olivLaw · European equity research
Investment AB Öresund ORES.ST
Sweden · Nasdaq Stockholm · ISIN SE0008321608 · Vertical: Listed companies from Sweden
Investment AB Öresund is a Swedish investment company that invests long term in Nordic companies, some listed and some unlisted, acting as an active owner with board representation. The company's market value at the end of 2025 was 5364 Mkr, and its securities portfolio was valued at 5235112 tkr.
At the close of 05 Nov 2026, Investment AB Öresund (ORES.ST) stock was 153.00 SEK (−0.52% on the day), with market capitalisation 7.0 bn SEK, P/E 8.1 on diluted EPS of 18.91 SEK over the last 12 months, dividend yield 4.71%, beta 0.62, 52-week range 111.20–157.60 SEK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 65.3
- strong (55–70)
- Bollinger (20, 2)
- 140.06 – 152.64
- above the upper band · %B 1.03 · band width 8.6%
- SMA 50 / 200
- 146.28 / 141.83
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 1.63 / 0.74
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +6.4% | −0.6% | +7.0 pp | — |
| 3 months | +10.5% | −4.2% | +14.7 pp | — |
| 6 months | +5.7% | +4.3% | +1.3 pp | — |
| Year to date | +29.7% | +7.5% | +22.2 pp | — |
| 1 year | +32.1% | +9.9% | +22.2 pp | −8.3% |
| 3 years | +52.7% | +49.8% | +2.8 pp | +12.0% |
| 5 years | 0.0% | +42.8% | −42.8 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 33 percentile of its own 3-quarter history (min 6.2, median 11.6, max 19.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 246.5 m | 423.5 m | 859.6 m |
| Net income YoY | unavailable | +71.8% | +103.0% |
| Diluted EPS | 5.42 | 9.32 | 18.91 |
| Diluted EPS YoY | unavailable | +72.0% | +102.9% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | 136.5 m | 188.2 m | 156.7 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 74.0 m SEK
- Financial debt
- unavailable SEK
- Net debt
- unavailable SEK
- Equity
- 5.3 bn SEK
- Total assets
- 5.3 bn SEK
- Debt / equity
- unavailable
- Current ratio
- 2.21x
- ROE
- 17.1%
- ROA
- 17.0%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (SEK)
Income statement · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating income | 226.2 m | 408.6 m | 843.3 m | esef· 26 Oct 2026verified |
| Interest expense | 123.0 k | 136.0 k | 89.0 k | esef· 26 Oct 2026verified |
| Pre-tax income | 246.5 m | 423.5 m | 859.6 m | esef· 26 Oct 2026verified |
| Income tax | 0 | 0 | 0 | esef· 26 Oct 2026verified |
| Net income | 246.5 m | 423.5 m | 859.6 m | esef· 26 Oct 2026verified |
| Diluted EPS | 5.42 | 9.32 | 18.91 | esef· 26 Oct 2026verified |
| Dividend per share | 6.80 | 7.00 | 7.20 | esef· 26 Oct 2026verified |
Balance sheet · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 392.4 m | 329.2 m | 74.0 m | esef· 26 Oct 2026verified |
| Current assets | 404.6 m | 333.9 m | 82.9 m | esef· 26 Oct 2026verified |
| Property, plant & equipment, net | 1.2 m | 1.2 m | 1.1 m | esef· 26 Oct 2026verified |
| Total assets | 4.7 bn | 4.8 bn | 5.3 bn | esef· 26 Oct 2026verified |
| Current liabilities | 13.0 m | 21.3 m | 37.5 m | esef· 26 Oct 2026verified |
| Equity | 4.6 bn | 4.7 bn | 5.3 bn | esef· 26 Oct 2026verified |
| Shares outstanding at year end | 45.5 m | 45.4 m | 45.5 m | esef· 26 Oct 2026derived |
Cash flow · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 136.8 m | 188.3 m | 156.7 m | esef· 26 Oct 2026verified |
| Capex | 232.0 k | 115.0 k | 0 | esef· 26 Oct 2026verified |
| Free cash flow | 136.5 m ≈ | 188.2 m ≈ | 156.7 m ≈ | esef· 26 Oct 2026derived |
| Investing cash flow | -23.5 m | 70.3 m | -80.8 m | esef· 26 Oct 2026verified |
| Financing cash flow | -312.7 m | -321.8 m | -331.2 m | esef· 26 Oct 2026verified |
| Dividends paid | 309.1 m | 318.2 m | 327.3 m | esef· 26 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 45.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 7.0 bn SEK
Key indicators
Coverage and freshness
Score by group
46% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 45.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | 18.2% | 0 (on a fixed band) | 14% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 9,475.3x | 100 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 2.2x | 100 (on a fixed band) | 9% |
| P/E (TTM) · Valuation | 8.1x | 96 (vs peers) | 23% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 2.3% | 28 (on a fixed band) | 18% |
| Shareholder yield (distributions) · Returns | 4.7% | 67 (on a fixed band) | 14% |
| Payout ratio (FCF) · Returns | 208.8% | 0 (on a fixed band) | 9% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet100/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial0/100 · 1/3 factors with a value
- Returns40/100 · 2/2 factors with a value
- Valuation66/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Investment AB Öresund (ORES.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 17.1%.
The estimated value range is 182.05–363.08 SEK per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 240.18 SEK, the price of 153.00 SEK leaves a potential of 57.0% (value / price − 1) and a margin of safety of 36.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 45.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Interest coverage: 9,475.3x
- Current ratio: 2.2x
- P/E (TTM): 8.1x
- The price is below the estimated value range
What contradicts it
- FCF conversion: 18.2%
- FCF yield: 2.3%
- Payout ratio (FCF): 208.8%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA.
Versus the vertical median
Listed companies from Sweden · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ALFA.STAlfa Laval AB | 223.0 bn | 27.0 | 19.4% | 11.9% | +4.1% | +21% / +38% |
| BOL.STBoliden Ab | 143.0 bn | 15.2 | 13.3% | 10.1% | +4.8% | +12% / +81% |
| CAST.STCastellum Aktiebolag | 66.6 bn | 71.0 | 1.2% | 9.8% | −2.6% | +27% / +6% |
| AAK.STAak Ab (publ) | 47.5 bn | 13.9 | 17.2% | 7.5% | +2.2% | −31% / −14% |
| CAMX.STCamurus AB | 42.5 bn | 58.5 | 19.5% | 32.5% | +21.3% | +16% / +55% |
| BRAV.STBravida Holding AB | 30.1 bn | 24.5 | 13.7% | 4.4% | −4.9% | +84% / +123% |
| ASKER.STAsker Healthcare Group AB | 29.8 bn | 60.5 | 9.8% | 2.9% | +11.7% | −18% / unavailable |
| ALLEI.STAlleima AB | 22.7 bn | 33.8 | 4.1% | 3.6% | −5.4% | +11% / +19% |
| BURE.STBure Equity AB | 22.6 bn | — | -21.0% | — | unavailable | +20% / +19% |
| AQ.STAQ Group AB | 19.7 bn | 29.2 | 14.9% | 7.5% | +6.0% | +14% / +119% |
| ALTRA.STAltra Fastigheter AB | 18.4 bn | 33.9 | 3.0% | 15.1% | −2.2% | +9% / +19% |
| ATT.STAttendo AB (publ) | 16.8 bn | 20.7 | 15.1% | 4.3% | +0.1% | +34% / +223% |
| AFRY.STAfry Ab | 14.9 bn | 18.7 | 6.2% | 3.1% | −5.2% | −17% / +4% |
| ATRLJ-B.STAtrium Ljungberg AB | 14.0 bn | 17.1 | 2.9% | 23.9% | −2.0% | −33% / −44% |
| ALIG.STAlimak Group AB (publ) | 12.7 bn | 21.3 | 8.2% | 8.8% | −3.2% | −18% / +50% |
| ACAD.STAcadeMedia AB | 12.7 bn | 15.5 | 12.7% | 4.3% | +9.7% | +22% / +138% |
| APOTEA.STApotea AB (publ) | 10.7 bn | 46.8 | 31.3% | 3.2% | +10.1% | +15% / unavailable |
| BOOZT.STBoozt AB | 10.6 bn | 37.9 | 10.4% | 3.6% | +0.5% | +58% / +44% |
| BUFAB.STBufab AB (publ) | 5.0 bn | 9.2 | 15.1% | 6.9% | −7.4% | +36% / +110% |
| ACTI.STActive Biotech AB (publ) | 4.9 bn | — | -84.5% | — | unavailable | −32% / −77% |
| CEVI.STCellaVision AB | 4.7 bn | 30.8 | 18.0% | 20.2% | +4.9% | +20% / +12% |
| COOR.STCoor Service Management Holding AB | 4.7 bn | 18.2 | 13.0% | 2.2% | +16.7% | +1% / +25% |
| BHG.STBHG Group AB | 4.5 bn | 31.1 | 2.5% | 1.4% | +6.2% | −18% / +113% |
| CARA.STCarasent AB (publ) | 1.8 bn | 51.7 | 4.1% | 10.1% | +24.9% | −8% / +87% |
| BICO.STBICO Group AB | 1.7 bn | — | -46.0% | -72.7% | −13.3% | +16% / −51% |
1- and 3-year price returns: for ORES.ST from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Investment AB Öresund is a Swedish investment company that invests long term in Nordic companies, some listed and some unlisted, acting as an active owner with board representation. The company's market value at the end of 2025 was 5364 Mkr 1, and its securities portfolio was valued at 5235112 tkr 1.
SWOT
Strengths
- The company has an active owner model, with board representation in a significant part of the portfolio, giving it deep knowledge of its companies 1.
- The portfolio is diversified, with about twenty investments, which reduces the risk that a loss in one holding significantly affects net asset value 1.
- The company has a solid capital structure and a clearly defined dividend policy tied to its investment company tax status 1.
Weaknesses
- The organisation is small and the company acknowledges its dependence on a few key people, creating a personnel dependency risk 1.
- Most holdings are concentrated in a few large companies, so the performance of a small number of shares can strongly influence the total result 1.
- The company has limited direct transparency into unlisted companies, for which financial data is less publicly available 1.
Opportunities
- If the Nordic capital market remains attractive, the company could identify new investments in unlisted or listed companies at favourable valuations 1.
- Growing demand for digital infrastructure and security could support the value of holdings in these sectors if trends continue 1.
- Consolidation in the property sector could create acquisition or favourable refinancing opportunities for portfolio companies 1.
Threats
- A decline in Nordic stock markets would reduce the value of the listed portfolio and directly affect the company's net asset value 1.
- Higher financing costs could affect portfolio companies with high debt and reduce their capacity to distribute dividends 1.
- Competition for attractive deals could push purchase prices up and reduce the expected return on new investments 1.
Risks
- Market riskhigh
Market risk is the company's main exposure, because the value of the portfolio depends on the development of listed share prices 1.
- Portfolio concentrationhigh
A few large holdings represent an important share of the company's assets, and a decline in them could significantly affect the total result 1.
- Liquidity and financing riskmedium
Unlisted companies are harder to sell, and financing some investments may become more expensive, which could limit the company's flexibility 1.
- Interest rate and currency riskmedium
Exposure to interest rates and currency movements can influence the value of investments and financing costs, according to the report 1.
- Operational risklow
A small organisation and reliance on manual control processes can create operational errors, a risk acknowledged by management 1.
Investment thesis
What would need to be true (bull case)
- If Nordic markets continue to improve, the value of the listed portfolio could rise and support total return for shareholders 1.
- The active board role and knowledge of portfolio companies could allow the company to identify value creation opportunities within them 1.
- Diversification and the absence of a fixed holding period could let the company choose timing for investments and exits 1.
What would break the thesis
- If Nordic stock markets correct, the value of the listed portfolio could fall quickly and affect net asset value 1.
- Concentration in a few large holdings could amplify losses if one of them performs poorly 1.
- If financing costs rise, portfolio companies with large debt could struggle to maintain distributions to Öresund 1.
What to watch
- Development of portfolio share prices and net asset value2026
- Payment of the proposed dividend of 7,40 kronor per share in its two planned instalmentsApril and October 2026
- Progress of Bahnhof's data centre project in Göteborg2026
- Any new purchases or sales of listed holdings and use of the synthetic buyback programmenext annual report
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Öresund states its aim as delivering a good long-term return to shareholders through investments in attractively valued Nordic companies, without restriction to a sector, according to the annual report 1. The company focuses on growth in net asset value and total return rather than a fixed exit horizon. Investments are grouped into active engagements, liquid holdings and unlisted companies 1.
The active owner model is central: Öresund has board representation in roughly one third of its portfolio companies and follows them monthly 1. The dividend policy is tied to the tax status of an investment company, so distributions must cover dividend income and a standard amount, per the report 1. For 2025, the proposed dividend is 7,40 kronor per share 1.
The company has no fixed holding period, and the investment horizon depends on the value creation potential in each situation 1. Its risk strategy aims at underlying diversification and high solvency, while market risk is the main exposure 1.
Segments
Market context
Öresund invests mainly in Nordic companies and its shares are listed on Nasdaq Stockholm in the medium-sized companies segment within finance 1. The shares have been listed since 1962, and the company had 26401 shareholders at 31 December 2025 1. The ownership structure is concentrated, as the board and management together held 27,0% of the capital 1.
In 2025 the company did not use the synthetic buyback programme approved by the annual general meeting, and the average purchase price of its synthetically repurchased shares was 114 kronor per share 1. Dividend income and other financial income are decisive for the company's investment company status 1.
Trends
- Recovery in Nordic equity marketsmixed
Rising share prices in the portfolio delivered a total return of 16% in 2025, which could support net asset value if the trend continues 1. A market decline would however reduce the value of the listed portfolio.
- Consolidation in propertytailwind
Stenhus Fastigheter reports its best management result ever and a property portfolio of 13704 Mkr, which could support cash flows if refinancing proceeds smoothly 1.
- Cost of financing and refinancingmixed
Several portfolio companies refinanced debt in 2025, and Ovzon achieved a lower interest rate, which could improve results if conditions stay favourable 1. Higher financing costs would weigh on companies with large debt.
- Demand for digital infrastructure and securitytailwind
Demand for data centres, satellite communication and security solutions is growing, and Bahnhof and Ovzon invested in this area in 2025 1. If demand persists, it could support growth in portfolio companies.
Competitive position
Öresund competes with other investment companies and private equity funds that invest in Nordic companies, and competition for attractively valued deals can influence purchase prices 1. The company's stated advantage is its active owner role and knowledge of Nordic markets, which it highlights in the annual report 1.
In listed companies Öresund competes indirectly with institutional investors holding the same shares, but it has no dominant position in any portfolio company except its stakes in Bilia and Scandi Standard 1.
- Industrivärden
Swedish investment company with a similar portfolio of Nordic companies, cited as a potential competitor for active-owner deals.
- Investor AB
Swedish holding investor with stakes in listed and unlisted Nordic companies, relevant to the same investor category.
- L E Lundbergföretagen
Swedish holding company with stakes in listed and unlisted companies in the Nordic region.
- Kinnevik
Active Swedish investor in technology and consumer companies, competing for the same investment opportunities.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202526 Oct 2026
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Investment AB Öresund · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.