Nordics (AO) | Enter Lagercrantz, exit Investor AB

研报英文原文证据摘录

Nordics (AO) | Enter Lagercrantz, exit Investor AB

Best Ideas

Release date: 11 June 2026

Rasmus Engberg

Head of Swedish Equity Research

+46 87 23 51 12

Nordics rengberg@keplercheuvreux.com

Large Caps

Enter Lagercrantz, exit Investor AB

Key points:

We are adding Lagercrantz to our Nordic Best Ideas. Lagercrantz is our preferred Nordic compounder, having added 10% to sales

over the last 10 years. We think they are on track to double EBITA over the coming five years and, as the smallest of the

compounders, have the opportunity to prolong the growth phase far beyond this.

We take out Investor Ab from the portfolio. The company is undoubtedly the best of the Swedish investment companies with a

long history of outperforming the local benchmark. However, with a discount to NAV of only 2% and an unlisted portfolio mainly

in the healthcare space, which is likely to see multiples compress, we do not see the upside at current levels.

Nordic best ideas

Chart 1:Lagercrantz, last twelve months, SEK per share Chart 2:Investor AB last twelve months, SEK per share

Source: LSEG Workspace Source: LSEG Workspace

Country Top Picks

Company Rating Target Price Upside

Asmodee Buy SEK178.00 SEK137.80 29%

Atlas Copco Buy SEK215.00 SEK179.35 20%

Catena Buy SEK575.00 SEK417.80 38%

DSV Buy DKK2000.00 DKK1539.50 30%

Lagercrantz Buy SEK290.00 SEK245.40 18%

Rockwool International Buy DKK245.00 DKK202.40 21%

Subsea 7 Buy NOK430.00 NOK330.20 30%

Vend Marketplaces Buy NOK375.00 NOK246.00 52%

IMPORTANT. Please refer to the back of the report for important keplercheuvreux.com

This research is the product of Kepler Cheuvreux, which is authorized

information and disclosures. and regulated by the Autorité des Marchés Financiers in France.