the typical margin (limit 4pp)

- ROIC, median of available years: 8.6%

- ROIC, second-lowest year: 4.8%

- Typical minus recent gross margin: 32.3 pp

- Typical gross margin (annual median): 50.5%

- Recent gross margin (lower of latest and 3-year median): 18.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 5.3%

- ROIC including acquisitions, ten-year median: 5.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 22.2%

- FY2017: 12.8%

- FY2018: 9.8%

- FY2019: 20.1%

- FY2020: 4.2%

- FY2021: 12.8%

- FY2022: 5.1%

- FY2023: 7.3%

- FY2024: 6.7%

- FY2025: 4.8%

### economics: fail

- incremental invested capital return below threshold

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

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: SEK 33B

- Net income, five-year total: SEK 39B

- Return on incremental invested capital: 3.2%

- Working capital / revenue, annual change: 0.6 pp

- Working capital / revenue, change between three-year averages: 4.0 pp

- Working capital / revenue, final three-year average: 20.9%

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

- FY2021: 0.98×

- FY2022: 0.98×

- FY2023: 0.94×

- FY2024: 0.93×

- FY2025: 0.65×

### management: pass

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

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 12.8% vs 6.7%

- Per-share earnings: 26.95 to 29.25 (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: 0.0%

- Market cap gain: SEK 58B

- Cumulative retained earnings: SEK 55B

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

- Diluted shares, 5-year annual growth: 0.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 1.0%

- Per-share value change: SEK 2.30

- Per-share value, starting three-year median: SEK 26.95

- Per-share value, ending three-year median: SEK 29.25

- Buybacks concentrated in cheaper years (correlation): 0.90

- Average buyback yield: 1.1%

- Buyback history: 5 years

- Debt-funded buybacks: No

- Acquisition spending: SEK 1.1B

- Cumulative net income, 10 years: SEK 77B

- ROIC, first three-year median: 12.8%

- ROIC, last three-year median: 6.7%

Chart: Earnings per share; fiscal year observations.

- FY2016: SEK 49.38

- FY2017: SEK 26.95

- FY2018: SEK 14.48

- FY2019: SEK 48.10

- FY2020: SEK 14.48

- FY2021: SEK 45.76

- FY2022: SEK 6.10

- FY2023: SEK 29.25

- FY2024: SEK 25.51

- FY2025: SEK 48.70

### accounting: pass

- Sloan accruals: 1.6%

- Receivables to sales index (DSRI): 0.95×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.68×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.01×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 6.4%

- FY2017: 1.2%

- FY2018: -1.1%

- FY2019: 3.3%

- FY2020: -0.3%

- FY2021: 2.4%

- FY2022: -3.4%

- FY2023: -1.2%

- FY2024: -0.6%

- FY2025: 1.6%

## Holders

## Price story

Price needs cash profits to grow 7.9% a year for ten years · sales -7.3%

Story as of 2026-10-16T10:00:04.250Z; price observation 2026-10-15.

Price needs cash profits to grow 7.9% a year for ten years

### Sales · FY2024–2025

sales -7.3%; source https://filings.xbrl.org/529900BPSFZS6O3A9R04/2024-12-31/ESEF/SE/0/lund-2024-12-31-0-sv/reports/lund-2024-12-31-0-sv.xhtml; observed 2025-05-08.

- FY2016: SEK 21B 

- FY2017: SEK 22B 

- FY2018: SEK 21B 

- FY2019: SEK 23B 

- FY2020: SEK 21B 

- FY2021: SEK 26B 

- FY2022: SEK 31B 

- FY2023: SEK 31B 

- FY2024: SEK 31B 

- FY2025: SEK 29B 

### Gross margin · FY2025

gross margin 18.2%; source https://filings.xbrl.org/529900BPSFZS6O3A9R04/2024-12-31/ESEF/SE/0/lund-2024-12-31-0-sv/reports/lund-2024-12-31-0-sv.xhtml; observed 2025-05-08.

- FY2016: 45.4% 

- FY2017: 45.8% 

- FY2018: 53.8% 

- FY2019: 89.7% 

- FY2020: 51.0% 

- FY2021: 51.2% 

- FY2022: 58.6% 

- FY2023: 50.0% 

- FY2024: 48.1% 

- FY2025: 18.2% 

## Owner memo

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

### How it makes money

Operates in conglomerates; annual sales are SEK 29.1 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2025: revenue 29071000000; grossProfit 5283000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); LUND-B.ST: L E Lundbergföretagen AB (publ) engages in the manufacture and sale of paperboard, paper, and sawn timber products worldwide. The company operates through Lundberg's Real Estate Operations, Equity Management, Holmen, and Hufvudstaden segments. It is involved in the real estate, forest, and power operations; and provision of equity management services, including securities trading. The company also owns and manages office and retail properties. The company was founded in 1944 and is headquartered in Stockholm, Sweden.

### Why customers stay

Margins ranged from 18.2% to 50% during 2023–25; it earns 8.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2023: grossProfit / revenue = 50%.

- Source: https://filings.xbrl.org/529900BPSFZS6O3A9R04/2024-12-31/ESEF/SE/0/lund-2024-12-31-0-sv/reports/lund-2024-12-31-0-sv.xhtml (filed 2025-05-08); FY2024: grossProfit / revenue = 48.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2025: grossProfit / revenue = 18.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); 10-year return on capital observations [[2016,0.22207874420770893],[2017,0.1282288803960974],[2018,0.09806311325649344],[2019,0.20142114316660514],[2020,0.041738853040142035],[2021,0.1276004021418664],[2022,0.051387921602213046],[2023,0.07299704848049592],[2024,0.06662626776757961],[2025,0.047782299833588275]]; median 0.08553008086849467. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back SEK 2.7 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2016: growth capex 0; upkeep 792000000; owner earnings 12477000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2017: growth capex 0; upkeep 699000000; owner earnings 6983000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2018: growth capex 0; upkeep 1122000000; owner earnings 3491000000. 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 1033000000; owner earnings 11863800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2020: growth capex 0; upkeep 1160000000; owner earnings 3427600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2021: growth capex 395000000; upkeep 1304000000; owner earnings 11180000000. Growth capex / owner earnings = 0.0353309481216458.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2022: growth capex 0; upkeep 1385000000; owner earnings 1489448648.6486487. 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 1659000000; owner earnings 6822800000. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/529900BPSFZS6O3A9R04/2024-12-31/ESEF/SE/0/lund-2024-12-31-0-sv/reports/lund-2024-12-31-0-sv.xhtml (filed 2025-05-08); FY2024: growth capex 292979534.0002222; upkeep 1821020465.9997778; owner earnings 5885810547.926685. Growth capex / owner earnings = 0.04977726204650371.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2025: growth capex 0; upkeep 6369000000; owner earnings 7814118771.236391. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); Dividend observations: [[2016,657000000],[2017,694000000],[2018,744000000],[2019,794000000],[2020,868000000],[2021,868000000],[2022,930000000],[2023,992000000],[2024,1066000000],[2025,1141000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2025: cash repurchases 2667000000 SEK.

### Are managers owners

Insiders own 52.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); LUND-B.ST SharesStats.PercentInsiders = 52.34799999999999 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 7.9% yearly over ten years; actual growth was 5.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); Ten-year compound average after fade. Initial solved rate 0.10093452096697797. Price 567.5; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 19.13698326722107 → FY2025 31.504859396426994. Closing-price date 2026-10-15.

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

- 2016-10: SEK 292.50 per share

- 2016-11: SEK 265.75 per share

- 2016-12: SEK 279.25 per share

- 2017-01: SEK 281.50 per share

- 2017-02: SEK 292.75 per share

- 2017-03: SEK 303.75 per share

- 2017-04: SEK 320.75 per share

- 2017-05: SEK 341.25 per share

- 2017-06: SEK 332.50 per share

- 2017-07: SEK 317.75 per share

- 2017-08: SEK 307.75 per share

- 2017-09: SEK 325.50 per share

- 2017-10: SEK 326.75 per share

- 2017-11: SEK 307.00 per share

- 2017-12: SEK 306.50 per share

- 2018-01: SEK 318.00 per share

- 2018-02: SEK 310.75 per share

- 2018-03: SEK 299.00 per share

- 2018-04: SEK 297.50 per share

- 2018-05: SEK 284.80 per share

- 2018-06: SEK 275.20 per share

- 2018-07: SEK 287.40 per share

- 2018-08: SEK 307.20 per share

- 2018-09: SEK 299.60 per share

- 2018-10: SEK 282.40 per share

- 2018-11: SEK 272.00 per share

- 2018-12: SEK 261.20 per share

- 2019-01: SEK 279.00 per share

- 2019-02: SEK 284.80 per share

- 2019-03: SEK 294.00 per share

- 2019-04: SEK 324.60 per share

- 2019-05: SEK 312.00 per share

- 2019-06: SEK 347.60 per share

- 2019-07: SEK 358.60 per share

- 2019-08: SEK 367.60 per share

- 2019-09: SEK 370.40 per share

- 2019-10: SEK 363.40 per share

- 2019-11: SEK 379.60 per share

- 2019-12: SEK 411.00 per share

- 2020-01: SEK 418.60 per share

- 2020-02: SEK 397.00 per share

- 2020-03: SEK 407.20 per share

- 2020-04: SEK 412.20 per share

- 2020-05: SEK 467.20 per share

- 2020-06: SEK 422.80 per share

- 2020-07: SEK 409.80 per share

- 2020-08: SEK 395.00 per share

- 2020-09: SEK 444.20 per share

- 2020-10: SEK 400.60 per share

- 2020-11: SEK 439.20 per share

- 2020-12: SEK 440.60 per share

- 2021-01: SEK 440.20 per share

- 2021-02: SEK 420.20 per share

- 2021-03: SEK 476.80 per share

- 2021-04: SEK 483.80 per share

- 2021-05: SEK 521.40 per share

- 2021-06: SEK 552.20 per share

- 2021-07: SEK 614.40 per share

- 2021-08: SEK 550.80 per share

- 2021-09: SEK 482.60 per share

- 2021-10: SEK 494.60 per share

- 2021-11: SEK 496.10 per share

- 2021-12: SEK 508.00 per share

- 2022-01: SEK 472.60 per share

- 2022-02: SEK 460.80 per share

- 2022-03: SEK 480.60 per share

- 2022-04: SEK 464.00 per share

- 2022-05: SEK 480.70 per share

- 2022-06: SEK 415.90 per share

- 2022-07: SEK 480.30 per share

- 2022-08: SEK 442.00 per share

- 2022-09: SEK 404.40 per share

- 2022-10: SEK 436.20 per share

- 2022-11: SEK 452.80 per share

- 2022-12: SEK 444.10 per share

- 2023-01: SEK 482.30 per share

- 2023-02: SEK 486.70 per share

- 2023-03: SEK 468.70 per share

- 2023-04: SEK 490.90 per share

- 2023-05: SEK 451.40 per share

- 2023-06: SEK 458.80 per share

- 2023-07: SEK 463.80 per share

- 2023-08: SEK 445.80 per share

- 2023-09: SEK 457.00 per share

- 2023-10: SEK 454.70 per share

- 2023-11: SEK 510.20 per share

- 2023-12: SEK 548.20 per share

- 2024-01: SEK 544.60 per share

- 2024-02: SEK 563.00 per share

- 2024-03: SEK 579.40 per share

- 2024-04: SEK 548.00 per share

- 2024-05: SEK 533.00 per share

- 2024-06: SEK 524.00 per share

- 2024-07: SEK 541.00 per share

- 2024-08: SEK 563.00 per share

- 2024-09: SEK 581.00 per share

- 2024-10: SEK 526.50 per share

- 2024-11: SEK 529.00 per share

- 2024-12: SEK 501.00 per share

- 2025-01: SEK 534.50 per share

- 2025-02: SEK 536.00 per share

- 2025-03: SEK 502.00 per share

- 2025-04: SEK 509.50 per share

- 2025-05: SEK 489.60 per share

- 2025-06: SEK 471.60 per share

- 2025-07: SEK 478.60 per share

- 2025-08: SEK 478.80 per share

- 2025-09: SEK 488.40 per share

- 2025-10: SEK 509.00 per share

- 2025-11: SEK 502.00 per share

- 2025-12: SEK 511.50 per share

- 2026-01: SEK 530.00 per share

- 2026-02: SEK 593.00 per share

- 2026-03: SEK 532.00 per share

- 2026-04: SEK 532.00 per share

- 2026-05: SEK 545.00 per share

- 2026-06: SEK 558.50 per share

- 2026-07: SEK 571.50 per share

- 2026-08: SEK 588.50 per share

- 2026-09: SEK 579.50 per share

- 2026-10: SEK 568.50 per share

## Annual estimated value (SEK per share)

- FY2016: low SEK 169.15 per share, central SEK 191.54 per share, high SEK 221.35 per share

- FY2017: low SEK 213.86 per share, central SEK 242.76 per share, high SEK 281.24 per share

- FY2018: low SEK 215.57 per share, central SEK 244.41 per share, high SEK 282.81 per share

- FY2019: low SEK 348.20 per share, central SEK 404.57 per share, high SEK 468.69 per share

- FY2020: low SEK 307.57 per share, central SEK 349.31 per share, high SEK 404.89 per share

- FY2021: low SEK 393.24 per share, central SEK 461.81 per share, high SEK 536.20 per share

- FY2022: low SEK 227.34 per share, central SEK 258.37 per share, high SEK 299.67 per share

- FY2023: low SEK 337.34 per share, central SEK 426.89 per share, high SEK 497.96 per share

- FY2024: low SEK 288.41 per share, central SEK 362.23 per share, high SEK 422.57 per share

- FY2025: low SEK 288.49 per share, central SEK 327.82 per share, high SEK 380.18 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 2026-10-15T06:40:58.544Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/529900BPSFZS6O3A9R04/2024-12-31/ESEF/SE/0/lund-2024-12-31-0-sv/reports/lund-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.

## Reported holder observations