L.E. Lundbergfoeretagen AB B

L E Lundbergforetagen AB is an investment company that manages and develops a number of companies. The asset portfolio includes the wholly owned real estate company, Fastighets AB L E Lundberg, the publicly traded subsidiaries, Hufvudstaden and Holmen and the associated companies, Indutrade and Husqvarna. Co. also has major shareholdings in Industrivarden, Handelsbanken, Sandvik and Skanska. Co.'s subsidiary, L E Lundberg Kapitalforvaltning, is engages in securities trading. Operations consist of real estate operations, the manufacture and sale of printing paper, paperboard and sawn timber products, forest and power operations, and equity management (including securities trading).
  • TickerLUND B
  • ISINSE0000108847
  • ExchangeNasdaq Nordic Stockholm
  • SectorReal Estate Investment & Services
  • CountrySweden

Analysts

Joachim Gunell

The weekly navigator

Key takeaways from last week: 1) insider buying at Latour despite valuation concerns from our point of view (10% premium to reported NAV); and 2) EQT is reported to begin its IPO roadshow this week. Furthermore, on 19 September, Kinnevik will host a long anticipated CMD and give the investment community a look under the hood of its digital growth ventures.

Joachim Gunell

The weekly navigator

Key takeaways from last week include: 1) EQT (7% of Investor) announced its intention to IPO in Stockholm; 2) Kinnevik intensified its focus on US digital healthcare by investing USD75m in VillageMD; 3) Latour announced two acquisitions in the industrial operations; and 4) Lundbergs built its position in Industrivärden.

Joachim Gunell

The weekly navigator

Key takeaways from last week include: 1) we downgraded Lundbergs to HOLD as our short-term catalysts seem discounted; 2) EQT (7% of Investor’s GAV) is said to be initiating its IPO process in Stockholm next week, according to media sources; and 3) Bure’s NAV was boosted by 4% following an updated valuation of cyber-security holding Yubico.

Alexander Aukner ...
  • Joachim Gunell
  • Jon Masdal
  • Marius Knudssøn
  • Martin Huseby Karlsen
  • Mattias Holmberg
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Viktor Trollsten

Northern Lights

Joachim Gunell

Lundbergs (Hold, TP: SEK360.00) - Catalysts already discounted

We continue to like Lundbergs’ defensive characteristics, but yield compression is boosting its real estate assets and the OMXS Benchmark Index inclusion effects seem discounted at a 5% premium to NAV. We struggle to find support for increased NAV forecasts or a higher valuation, and see limited potential upside having outperformed the sector by 15% in three months. We reiterate our SEK360 target price, but have downgraded our recommendation to HOLD (BUY)

Joachim Gunell

The weekly navigator

Key takeaways from last week: 1) insider buying at Latour despite valuation concerns from our point of view (10% premium to reported NAV); and 2) EQT is reported to begin its IPO roadshow this week. Furthermore, on 19 September, Kinnevik will host a long anticipated CMD and give the investment community a look under the hood of its digital growth ventures.

Joachim Gunell

The weekly navigator

Key takeaways from last week include: 1) EQT (7% of Investor) announced its intention to IPO in Stockholm; 2) Kinnevik intensified its focus on US digital healthcare by investing USD75m in VillageMD; 3) Latour announced two acquisitions in the industrial operations; and 4) Lundbergs built its position in Industrivärden.

Joachim Gunell

The weekly navigator

Key takeaways from last week include: 1) we downgraded Lundbergs to HOLD as our short-term catalysts seem discounted; 2) EQT (7% of Investor’s GAV) is said to be initiating its IPO process in Stockholm next week, according to media sources; and 3) Bure’s NAV was boosted by 4% following an updated valuation of cyber-security holding Yubico.

Joachim Gunell

Lundbergs (Hold, TP: SEK360.00) - Catalysts already discounted

We continue to like Lundbergs’ defensive characteristics, but yield compression is boosting its real estate assets and the OMXS Benchmark Index inclusion effects seem discounted at a 5% premium to NAV. We struggle to find support for increased NAV forecasts or a higher valuation, and see limited potential upside having outperformed the sector by 15% in three months. We reiterate our SEK360 target price, but have downgraded our recommendation to HOLD (BUY)

Joachim Gunell

The weekly navigator

Key takeaways from last week include: 1) we still believe there is time to take profits in Latour, as the 7% premium to reported NAV ignores an uncertain outlook and weaker growth prospects; 2) Industrivärden topped up its position in Volvo; 3) Bure’s premium to NAV has eroded to a 5% discount; and 4) insider support as Ratos’ deputy chairman bought 600,000 shares.

Alexander Aukner ...
  • Joachim Gunell
  • Jon Masdal
  • Marius Knudssøn
  • Martin Huseby Karlsen
  • Mattias Holmberg
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Viktor Trollsten

Northern Lights

Joachim Gunell ...
  • Jørgen Lian
  • Nicolay Dyvik
  • Ole Martin Westgaard
  • Ole-Andreas Krohn

Northern Lights

Alexander Aukner ...
  • Christoffer Wang Bjørnsen
  • Joachim Gunell
  • Jon Masdal
  • Marius Knudssøn
  • Martin Huseby Karlsen
  • Mattias Holmberg
  • Ole-Andreas Krohn
  • Paul Harper

Northern Lights

Joachim Gunell ...
  • Ole-Andreas Krohn
  • Patrik Ling

Northern Lights

Alexander Aukner ...
  • Christoffer Wang Bjørnsen
  • Jesper Ingildsen
  • Joachim Gunell
  • Jon Masdal
  • Marius Knudssøn
  • Martin Huseby Karlsen
  • Niclas Gehin
  • Ole-Andreas Krohn
  • Simen Mortensen
  • Stefan Gauffin

Northern Lights

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Expert Corporate Governance Service (ECGS)

Lundbergföretagen April 03th, 2019

In general, Lundbergforetagen is in compliance with the Swedish regulations relating to the organisation and procedures of the Annual General Meeting. Under ITEM 12, approval is sought for the re-election of the board of directors. Although there is just sufficient independent representation on the board, ECGS notes that the number of executives (3) sitting on the board is NOT in accordance with provision 4.3 of the Swedish Corporate Governance Code. Aforementioned provision stipulates that no more than one (1) member of the board may be a member of the executive management. Based on the abov...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

More cracks begin to show Weaker than expected data out of China and an as-expected 0.1% preliminary GDP contraction for the 2nd quarter in Germany has global equities back on the defensive, with the MSCI ACWI, ACWI ex-US, and EAFE back near logical support. In last week's Int'l Compass we noted that some cracks are beginning to show in the form of STOXX 600 Banks and Brent crude breakdowns, which led us to believe global equities are vulnerable to a breakdown. Below we highlight more cracks that are showing, which only increases the likelihood that equities may be poised to break down. • Mo...

Dave Nicoski ...
  • Ross LaDuke

Int'l Insights: Bullish Developed Markets Stocks

Favor EAFE over EM The U.S. dollar remains elevated and as long as this remains the case we believe developed international equities (EAFE) will continue to outperform relative to emerging markets (MSCI EM)... see charts below. Below we highlight attractive and actionable themes within developed international: • Australia. Australia's All Ordinaries index exhibits bullish price and RS trends, a rarity when it comes to global markets considering most country-specific indexes display neutral or negative price trends. We highlight several Australian names, and would use recent broad market weak...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

EU and UK Financials remain actionable Our outlook on global equities (both the MSCI ACWI and ACWI ex-US) remains positive and we continue to expect higher equity prices going forward. Below we highlight several new developments which give us additional confidence in our outlook, including but not limited to continued price and RS improvements for UK/European Financials. • Actionable Sector: Financials. Today's stock recommendations go beyond UK and European Financials, however these regions are the primary focus due to a plethora of attractive setups. In today's report we reiterate our 3/21...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

MSCI EAFE inflecting, aided by strength in Japan Developed international (MSCI EAFE, local currency) is displaying a change in trend, bullishly inflecting topside its downtrend and putting an end to the YTD pattern of lower highs. Despite this incrementally positive development, our outlook remains neutral for MSCI EAFE as there are still many additional resistance areas the index needs to overcome before we would turn outright bullish... see chart below. • Japan: Not too late to add exposure. Improvements in Japan are leading broad developed int'l indexes higher. Last week we highlighted bu...

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