Investor 2Q Per-Share NAV Dips 9.3% On Year, But Rises On Qtr
July 14 2009 - 3:16AM
Dow Jones News
Sweden's Investor AB (INVE-B.SK) Tuesday said second-quarter net
asset value per-share rose from the previous quarter, supported by
a recovery in equity markets, but fell shy of highs seen a year
earlier.
Investor - the Nordic region's largest investment company, run
by Sweden's mighty Wallenberg family - said NAV per share climbed
15% from the previous quarter to 165 Swedish kronor ($21) as of
June 30, with listed core investments contributing largely to the
jump.
That was up from SEK144 on March 31 and above an average
forecast of SEK161 in a Dow Jones Newswires poll of three analysts.
The year-ago NAV was SEK182.
Chief Executive Boerje Ekholm said he was concerned that the
recovery process may not be as robust hoped and that fundamental
imbalances, such as the excessive consumption and over-leverage of
U.S. consumers, still need to normalize.
Ekholm said the "Asian Tigers," led by China, may emerge first
from the current slowdown and in better shape than the U.S. and
Europe.
"Continued investments in developing a strong presence for our
companies in these markets will be strategically important and
rewarding," he said.
Ekholm added that he continues to see limited deal flow to
expand operating investments, although opportunities for add-on
buys remain.
"I hope that larger opportunities will emerge as we move further
into 2009 and 2010 and the sellers become more motivated," he
said.
The group swung to a net profit of SEK16.85 billion from a net
loss of SEK3.52 billion a year earlier as some assets recovered
part of the value they lost last year.
On Tuesday, its shares closed at SEK113.50, valuing the
Stockholm-based firm at SEK87.07 billion ($11 billion). The shares
have lost 9% in the past 12 months, outperforming a 26% drop in the
index of the 40 biggest Nordic companies.
Company Web site: http://www.investorab.com
-By Anna Molin; Dow Jones Newswires; +46 8 545 130 91;
anna.molin@dowjones.com
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