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AB Industrivärden

DB:IDVA
Snowflake Description

Adequate balance sheet and fair value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
IDVA
DB
SEK90B
Market Cap
  1. Home
  2. DE
  3. Diversified Financials
Company description

Aktiebolaget Industrivärden is a publicly owned investment manager. The last earnings update was 9 days ago. More info.


Add to Portfolio Compare Print
  • AB Industrivärden is a fund or ETF! Currently our data availability for these is poor, we only recommend using them as part of a portfolio.
IDVA Share Price and Events
7 Day Returns
-1.2%
DB:IDVA
5%
DE Diversified Financial
2.8%
DE Market
1 Year Returns
3.1%
DB:IDVA
1.4%
DE Diversified Financial
3%
DE Market
IDVA Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
AB Industrivärden (IDVA) -1.2% -8.7% -9.2% 3.1% 8.6% 39%
DE Diversified Financial 5% 7.8% -5% 1.4% 75.8% 333.7%
DE Market 2.8% 0.2% 1.3% 3% 8% 23.6%
1 Year Return vs Industry and Market
  • IDVA outperformed the Diversified Financial industry which returned 1.4% over the past year.
  • IDVA matched the Germany Market (3%) over the past year.
Price Volatility
IDVA
Industry
5yr Volatility vs Market

Value

 Is AB Industrivärden undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of AB Industrivärden to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for AB Industrivärden.

DB:IDVA Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Median Return on Equity from the past 5 years.
= Stable Book Value * Return on Equity
= SEK220.31 * 10.8%
SEK23.87
Book Value of Equity per Share Median Book Value from the past 5 years. SEK220.31
Discount Rate (Cost of Equity) See below 5.2%
Perpetual Growth Rate 10-Year DE Government Bond Rate 0.2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:IDVA
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6%
Diversified Financial Unlevered Beta Simply Wall St/ S&P Global 0.72
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.72 (1 + (1- 22%) (4.45%))
0.829
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.83
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (0.829 * 5.96%)
5.17%

Discounted Cash Flow Calculation for DB:IDVA using Excess Returns Model Model

The calculations below outline how an intrinsic value for AB Industrivärden is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

DB:IDVA Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (10.8% – 5.17%) * SEK220.31)
SEK12.49
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= SEK12.49 / (5.17% - 0.23%)
SEK252.75
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= SEK220.31 + SEK252.75
SEK473.06
DB:IDVA Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:IDVA represents 0.08951x of OM:INDU A
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.08951x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (SEK) x Listing Adjustment Factor
= SEK 473.06 x 0.08951
€42.34
Value per share (EUR) From above. €42.34
Current discount Discount to share price of €18.69
= -1 x (€18.69 - €42.34) / €42.34
55.9%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price AB Industrivärden is available for.
Intrinsic value
>50%
Share price is €18.69 vs Future cash flow value of €42.34
Current Discount Checks
For AB Industrivärden to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • AB Industrivärden's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • AB Industrivärden's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for AB Industrivärden's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are AB Industrivärden's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:IDVA PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-09-30) in SEK SEK1.49
OM:INDU A Share Price ** OM (2019-10-11) in SEK SEK208.8
Germany Diversified Financial Industry PE Ratio Median Figure of 6 Publicly-Listed Diversified Financial Companies 27.82x
Germany Market PE Ratio Median Figure of 417 Publicly-Listed Companies 19.72x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of AB Industrivärden.

DB:IDVA PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= OM:INDU A Share Price ÷ EPS (both in SEK)

= 208.8 ÷ 1.49

139.81x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • AB Industrivärden is overvalued based on earnings compared to the DE Diversified Financial industry average.
  • AB Industrivärden is overvalued based on earnings compared to the Germany market.
Price based on expected Growth
Does AB Industrivärden's expected growth come at a high price?
Raw Data
DB:IDVA PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 139.81x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
Not available
Europe Diversified Financial Industry PEG Ratio Median Figure of 13 Publicly-Listed Diversified Financial Companies 1.81x
Germany Market PEG Ratio Median Figure of 265 Publicly-Listed Companies 1.39x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for AB Industrivärden, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on AB Industrivärden's assets?
Raw Data
DB:IDVA PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-09-30) in SEK SEK231.23
OM:INDU A Share Price * OM (2019-10-11) in SEK SEK208.8
Germany Diversified Financial Industry PB Ratio Median Figure of 9 Publicly-Listed Diversified Financial Companies 3.77x
Germany Market PB Ratio Median Figure of 598 Publicly-Listed Companies 1.74x
DB:IDVA PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= OM:INDU A Share Price ÷ Book Value per Share (both in SEK)

= 208.8 ÷ 231.23

0.9x

* Primary Listing of AB Industrivärden.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • AB Industrivärden is good value based on assets compared to the DE Diversified Financial industry average.
X
Value checks
We assess AB Industrivärden's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Diversified Financial industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Diversified Financial industry average (and greater than 0)? (1 check)
  5. AB Industrivärden has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is AB Industrivärden expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as AB Industrivärden has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by Simply Wall St do have past financial data. You can see them here.

Show me the analysis anyway

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
17.3%
Expected Diversified Financial industry annual growth in earnings.
Earnings growth vs Low Risk Savings
Is AB Industrivärden expected to grow at an attractive rate?
  • Unable to compare AB Industrivärden's earnings growth to the low risk savings rate as no estimate data is available.
Growth vs Market Checks
  • Unable to compare AB Industrivärden's earnings growth to the Germany market average as no estimate data is available.
  • Unable to compare AB Industrivärden's revenue growth to the Germany market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
DB:IDVA Future Growth Rates Data Sources
Data Point Source Value (per year)
Germany Diversified Financial Industry Earnings Growth Rate Market Cap Weighted Average 17.3%
Europe Diversified Financial Industry Revenue Growth Rate Market Cap Weighted Average 0.6%
Germany Market Earnings Growth Rate Market Cap Weighted Average 12.8%
Germany Market Revenue Growth Rate Market Cap Weighted Average 5%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:IDVA Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 week ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
All numbers in SEK Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:IDVA Future Estimates Data
Date (Data in SEK Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2019-12-31
2019-10-13
DB:IDVA Past Financials Data
Date (Data in SEK Millions) Revenue Cash Flow Net Income *
2019-09-30 803 3,762 650
2019-06-30 10,539 3,804 10,397
2019-03-31 5,587 1,918 5,443
2018-12-31 -8,190 3,492 -8,330
2018-09-30 9,597 3,596 9,464
2018-06-30 4,751 3,598 4,611
2018-03-31 6,848 3,221 6,699
2017-12-31 15,743 2,594 15,555
2017-09-30 21,842 2,565 21,610
2017-06-30 27,389 2,556 27,111
2017-03-31 23,983 2,744 23,680
2016-12-31 16,765 2,854 16,451

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Unable to determine if AB Industrivärden is high growth as no earnings estimate data is available.
  • Unable to determine if AB Industrivärden is high growth as no revenue estimate data is available.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:IDVA Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 week ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below

All data from AB Industrivärden Company Filings, last reported 1 week ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:IDVA Future Estimates Data
Date (Data in SEK Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2019-12-31
2019-10-13
DB:IDVA Past Financials Data
Date (Data in SEK Millions) EPS *
2019-09-30 1.49
2019-06-30 23.89
2019-03-31 12.51
2018-12-31 -19.14
2018-09-30 21.75
2018-06-30 10.60
2018-03-31 15.39
2017-12-31 35.76
2017-09-30 49.77
2017-06-30 62.51
2017-03-31 54.71
2016-12-31 38.05

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if AB Industrivärden will efficiently use shareholders’ funds in the future without estimates of Return on Equity.

Next steps:

  1. Examine whether AB Industrivärden is trading at AB Industrivärden'san attractive price based on how much it is expected to earn in the future, and relative to its industry peers and the wider market.
  2. AB Industrivärden's future outlook can be gauged by looking at industry trends and market size, and determining how well-positioned the company is compared to its competitors. Take a look at other high-growth Diversified Financials companies here
  3. AB Industrivärden's competitive advantages and company strategy can generally be found in its financial reports archived here.
  4. Use fundamentals to screen for another stock to analyse from our database of over 75,000 companies worldwide
X
Future performance checks
We assess AB Industrivärden's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Germany market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
AB Industrivärden has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has AB Industrivärden performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare AB Industrivärden's growth in the last year to its industry (Diversified Financial).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • AB Industrivärden's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • AB Industrivärden's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • AB Industrivärden's 1-year earnings growth is negative, it can't be compared to the Europe Diversified Financial industry average.
Earnings and Revenue History
AB Industrivärden's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from AB Industrivärden Company Filings, last reported 1 week ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:IDVA Past Revenue, Cash Flow and Net Income Data
Date (Data in SEK Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-09-30 803.00 650.00 123.00
2019-06-30 10,539.00 10,397.00 115.00
2019-03-31 5,587.00 5,443.00 121.00
2018-12-31 -8,190.00 -8,330.00 121.00
2018-09-30 9,597.00 9,464.00 119.00
2018-06-30 4,751.00 4,611.00 126.00
2018-03-31 6,848.00 6,699.00 115.00
2017-12-31 15,743.00 15,555.00 111.00
2017-09-30 21,842.00 21,610.00 108.00
2017-06-30 27,389.00 27,111.00 107.00
2017-03-31 23,983.00 23,680.00 107.00
2016-12-31 16,765.00 16,451.00 112.00
2016-09-30 10,712.00 10,389.00 114.00
2016-06-30 -2,898.00 -3,237.00 118.00
2016-03-31 -5,024.00 -5,460.00 109.00
2015-12-31 3,590.00 3,104.00 139.00
2015-09-30 5,339.00 4,818.00 149.00
2015-06-30 10,392.00 9,855.00 153.00
2015-03-31 11,829.00 11,336.00 171.00
2014-12-31 5,789.00 5,265.00 146.00
2014-09-30 7,608.00 6,958.00 238.00
2014-06-30 12,986.00 12,331.00 204.00
2014-03-31 10,369.00 9,654.00 166.00
2013-12-31 12,840.00 12,140.00 130.00
2013-09-30 11,798.00 11,071.00 123.00
2013-06-30 11,186.00 10,441.00 123.00
2013-03-31 12,019.00 11,292.00 123.00
2012-12-31 11,714.00 11,008.00 123.00

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • AB Industrivärden has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • AB Industrivärden used its assets less efficiently than the DE Diversified Financial industry average last year based on Return on Assets.
  • AB Industrivärden's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess AB Industrivärden's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Diversified Financial industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
AB Industrivärden has a total score of 0/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is AB Industrivärden's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up AB Industrivärden's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • AB Industrivärden's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • AB Industrivärden's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of AB Industrivärden's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is not covered by short term assets, assets are 0.1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from AB Industrivärden Company Filings, last reported 1 week ago.

DB:IDVA Past Debt and Equity Data
Date (Data in SEK Millions) Total Equity Total Debt Cash & Short Term Investments
2019-09-30 100,633.00 4,013.00 217.00
2019-06-30 104,008.00 3,420.00 581.00
2019-03-31 100,422.00 5,162.00 568.00
2018-12-31 85,142.00 7,564.00 786.00
2018-09-30 102,499.00 7,697.00 120.00
2018-06-30 96,127.00 8,236.00 245.00
2018-03-31 97,387.00 10,360.00
2017-12-31 95,880.00 11,815.00 613.00
2017-09-30 95,431.00 11,001.00
2017-06-30 93,912.00 10,998.00
2017-03-31 92,974.00 12,136.00 660.00
2016-12-31 82,129.00 12,807.00 823.00
2016-09-30 75,633.00 12,698.00 931.00
2016-06-30 68,613.00 12,347.00 314.00
2016-03-31 70,984.00 12,372.00 1,115.00
2015-12-31 67,850.00 13,312.00 5.00
2015-09-30 67,376.00 13,419.00 153.00
2015-06-30 73,972.00 14,162.00 793.00
2015-03-31 79,105.00 15,398.00 270.00
2014-12-31 67,406.00 15,571.00
2014-09-30 65,272.00 15,493.00 115.00
2014-06-30 66,834.00 15,475.00 959.00
2014-03-31 65,385.00 17,690.00 438.00
2013-12-31 59,280.00 17,601.00 490.00
2013-09-30 55,420.00 17,386.00 814.00
2013-06-30 51,616.00 18,051.00 649.00
2013-03-31 56,562.00 18,563.00 523.00
2012-12-31 48,378.00 18,540.00 141.00
  • AB Industrivärden's level of debt (4%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (23.7% vs 4% today).
  • Debt is well covered by operating cash flow (93.7%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 24.3x coverage).
X
Financial health checks
We assess AB Industrivärden's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. AB Industrivärden has a total score of 4/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is AB Industrivärden's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
2.75%
Current annual income from AB Industrivärden dividends. Estimated to be 2.87% next year.
If you bought €2,000 of AB Industrivärden shares you are expected to receive €55 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • AB Industrivärden's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.46%).
  • AB Industrivärden's dividend is below the markets top 25% of dividend payers in Germany (3.86%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:IDVA Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
Europe Diversified Financial Industry Average Dividend Yield Market Cap Weighted Average of 32 Stocks 3.2%
Germany Market Average Dividend Yield Market Cap Weighted Average of 337 Stocks 3.1%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.7%
Germany Bottom 25% Dividend Yield 25th Percentile 1.5%
Germany Top 25% Dividend Yield 75th Percentile 3.9%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:IDVA Future Dividends Estimate Data
Date (Data in SEK) Dividend per Share (annual) Avg. No. Analysts
2019-12-31 6.00 1.00
2019-10-13
DB:IDVA Past Annualized Dividends Data
Date (Data in SEK) Dividend per share (annual) Avg. Yield (%)
2019-02-21 5.750 2.746
2019-02-08 5.750 3.003
2018-04-17 5.500 2.869
2017-03-28 5.250 2.462
2016-02-25 5.000 3.032
2016-02-05 5.000 3.476
2015-03-31 6.250 3.804
2014-05-07 5.500 3.886
2013-02-06 5.000 3.957
2012-04-19 4.500 4.534
2012-01-16 4.500 4.344
2011-04-05 4.000 4.312
2010-05-05 3.000 2.944
2009-04-03 4.500 5.477

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of AB Industrivärden's earnings are paid to the shareholders as a dividend.
  • Dividends paid are not well covered by earnings (0.3x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess AB Industrivärden's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.7%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can AB Industrivärden afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. AB Industrivärden has a total score of 2/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of AB Industrivärden's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Helena Stjernholm
COMPENSATION SEK20,800,000
AGE 49
TENURE AS CEO 4.1 years
CEO Bio

Ms. Helena Stjernholm has been the President and Chief Executive Officer of Aktiebolaget Industrivärden (AB Industrivärden) since September 1, 2015 and also served as the Head of Investment & Analysis. Ms. Stjernholm is Director of Aktiebolaget Industrivärden (AB Industrivärden) since 2016. Ms. Stjernholm served as the President at Aktiebolaget Industrivärden from September 1, 2015 to March 3, 2017. She served as a Partner at IK Investment Partners from 1998 to 2015 and served as its Chief Investment Officer from 1998 to 2008. Ms. Stjernholm joined IK Investment Partners in 1998 and heads Swedish and Finnish teams, responsible for investments in Sweden and Finland region. She served as the Chief Executive Officer of IK Investment Partners and also served as its Head of Swedish and Finnish Team and Deputy Director since 1998. Ms. Stjernholm served as an Advisor of IK 2007 Fund. She worked as a Strategy Consultant at Bain & Company from 1997 to 1998. She has been Deputy Chairman and Director of Telefonaktiebolaget LM Ericsson (publ) since April 20, 2016 and since April 13, 2016 respectively. Ms. Stjernholm has been an Independent Director at AB Volvo (publ) since April 06, 2016. She has been a Director of Sandvik AB since April 28, 2016 and AB Industrivärden since September 01, 2015. She serves as Chairman of the Nomation committee at Essity Aktiebolag (publ). Ms. Stjernholm also served as a Director of Actic Sverige AB, Polytan GmbH, Colosseumklinikken AS, EPiServer AB and Actic. She served as a Director of Actic Group AB (publ) until 2015 and Attendo AB from 2007 to August 31, 2015. Ms. Stjernholm also served as a Director of Dynea Overlays, Inc., Industrifonden and Prevesta AB. She served as a Director of Dynea Oy from September 2006 to March 2010. Ms. Stjernholm served as a Deputy Member of the Board at Sydsvenska Kemi AB and Perstorp AB. Ms. Stjernholm holds a M.Sc. in Economics and Business Administration from Stockholm School of Economics at University of Stockhom.

CEO Compensation
  • Helena's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Helena's remuneration is lower than average for companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the AB Industrivärden management team in years:

4.4
Average Tenure
49
Average Age
  • The tenure for the AB Industrivärden management team is about average.
Management Team

Helena Stjernholm

TITLE
President
COMPENSATION
SEK21M
AGE
49
TENURE
4.1 yrs

Jan Öhman

TITLE
Chief Financial Officer
AGE
59
TENURE
0.7 yrs

Anders Gustavsson

TITLE
Investor Relations Officer
AGE
38
TENURE
7.8 yrs

Jennie Knutsson

TITLE
General Counsel
AGE
43
TENURE
4.8 yrs

Sverker Sivall

TITLE
Head of Corporate Communications & Sustainability
AGE
49
TENURE
2.9 yrs

Sofie Forsberg

TITLE
Human Resource Manager

Carl-Olof By

TITLE
Executive VP & Senior Advisor
AGE
74
TENURE
29.8 yrs

Karl Åberg

TITLE
Head of Investments & Analysis
AGE
40
TENURE
2.2 yrs

Madeleine Wallmark

TITLE
Investment Manager
AGE
37

Peter Nyström

TITLE
Investment Manager
AGE
59
TENURE
6.6 yrs
Board of Directors Tenure

Average tenure and age of the AB Industrivärden board of directors in years:

4.8
Average Tenure
65
Average Age
  • The tenure for the AB Industrivärden board of directors is about average.
Board of Directors

Fredrik Lundberg

TITLE
Chairman of the Board
COMPENSATION
SEK2M
AGE
68
TENURE
4.8 yrs

Helena Stjernholm

TITLE
President
COMPENSATION
SEK21M
AGE
49
TENURE
3.8 yrs

Pär Boman

TITLE
Vice Chairman of the Board
COMPENSATION
SEK1M
AGE
58
TENURE
4.8 yrs

Bengt Kjell

TITLE
Director
COMPENSATION
SEK600K
AGE
65
TENURE
4.8 yrs

Christian Caspar

TITLE
Director
COMPENSATION
SEK600K
AGE
68
TENURE
8.8 yrs

Nina Linander

TITLE
Director
COMPENSATION
SEK600K
AGE
60
TENURE
5.4 yrs

Annika Lundius

TITLE
Director
COMPENSATION
SEK600K
AGE
68
TENURE
5.4 yrs

Lars Pettersson

TITLE
Director
COMPENSATION
SEK600K
AGE
65
TENURE
4.8 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess AB Industrivärden's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. AB Industrivärden has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

Aktiebolaget Industrivärden is a publicly owned investment manager. The firm invests in the public equity markets of Nordic region. It primarily focuses on taking active ownership in companies through public equity route. It employs fundamental analysis, with a focus on factors like long term return potential, proven business model, balance between risk and return, and attractive valuation to create its portfolio. Aktiebolaget Industrivärden was founded in 1944 and is based in Stockholm, Sweden.

Details
Name: AB Industrivärden (publ)
IDVA
Exchange: DB
Founded: 1944
SEK8,331,613,518
435,209,877
Website: http://www.industrivarden.se/en-GB
Address: AB Industrivärden (publ)
Storgatan 10,
Stockholm,
Stockholm County, 114 51,
Sweden
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
OM INDU A Class A Shares OMX Nordic Exchange Stockholm SE SEK 02. Jan 1992
OTCPK IDTV.F Class A Shares Pink Sheets LLC US USD 02. Jan 1992
DB IDVA Class A Shares Deutsche Boerse AG DE EUR 02. Jan 1992
LSE 0H13 Class A Shares London Stock Exchange GB SEK 02. Jan 1992
BATS-CHIXE INDUAS Class A Shares BATS 'Chi-X Europe' GB SEK 02. Jan 1992
OM INDU C Class C Shares OMX Nordic Exchange Stockholm SE SEK 02. Jan 1992
DB IDV1 Class C Shares Deutsche Boerse AG DE EUR 02. Jan 1992
LSE 0MHU Class C Shares London Stock Exchange GB SEK 02. Jan 1992
BATS-CHIXE INDUCS Class C Shares BATS 'Chi-X Europe' GB SEK 02. Jan 1992
Number of employees
Current staff
Staff numbers
0
AB Industrivärden employees.
Industry
Multi-Sector Holdings
Diversified Financials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/10/13 21:40
End of day share price update: 2019/10/11 00:00
Last estimates confirmation: 2019/10/07
Last earnings filing: 2019/10/04
Last earnings reported: 2019/09/30
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.