Investor (1K) | Hold (Buy) | More balanced risk-reward

Research evidence excerpt

Investor (1K) | Hold (Buy) | More balanced risk-reward

15%, the re-rating tailwind is largely behind. Net financial debt (m) 13,938 12,194 23,388

The discount is procyclical and could widen on market weakness. EPS reported 41.48 37.00 51.42

Consensus EPS 41.46 36.98 51.39

▪Combined with Patricia Industries underperforming the listed portfolio and the Dividend per share 4.80 5.20 5.60

discount at 2%, the case for owning Investor over the underlying listed holdings FY to 31/12 12/23 12/24 12/25

directly becomes thinner. P/E rep.(x) 5.1 7.6 5.8

Deconstructing the forecasts GAV (m) 832,323 981,951########

▪We value Listed Companies at an average of KC and consensus price targets 12 NAVNAV/share(m) 818,386266.69 969,756########316.02 354.25

months out, with a weighted average upside of 5% against current prices. BV/share 0.08 0.09 0.10

▪Patricia Industries is valued at SEK227bn using a peer group EV/EBITDA approach Dividend yield 2.3% 1.8% 1.9%

averaged across 2026-2028 estimates, 4% ahead of Investor’s adjusted valuation. Prem/(disc) to NAV -12.4% -7.4% -6.7%

Net debt / GAV 1.7% 1.2% 2.1%

▪EQT funds are carried at Investor’s adjusted values. From the derived NAV, we Assets rotation 2.3% 1.5% 4.1%

apply a 0% discount, arriving at a TP of SEK403.

Valuation and investment conclusion

▪With modest upside in Listed Companies, peer multiple headwinds in Patricia

Industries, as well as a historically low discount, we see limited short-term upside

in the shares. We downgrade Investor to Hold (Buy) and raise our target price to Emil Nystedt

SEK403 (385) per share. Equity+ 46 8 723Research51 45 Analyst

▪Key risks to our Hold rating include sustained healthcare multiple compression

weighing on Patricia values, USD weakness impacting Patricia holdings, and the