In This Article:
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Net Asset Value (NAV): SEK970 billion at the end of Q4 2024, a decrease of 2% from Q3.
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Full Year NAV Growth: 20% increase compared to SIXRX's 9% for the same period.
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Dividend Proposal: SEK5.20 per share, an 8% increase from the previous year.
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Patricia Industries Total Return: 6% in Q4, with 3% organic sales growth and 11% underlying EBITA growth.
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Molnlycke Organic Growth: 8% in Q4, with a 1-percentage-point increase in EBITA margin.
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Listed Companies Total Return: Negative 4% in Q4, outperforming SIXRX's negative 6%.
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EQT Investments Value Change: Negative 5% in Q4, with fund investments increasing by 5%.
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Cash Flow from EQT: Positive SEK1 billion in Q4.
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Leverage: 1.2% in Q4, at the lower end of the policy range.
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Average Annual Dividend Growth: 9% over the past 10 years.
Release Date: January 23, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Net asset value grew by 20% for the full year 2024, significantly outperforming the SIXRX index which grew by 9%.
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Investor AB returned 27% for the year, showcasing strong performance across all business areas.
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The Board proposed a dividend of SEK5.2, an 8% increase from the previous year, aligning with the company's goal of steadily rising dividends.
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Patricia Industries reported a 6% total return in Q4, with strong earnings growth and favorable currency effects.
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Molnlycke achieved 8% organic growth in Q4, with all business areas and major regions contributing positively.
Negative Points
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Net asset value decreased by 2% in Q4, with a total return on the B share of minus 6%, mirroring the SIXRX index.
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Listed companies, which make up 70% of the portfolio, saw a total return of minus 4% in Q4, with mixed performance across individual companies.
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BraunAbility and Atlas Antibodies faced weak demand in their respective markets, impacting their Q4 performance.
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Permobil experienced lower margins due to unspecified extraordinary costs in the quarter.
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Sarnova faced weaker demand in its cardiac response segment, attributed to high inventories and market destocking.
Q & A Highlights
Q: Is there anything specific to note about the slightly higher CapEx and lower working capital contribution for Molnlycke in Q4? A: There is nothing specific to comment on regarding the cash flow. It is as you pointed out, lumpy quarter by quarter, but we remain focused on generating good cash conversion over time in Molnlycke. - Christian Cederholm, CEO
Q: What is the outlook for acquisitions in Patricia Industries, considering the current market conditions? A: We continue to see a healthy pipeline for add-on investments and remain open to new platform acquisitions. There has been no significant change in market sentiment in the last quarter. - Christian Cederholm, CEO