Financial Services · Asset Management · Nasdaq Stockholm · Sweden
kr 505.50+0.20%
Market cap kr 218.3BNext earnings 2025-07-08Updated Oct 22, 2026
Our verdict
Trades 63% above our fair value
Price
kr 505.50
Model fair valueConfidence: good
kr 310
Model range
kr 200 to kr 441
Fair value kr 310
Price kr 506
2 models fit AB Industrivärden (publ) and they disagree: 0 of 2 land within 15% of the average. The price is above every model.
Two or more of our models back this value.
Large premium(i)Bronze50
Valued as a fund or holding company: Net asset value, Dividend discount, and P/E comparison.
ACCE opinionAB Industrivärden (publ) (INDU-A.ST)
Fair value (2 models)
kr 310
ACCE price target
kr 511
Rating
Overvalued
Horizon
12 months
Fair value published on 22 Oct 2026, 12:04 CEST.
ACCE price target published on 22 Oct 2026, 16:00 CEST.
Rating published on 22 Oct 2026, 12:04 CEST.
Price used: kr 506 at the close on 23 Oct 2026, 17:30 CEST.
Models: P/E comparison and Net asset value.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
Price vs fair value
63.1% above
-38.7% to fair value
ACCE score
82
out of 100
P/E
4.1x
forward 18.7x
1-year return
+27.8%
Dividend yield
1.73%
AB Industrivärden (publ) in four questions
Plain answers, details below
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Overview
ACCE thesis
AB Industrivärden is a Swedish holding company whose main assets are sizeable stakes in listed Nordic industrials, most notably Volvo, Sandvik and SCA, alongside its own asset management business. Its edge is structural: a long-held, concentrated portfolio of controlling and anchor positions that compounds through dividends, reinvestment and occasional disposals rather than trading. The reported 1,198% revenue growth and 102.5% operating margin reflect investment gains and fair-value movements on those holdings, not operating sales, so the headline ratios are best read as a mark on the portfolio. A trailing P/E of 4.0 against a forward P/E of 18.6 signals that earnings are lumpy and depend on the timing of portfolio valuation changes, which makes the forward figure the more useful anchor for a deeper look. ROE of 27.2% on a market capitalisation of 217.9B SEK is worth testing against the look-through value of the underlying stakes, which is the first thing to verify before any position is considered.
⚠ Investor warnings · 2 flagsAI-assisted·How I use AI
moderate
Earnings-driven growth optics
Revenue up 1197.9% and earnings up 1235.6% year over year, against a 5y revenue CAGR of just 2.3%. This is a single-period spike, likely from investment gains, not sustained operating growth.
moderate
Forward P/E far above trailing
Trailing P/E of 4.1 against a forward P/E of 30.5 implies earnings are expected to fall sharply from the current level. The trailing multiple flatters the stock.
AI research notes
AI-assisted·How I use AIWritten Oct 22, 2026 · figures from 2026-09-30 · prices to Oct 23, 2026
Why it could do well
Return on equity of 27.2% shows the business earns strong returns on the capital shareholders have put in.
Free cash flow of SEK 9.2B over the last twelve months gives the company substantial cash to fund dividends and investments.
Debt to equity of 0.04 means the company carries very little borrowing relative to its equity base.
Why it could disappoint
The 5-year average revenue growth of 2.3% per year is modest, so the top line has not expanded quickly.
The forward P/E of 30.5x sits far above the trailing P/E of 4.1x, so earnings would need to fall sharply for the multiples to line up.
The analysts' mean price target of SEK 514.50 sits only 0.7% above the share price, leaving little upside in the consensus view.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.
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Valuation
INVESTOR
Where INDU-A.ST's valuation models land
Price
kr 505.50
Model fair value
kr 310
Model range
kr 200 to kr 441
Fair value kr 310
Price kr 506
The price is above the whole model range.
Model
Fair value
Upside
Net asset value
Dividend discount
P/E comparison
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Quality
INVESTOR
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Analysts
Wall Street consensus
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Analyst intelligence INVESTOR FEATURE
The full analyst picture: the price-target distribution against the current price, forward consensus estimates, and how ACCE's own models compare.
+Price-target low / average / high vs the current price, with implied upside
+Forward revenue and EPS consensus by fiscal year
+ACCE fair-value models lined up against the Street
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