Investor: 78% of the quarter's rise comes from Patricia Industries, valued on its peers' multiples

In the third quarter of 2026, Investor's adjusted net asset value rose by SEK 43.3bn, to SEK 411 per share at 30 September. Patricia Industries, its business area for unlisted companies, contributed SEK 33.8bn of that, or 78% of the rise from 19% of total assets, while the listed companies, 74% of total assets, contributed SEK 5.0bn. More than three quarters of the quarter therefore rests on a value estimated by Investor, mainly from the stock market multiples of comparable companies.

Why it matters for Investor shareholders: adjusted net asset value per share rose from SEK 397 to SEK 411 between 30 June and 30 September 2026 (p. 2). Patricia Industries accounts for about SEK 11 of that (Opulion calculation: SEK 33.8bn divided by the 3,063.7 million shares used at 30 September, p. 2). Over the same quarter, the total shareholder return on the B share was 1%, against 4% for adjusted net asset value (p. 2). For shareholders, most of the quarter rests on an estimate, and the B share returned 1% while adjusted net asset value gained 4%.

Investor publishes two net asset values. Reported net asset value, prepared under IFRS, carries the Patricia Industries subsidiaries under the acquisition method (pp. 2 and 38). Adjusted net asset value, which the company puts forward, replaces them with an estimated market value: Investor mainly applies the median multiples of comparable listed companies and indices, based on the quarter's volume-weighted average share price, to its subsidiaries' last twelve months of earnings, then deducts net debt (p. 38). These values, Investor states, reflect how the stock market values similar companies, without necessarily reflecting its own view of their intrinsic value. At 30 September, the major subsidiaries were valued at a value-weighted average of 15.6 times their trailing twelve-month EBITDA, that is, enterprise value relative to earnings before interest, taxes, depreciation and amortisation, against 14.6 times at 30 June (p. 7 of both reports). The company attributes the rise to three causes, without quantifying each: earnings growth, with EBITA at the major subsidiaries up 23% year on year in the third quarter, higher multiples and a weaker krona since the end of the second quarter (pp. 2, 3 and 7).

The same method works both ways. In the second quarter, Patricia Industries took SEK 8.0bn off adjusted net asset value, driven by lower multiples (half-year report, p. 7), and our brief of 16 July noted a −3% return for the business area. On the listed side, gains at Saab (+SEK 18.3bn), SEB (+17.7), Nasdaq (+9.0) and Atlas Copco (+8.5) were largely absorbed by ABB (−26.2), AstraZeneca (−9.1), Wärtsilä (−5.0) and Ericsson (−4.6) (p. 6). The investments in EQT added SEK 5.9bn, including funds reported with a one-quarter lag, at their 30 June values (p. 19). Group financing, costs and other group-wide items took off 1.4 (p. 26). The four contributions reconcile with the published rise: 5.0 + 33.8 + 5.9 − 1.4 = SEK 43.3bn (Opulion calculation).

For Investor shareholders, three tests are in view. On 4 November comes Investor's Capital Markets Update, listed in its financial calendar (p. 22). On 22 January 2027, the 2026 year-end report will revalue Patricia Industries on multiples based on fourth-quarter average share prices, which can fall as they did in the second quarter (pp. 22 and 38). The third has no date: a price paid by a third party, through a sale or a listing, if one of the major subsidiaries were to change hands. Those subsidiaries account for SEK 228.4bn of adjusted net asset value at 30 September (p. 4), and such a price would test the estimate against the market.