This is the Investor AB A-share (voting share) — the same company, holdings and NAV as INVE-B (only the share class + listed price differ; the A typically trades at a small discount to the B). Investor is the Wallenberg holding company: a Listed Core (ABB, Atlas Copco, AstraZeneca, SEB, Saab, ...), Patricia Industries (wholly-owned, led by Molnlycke) and a large EQT stake — a best-in-class long-term compounder run by exemplary stewards with low holding-company leverage.
Adjusted NAV is ~SEK 355/share; at the A-share price the stock trades at a ~5.3% PREMIUM to adjusted NAV (smaller than the B-share's ~7.4% premium because the A trades below the B), versus its historical tendency to trade at a discount. With a 1.5% yield, the premium leaves no discount cushion. Quality compounder; you are paying a (slightly smaller) premium for it. Refer to the INVE-B note for the full thesis.
At a ~5.3% premium to adjusted NAV (SEK ~355) the A-share offers no discount cushion — slightly better than the B's ~7.4% premium, but still a premium versus the historical discount.
Base SEK 373 (~at the current slight premium; NAV compounding is the return); bull SEK 420 if NAV compounds and the premium holds; bear SEK 305 if the premium reverts to a historical discount or listed holdings de-rate.
| Scenario | 24m target | Upside | Prob. | Driver |
|---|---|---|---|---|
| Bull | SEK 420 | +13% | 30% | NAV compounds; premium holds |
| Base | SEK 373 | +0% | 45% | ~At the current slight premium (A-share); NAV compounding is the return |
| Bear | SEK 305 | -18% | 25% | Premium reverts to a discount; listed holdings de-rate |
| Prob-weighted | SEK 370 | -1% | 100% | Scenario-weighted expected value |
World-class listed core + Patricia + EQT compound NAV over time.
Wholly-owned subs (Molnlycke, etc.) — the subjective NAV piece.
Multi-decade Wallenberg active-ownership model.
The A trades a touch cheaper than the B for the same NAV.
Investor A is the same best-in-class Wallenberg compounder as INVE-B, trading at a ~5.3% premium to adjusted NAV (a touch cheaper than the B). HOLD/neutral; base SEK 373.
Identical thesis to the B-share; accumulate if it reverts to a discount. See INVE-B for the full analysis.
Every adjustment traces to the cited note/page in the source filing — click to open it there. Source reports archived locally.
| Adjustment / figure | Value | Source | Why mttssn treats it this way |
|---|---|---|---|
| SEK 1,087,082m | — | Headline reported net asset value Investor publishes and against which its discount/premium is quoted; marks Patricia subs to estimated market value. Used as total_equity so the nav_card NAV/share = 1,087,082 / 3,068.7 = SEK 354 ~ the published SEK 355. Identical to INVE-B -- same company. | |
| SEK 953,705m = SEK 311/share | — | Investor's IFRS equity attributable to owners (Patricia at acquisition/equity-method book). Conservative cross-check; A-share price/311 = 1.20x P/NAV (~20% premium). | |
| 953,705 - 74,733 + 208,110 = 1,087,082 | — | Confirms the only difference between reported and adjusted NAV is the fair-value uplift on Patricia's wholly-owned subsidiaries (SEK +133,377m). | |
| 3,068,700,120 total (A 1,246,763,376 + B 1,821,936,744); 3,063,309,055 excl. treasury | — | market_cap uses total A+B shares (price x 3,068,700,120), the SAME denominator as the INVE-B bundle. Investor's own NAV/share uses the ex-treasury 3,063,309,055; the two denominators differ by 0.18% (immaterial). | |
| SEK 373.00 | — | Live verified price for INVE-A.ST. Same-day INVE-B was SEK 377.75 -> A trades at a ~1.3% discount to B (typical for the dual-class pair). market_cap = 373.00 x 3,068,700,120 = SEK 1,144,625m. | |
| SEK 157,340m (EPS SEK 51.42) | — | Consolidated profit for the period 2025 (dividends received + unrealised value changes dominate). nav_card Portfolio ROE = 157,340 / 1,087,082 = 14.5%. | |
| SEK 23,387m (leverage 2.1%) | — | Holding-company net debt (the relevant figure for a NAV company); excludes non-recourse subsidiary debt. Confirms the low-leverage profile. Identical to INVE-B -- same company. | |
| SEK 5.60/share (FY2025, +8% YoY) | — | Same dividend on A and B shares. dividend_yield = 5.60 / 373.00 = 1.50%. | |
| Listed 797,899; Patricia (reported) 74,733 / (adj incl cash) 225,396; EQT 104,390; groupwide -40,603 | — | Adjusted-NAV weights: Listed 73.4%, Patricia 20.7%, EQT 9.6%, groupwide/net debt -3.7% (sum 100% of SEK 1,087,082m). | |
| ABB 182,966 (23%), Atlas Copco 138,888 (17%), Saab 88,419 (11%), AstraZeneca 88,009 (11%), SEB 87,230 (11%), Nasdaq 51,999 (7%), Epiroc 43,325 (5%), Sobi 40,821 (5%), Wartsila 34,390 (4%), Ericsson 30,291 (4%) | — | Listed bucket is mark-to-market and transparent; ABB + Atlas Copco alone = 40% of the SEK 798bn listed portfolio. | |
| SEK 208,110m ex-cash / 225,396m incl. cash; 15.8x value-weighted LTM EV/EBITDA | — | This is the SUBJECTIVE part of NAV -- Investor's own fair-value estimate of the wholly-owned subs, used (not invented). Molnlycke alone is ~36% of Patricia and ~6.8% of total adjusted NAV. | |
| SEK 104,390m (~9.6% of adjusted NAV) | — | EQT bucket = listed EQT AB stake + EQT fund holdings/co-investments (incl. Fortnox). Value change +15% in 2025; net cash flow to Investor SEK -2,351m (incl. SEK 4,492m Fortnox co-investment). | |
| SEK 953,898m total (953,705m to owners + 193m NCI) | — | Confirms reported IFRS equity attributable to owners = reported NAV SEK 953,705m (the conservative basis). Adjusted NAV adds the Patricia fair-value uplift on top. | |
| Adjusted NAV SEK 367/share at 2026-03-31; leverage 1.2% | — | Recency check: NAV grew Q1, leverage fell; the premium-to-NAV regime persists. FY2025 (SEK 355) remains the reporting anchor per the task. |
How the mttssn view has evolved — each prior dated note is preserved.