AB Industrivärden (INDU-C) Fair Value & Analysis
Financial Services · SE · Market cap 233B SEK (≈ $24.3B) · ISIN SE0000107203
What is AB Industrivärden really worth?
A solid business, trading 50% below our fair value of kr 1,080.
As of Sep 6, 2026, the fair value of AB Industrivärden is kr 1,080 per share against a price of kr 535.80, so the fair value sits 102% above the price. A model estimate blended from multiple valuation models, recalculated regularly.
Strengths
Risks
For context
Fair value as of: Sep 6, 2026
From 11 valuation models · updated today
Fair value updated Sep 6, 2026, revised from kr 1,077 to kr 1,080 (+0.3%) since Aug 28, 2026. Share price −4.7% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price is below even our cautious bear case (kr 654.15). The market is more pessimistic than our downside scenario.
- The model range is unusually wide (kr 654.15 to kr 1,938). The outcome hinges heavily on assumptions, so read the point estimate with caution.
- Solid quality (67/100) at a price below fair value, the discount is the argument here, not the business quality.
- For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 6, 2026.
How to read this chart
60‑month range kr 198.83 – kr 562.20 · fair‑value band kr 654.15 – kr 1,938 · the kr 535.80 price screens below the kr 1,080 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 6, 2026.
Analysis
AB Industrivärden (INDU-C) currently trades at kr 535.80, while our model-based Fair Value estimate is kr 1,080, implying the stock looks roughly 50.4% undervalued today. The Quality Score stands at 67/100 (solid quality), in the Financial Services sector. Bull case: the Multiples group reads highest at a median of kr 1,393 per share, and 8 of the 11 models we run sit above the kr 535.80 price. Bear case: the Growth DCF group reads lowest at kr 215.06, and 3 of the 11 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, AB Industrivärden generated revenue of 40.4B SEK at a net margin of 99.1%. Revenue grew 59.3% year over year. It earns a return on equity of 21.6%. Net debt stands at 5.9B SEK. Fundamentals as of Sep 6, 2026
Our scenario range runs from kr 654.15 (bear case) to kr 1,938 (bull case); at kr 535.80, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades near its 52-week high and 63% above its 52-week low, currently above its 200-day average. For context, the median of 10 Financial Services peers we cover trades at −28% fair-value upside, at 102%, INDU-C screens cheaper than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly kr 92.94 per share, which is 8.6 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 11 models by family
Widest divergence: Multiples (kr 1,393) versus Growth DCF (kr 215.06). Highest evidence: Growth DCF (76).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Sep 6, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 63 · Market factors (momentum, volatility) 74
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
AB Industrivärden is a publicly owned investment manager. The firm invests in the public equity markets of Nordic region. 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.
Full company description
AB Industrivärden is a publicly owned investment manager. The firm invests in the public equity markets of Nordic region. 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. AB Industrivärden was founded in 1944 and is based in Stockholm, Sweden.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
AB Industrivärden reported revenue of 35.7B SEK in FY2025 versus 26.7B SEK in FY2021, a compound +7.5%/yr. Reported net income was 35.4B SEK in FY2025, compounding +7.4%/yr from FY2021.
of which total revenue +13.2 % · buybacks/dilution +0.8 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
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Peer Group
Asset Management · 695 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Asset Management median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Asset Management stocks, each showing price versus our Fair Value estimate (as of Sep 6, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Blackstone Inc BX | $142.39 | $52.88 | −63% |
| Investor AB INVEB | kr 408.05 | kr 827.56 | +103% |
| Brookfield Corporation BN | C$55.74 | C$10.67 | −81% |
| KKR & Co KKR | $108.68 | $19.97 | −82% |
| Apollo Global Management, Inc APO | $135.04 | $101.04 | −25% |
| State Street Corporation STT | $193.33 | $138.33 | −28% |
| Ameriprise Financial, Inc AMP | $559.32 | $515.24 | −8% |
| Ares Management Corporation ARES | $143.10 | $30.88 | −78% |
| Northern Trust Corporation NTRS | $186.79 | $122.02 | −35% |
| Raymond James Financial, Inc RJF | $181.10 | $142.42 | −21% |
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