Industrivarden AB ser. A (INDU-A) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of Industrivarden AB ser. A SEK 441, price SEK 525, upside -15.9%, quality 67 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 30, 2026.
How to read this chart
60‑month range kr 200.84 – kr 567.00 · fair‑value band kr 331.07 – kr 551.79 · the kr 525.00 price screens above the kr 441.43 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 30, 2026.
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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.
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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.
Stock analysis
Industrivarden AB ser. A (INDU-A) currently trades at kr 525.00, while our model-based Fair Value estimate is kr 441.43, 15.9% below the price, so the stock looks overvalued today.
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Valuation
How firm this estimate is: it rests on 24 models at a data quality of 96/100, which puts the evidence level at high.
Scenario range: kr 331.07 (bear) to kr 551.79 (bull), the price of kr 525.00 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 67/100 (solid quality), in the Financial Services sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Industrivarden AB ser. A 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.
Key figures
Market cap 227B SEK (≈ $22.6B) · P/E ratio 3.7 · P/S ratio 3.70 · EPS (TTM) kr 145.56 · Dividend yield 1.7% · Net margin 99.2% · Return on equity 32.3% · Return on assets (EBIT) 10.0%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 62 out of 100 (medium confidence).
What moves the price
The share trades about 7% below its 52-week high and 41% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −15% fair-value upside, at −16%, INDU-A screens richer than that median.
Fair Value models
Bear kr 331.07Fair Value kr 441.43Bull kr 551.79
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (kr 103.45 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.69/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+176.3%
Revenue growth 23 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+6.0%
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’25
What shareholders gained per year (last 5 years) (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip.
+14.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+12.8%
Dividend (yield on the price)1.7%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.5.9% vs 21.8%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.100% → 100%
2025 sits 79% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Start year 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+11.4%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Sweden: IMF forecast 2.0% a year to 2030, 2.9% from 2016 to 2025) that is about +9.3% a year for the price.
Compare Industrivarden AB ser. A with another stock
Price, fair value, quality and upside side by side.
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Peer Groupⓘ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.Asset Management · 657 stocks
Beats the industry median on 9/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score67 · Top 25%
Fair Value upside−15.9% · Below median
Profitability
Return on equity (TTM)32.3% · Top 25%
Return on assets19.6% · Top 25%
Net margin (TTM)99.3% · Top 25%
Operating margin (TTM)99.9% · Top 25%
Growth and dividend
Revenue growth12.0% · Above median
Dividend yield (TTM)1.7% · Bottom 25%
Balance sheet
Debt / equity0.03× · Below median
Valuation Multiplesvs Asset Management median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Industrivarden AB ser. A Fair Value". https://www.fairvalue-calculator.com/stock/INDU-A
Frequently asked questions
Is Industrivarden AB ser. A (INDU-A) overvalued or undervalued?
As of Sep 30, 2026, our model estimates a fair value of kr 441.43 versus a price of kr 525.00, about −16% upside (overvalued).
What is the fair value of INDU-A?
Our model-based fair value for Industrivarden AB ser. A is kr 441.43 (as of Sep 30, 2026), built from audited fundamentals. The current price: kr 525.00.
What is the quality score of INDU-A?
Industrivarden AB ser. A has a Quality Score of 67/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Industrivarden AB ser. A (INDU-A)?
Our model-based price target is the fair value of kr 441.43 (as of Sep 30, 2026) from 2 valuation models. Cautious scenario kr 331.07, optimistic scenario kr 551.79. It is a calculation from audited fundamentals, not an analyst target.
What is the Industrivarden AB ser. A stock forecast for 2026?
Our models put fair value at kr 441.43, about −16% upside versus a price of kr 525.00 (overvalued). Cautious scenario kr 331.07, optimistic scenario kr 551.79. The calculation is refreshed regularly with new filings.
What is the revenue of Industrivarden AB ser. A (INDU-A)?
Industrivarden AB ser. A reported trailing-twelve-month revenue of about 63.3B SEK (latest available figure, as of Sep 30, 2026).
Does Industrivarden AB ser. A pay a dividend?
Industrivarden AB ser. A currently shows a dividend yield of about 1.67% relative to its recent price (as of Sep 30, 2026).
What growth is priced into Industrivarden AB ser. A (INDU-A)?
For today's price to be fair in a discounted-cash-flow model, Industrivarden AB ser. A would have to grow free cash flow by +11.4 % per year for five years (discount rate 8.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +33.3 % per year. As of Sep 30, 2026.
What discount rate (WACC) does the fair value of INDU-A use?
Our models discount Industrivarden AB ser. A at 8.9 %: a base by market capitalisation (large), damped by beta 0.94, country premium for Sweden. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Industrivarden AB ser. A that is +11.4 % per year a year over ten years, using the same discount rate (8.9 %) and the same formula as our fair value.
How much growth has Industrivarden AB ser. A (INDU-A) delivered so far?
Over the past 5 years revenue at Industrivarden AB ser. A grew +33.3 % a year. The price currently implies +11.4 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Industrivarden AB ser. A (INDU-A) growing?
The median revenue growth in the sector is +7.3 % a year. That is the yardstick for the growth priced into Industrivarden AB ser. A (+11.4 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Industrivarden AB ser. A (INDU-A)?
The free-cash-flow yield on the price is 4.06 %: that much free cash flow Industrivarden AB ser. A produces per unit of market value. When it exceeds the discount rate of our models (8.9 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Industrivarden AB ser. A (INDU-A)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Industrivarden AB ser. A it is kr 441.43 per share (as of Sep 30, 2026), against a price of kr 525.00. It is the blended result of 2 valuation models (cash flow, earnings, asset, dividend).
Is Industrivarden AB ser. A stock overvalued or undervalued in 2026?
As of Sep 30, 2026, INDU-A trades above its calculated fair value: price kr 525.00, fair value kr 441.43, a gap of about −16% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of INDU-A?
No. The price is what the market pays today (kr 525.00); the fair value is what the company's own numbers justify (kr 441.43). For Industrivarden AB ser. A the two are kr 83.57 per share apart. That gap is exactly why we show both numbers side by side.
How much is Industrivarden AB ser. A worth?
The market values Industrivarden AB ser. A at about 227B SEK (market capitalisation, as of Sep 30, 2026). Per share that is kr 525.00; our models calculate a fair value of kr 441.43 per share.
What do the bullish and bearish scenarios say about INDU-A?
Our models span a range for Industrivarden AB ser. A: cautious scenario kr 331.07, base kr 441.43, optimistic kr 551.79 per share (as of Sep 30, 2026, price kr 525.00). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of INDU-A?
Industrivarden AB ser. A trades at a price-to-earnings ratio of 3.7 (as of Sep 30, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 441.43 is built from several models across several years. Other multiples: PEG 4.6, P/B 1.2, P/S 3.6, EV/EBITDA 3.7.
What is the PEG ratio of INDU-A?
The PEG ratio of Industrivarden AB ser. A is 4.62 (P/E divided by earnings growth, as of Sep 30, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Industrivarden AB ser. A (INDU-A)?
Balance-sheet figures for Industrivarden AB ser. A (as of Sep 30, 2026): return on equity 32.3%, debt of 0.03 per unit of equity. They feed the Quality Score of 67/100, which measures business quality independently of the share price.
How far is INDU-A from its 52-week high?
Industrivarden AB ser. A trades at kr 525.00, about 7% below its 52-week high of kr 567.00 and 41% above the low of kr 371.69 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of kr 441.43 is for.
Which stocks are comparable to Industrivarden AB ser. A?
From the same area (Financial Services) we also value Blackstone Inc, KKR & Co, Brookfield Corporation, Apollo Global Management, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Industrivarden AB ser. A stock attractive at the current price?
The data as of Sep 30, 2026: price kr 525.00, calculated fair value kr 441.43 (−16%), Quality Score 67/100, from 2 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of INDU-A calculated?
We run Industrivarden AB ser. A through 2 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of kr 441.43, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Industrivarden AB ser. A itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Industrivarden AB ser. A (INDU-A)?
The closing price on Oct 2, 2026 was kr 525.00. Our model-based fair value is kr 441.43, about −16% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Industrivarden AB ser. A right now?
Solid but not exceptional quality (67/100) and above fair value, neither a clear bargain nor a standout compounder. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of Industrivarden AB ser. A (INDU-A) come from?
Earnings per share at Industrivarden AB ser. A grew +13.9 % a year from 2014 to 2025. Broken into its drivers: revenue per share +13.5 %, EBIT margin +0.4 %, tax rate +6.8 %, residual (interest, one-offs) −6.4 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Industrivarden AB ser. A
How large is the market capitalisation of Industrivarden AB ser. A (INDU-A)?
The market capitalisation of Industrivarden AB ser. A is 227B SEK (≈ $22.6B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Industrivarden AB ser. A (INDU-A)?
The price-to-sales ratio of Industrivarden AB ser. A is 3.70 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Industrivarden AB ser. A (INDU-A)?
Earnings per share at Industrivarden AB ser. A are kr 145.56 (price ÷ EPS = P/E 3.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Industrivarden AB ser. A (INDU-A)?
The dividend yield of Industrivarden AB ser. A is 1.7% (payout 6.0%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Industrivarden AB ser. A (INDU-A)?
The net margin of Industrivarden AB ser. A is 99.2% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Industrivarden AB ser. A (INDU-A)?
The return on equity (ROE) of Industrivarden AB ser. A is 32.3% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Industrivarden AB ser. A (INDU-A)?
On an EBIT basis the return on assets of Industrivarden AB ser. A is 10.0% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Industrivarden AB ser. A (INDU-A)?
The operating margin of Industrivarden AB ser. A is 99.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Industrivarden AB ser. A (INDU-A)?
Revenue at Industrivarden AB ser. A is growing +12.0% versus a year earlier. How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Industrivarden AB ser. A (INDU-A)?
Earnings per share at Industrivarden AB ser. A are growing +12.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Industrivarden AB ser. A (INDU-A) carry?
The net debt of Industrivarden AB ser. A is 5.9B SEK (fiscal year 2025, ≈ 0.6 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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