Interim report January – September 2026

Latour’s net asset value was SEK 216 per share at the close of the nine-month period, unchanged from the start of the year; including dividends, it increased 2.5%. That lagged the SIXRX benchmark’s 10.8% rise, as strong earnings from wholly owned industrial operations were offset by a contraction in the listed portfolio’s value. NAV was SEK 223 per share on 2 November.

Analysis

Latour’s weak relative NAV outcome points to a potential mismatch between earnings resilience in its wholly owned industrial businesses and market pricing of its listed holdings. That is not yet evidence of deteriorating operating fundamentals: the key question is whether industrial earnings and cash generation can continue to compound enough to offset weaker public-market marks. A further risk is valuation lag. Private-business marks may adjust more slowly than listed comparables, so reported NAV could look steadier than realizable value if industrial multiples compress. Over the next 1–3 months, the informative catalysts are portfolio-company results, any change in industrial guidance, and the next NAV update; over 6–18 months, persistent underperformance would raise the possibility that the listed portfolio’s weakness is exposing a structural valuation or capital-allocation issue. The contrarian case is that the market may be over-penalizing temporary weakness in listed assets while underweighting operating earnings. But without Latour’s share price relative to NAV, portfolio attribution, and valuation history, neither a discount nor an attractive entry point can be established. The thesis weakens if industrial earnings or cash conversion deteriorate, or if updated NAV falls despite resilient operations.

Key Decisions for Investors

• No immediate directional position: first verify Latour’s current share-price premium/discount to NAV, the listed-versus-wholly-owned contribution to NAV change, and the trend in industrial operating earnings and cash conversion.
• Set a relative-value alert rather than an unconditional trade: consider Latour against a broad Swedish-equity exposure only if its valuation versus NAV is demonstrably attractive and operating guidance remains intact; avoid assuming the reported NAV is fully current.
• Reassess after the next results/NAV update. Falsifiers include weaker industrial guidance or cash conversion, a material downward NAV revision, or continued underperformance versus SIXRX without improving operating contribution.