Latour: three holdings drive 95% of the SEK 2,919m rise in its listed portfolio in the third quarter

Between 30 June and 30 September 2026, Latour's listed portfolio rose from SEK 74,464m to SEK 77,383m, according to its website. Three holdings, ASSA ABLOY, Troax and HMS Networks, account for about 95% of the rise. Excluding Fagerhult share purchases, the share-price effect equals about 2.2% of estimated net asset value at 30 June (Opulion calculation).

Why it matters for Latour shareholders: at 30 June 2026, Latour's estimated net asset value was SEK 129,648m, or SEK 203 per share (half-year report, p. 11), and the ten listed holdings accounted for 57.4% of it (Opulion calculation: 74,464 out of 129,648). Their rise of SEK 2,919m includes about SEK 25m of Fagerhult share purchases. The effect of share prices alone, about SEK 2,894m, is equivalent to about 2.2% of that net asset value. It is a first, partial marker for the third quarter, and it rests on three stocks.

Latour's value rests on two tiers, which the half-year report adds up. The first brings together unlisted industrial companies such as Swegon, Hultafors and Nord-Lock, which Latour values itself each quarter: SEK 67,179m at 30 June, the average of a range of SEK 59,105m to SEK 75,254m. The second consists of the ten listed holdings, valued at market price. Small holdings of SEK 286m are added, then net debt excluding IFRS 16, SEK 12,281m, is deducted. The sum comes back exactly to the SEK 129,648m of net asset value (Opulion calculation, half-year report, p. 11). The website table only updates the listed tier.

ASSA ABLOY, the largest holding, gains SEK 1,292m as its share price moves from SEK 342 to SEK 356. Troax adds SEK 935m, its share price climbing from SEK 103 to SEK 155, about +50% (Opulion calculation), and HMS Networks SEK 540m. Going the other way, Securitas loses SEK 230m and Nederman SEK 51m. The five other holdings add SEK 433m between them, including the Fagerhult purchase (Opulion calculation by difference), and the ten changes reconcile exactly with the SEK 2,919m total. Our brief of 28 August noted that ASSA ABLOY accounted for 45.0% of the listed portfolio at 30 June. At 30 September, the share is the same: SEK 34,788m out of 77,383m, or 45.0% (Opulion calculation).

The table also reveals a top-up that Latour did not announce in a press release: 86,208,480 Fagerhult shares at 30 September, against 84,708,480 at 30 June (half-year report, p. 12), or 1,500,000 more. The holding's acquisition value rises from SEK 1,899m to SEK 1,924m, which puts the purchase at around SEK 25m (Opulion calculation, on amounts rounded to the nearest million). That is about 0.02% of net asset value at 30 June, on a holding worth about 1.1% of it, at SEK 1,457m.

On 28 September, Nord-Lock signed an agreement to buy Bolt and Nut, expected to close in the fourth quarter of 2026. Our analysis of the same day noted that net debt excluding IFRS 16 would then reach about SEK 12.6bn, all else being equal. The report of 3 November 2026 (half-year report, p. 25) will provide the three missing figures: the value of the industrial subsidiaries, net debt excluding IFRS 16, then net asset value per share, to be compared with SEK 203 at 30 June and the SEK 204 estimated by Latour at 18 August. For shareholders, the listed tier gives the visible part of the quarter, and the industrial subsidiaries will tell the rest.