OM:HAV B

Stock Analysis Report

Executive Summary

Havsfrun Investment AB (publ) manages a diversified portfolio of hedge funds in various markets.


Snowflake Analysis

Second-rate dividend payer and overvalued.

Share Price & News

How has Havsfrun Investment's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: HAV B has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

-1.5%

HAV B

4.8%

SE Capital Markets

4.5%

SE Market


1 Year Return

-14.1%

HAV B

-5.1%

SE Capital Markets

-10.2%

SE Market

Return vs Industry: HAV B underperformed the Swedish Capital Markets industry which returned -5.1% over the past year.

Return vs Market: HAV B underperformed the Swedish Market which returned -10.2% over the past year.


Shareholder returns

HAV BIndustryMarket
7 Day-1.5%4.8%4.5%
30 Day-9.0%-21.6%-20.5%
90 Day-5.4%-20.2%-23.7%
1 Year-7.1%-14.1%-2.0%-5.1%-7.7%-10.2%
3 Year-1.0%-21.4%20.8%10.7%-0.6%-15.4%
5 Year-6.3%-34.3%47.7%27.9%8.0%-14.7%

Price Volatility Vs. Market

How volatile is Havsfrun Investment's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Havsfrun Investment undervalued compared to its fair value and its price relative to the market?

51.14x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: Insufficient data to calculate HAV B's fair value to establish if it is undervalued.

Significantly Below Fair Value: Insufficient data to calculate HAV B's fair value to establish if it is undervalued.


Price To Earnings Ratio

PE vs Industry: HAV B is poor value based on its PE Ratio (51.1x) compared to the Capital Markets industry average (16.9x).

PE vs Market: HAV B is poor value based on its PE Ratio (51.1x) compared to the Swedish market (14.1x).


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate HAV B's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: HAV B is good value based on its PB Ratio (1.1x) compared to the SE Capital Markets industry average (1.6x).


Next Steps

Future Growth

How is Havsfrun Investment forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?

16.2%

Forecasted Diversified Financials industry annual growth in earnings


In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Havsfrun Investment has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.


Next Steps

Past Performance

How has Havsfrun Investment performed over the past 5 years?

-40.6%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: HAV B has a high level of non-cash earnings.

Growing Profit Margin: HAV B became profitable in the past.


Past Earnings Growth Analysis

Earnings Trend: HAV B's earnings have declined by -40.6% per year over the past 5 years.

Accelerating Growth: HAV B has become profitable in the last year, making the earnings growth rate difficult to compare to its 5-year average.

Earnings vs Industry: HAV B has become profitable in the last year, making it difficult to compare its past year earnings growth to the Capital Markets industry (5.4%).


Return on Equity

High ROE: HAV B's Return on Equity (2.1%) is considered low.


Next Steps

Financial Health

How is Havsfrun Investment's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: HAV B has a low level of unsold assets or inventory.

Debt Coverage by Assets: HAV B's debt is not covered by short term assets (assets are -130.4x debt).


Financial Institutions Analysis

Asset Level: HAV B's level of assets compared to its equity is low.

Allowance for Bad Loans: Insufficient data to determine if HAV B has a sufficient allowance for bad loans.

Low Risk Liabilities: HAV B reports no customer deposits, loans are made up entirely of externally borrowed funds.

Loan Level: Insufficient data to determine if HAV B has an acceptable proportion of non-loan assets held.

Low Risk Deposits: HAV B has advanced significantly more loans than the customer deposits it holds.

Level of Bad Loans: Insufficient data to determine if HAV B has an appropriate level of bad loans.


Next Steps

Dividend

What is Havsfrun Investment's current dividend yield, its reliability and sustainability?

8.96%

Current Dividend Yield


Upcoming Dividend Payment

TodayMar 30 2020Ex Dividend DateApr 17 2020Dividend Pay DateApr 23 20206 days from Ex DividendBuy in the next 18 days to receive the upcoming dividend

Dividend Yield vs Market

Notable Dividend: HAV B's dividend (8.96%) is higher than the bottom 25% of dividend payers in the Swedish market (2.12%).

High Dividend: HAV B's dividend (8.96%) is in the top 25% of dividend payers in the Swedish market (6.54%)


Stability and Growth of Payments

Stable Dividend: HAV B's dividends per share have been stable in the past 10 years.

Growing Dividend: HAV B's dividend payments have not increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its high payout ratio (458%), HAV B's dividend payments are not well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years and that it will be covered by earnings.


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

4.2yrs

Average board tenure


CEO

Jonas Israelsson (44yo)

no data

Tenure

kr1,132,000

Compensation

Mr. Jonas Israelsson serves as Chief Executive Officer of Havsfrun Investment AB (publ) and served as its Deputy Chief Executive Officer. Mr. Israelsson served as Investment Manager of Havsfrun Investment  ...


CEO Compensation Analysis

Compensation vs Market: Jonas's total compensation ($USD113.88K) is below average for companies of similar size in the Swedish market ($USD215.18K).

Compensation vs Earnings: Jonas's compensation has been consistent with company performance over the past year.


Board Members

NamePositionTenureCompensationOwnership
Claes Werkell
Chairman of the Board3.17yrskr912.00k28.53% SEK57.9m
Håkan Gartell
Independent Director19.17yrskr122.00k0.26% SEK531.0k
Christian Luthman
Independent Director3.17yrskr122.00k0.025% SEK50.2k
Minna Smedsten
Independent Director5.17yrskr138.00kno data

4.2yrs

Average Tenure

67yo

Average Age

Experienced Board: HAV B's board of directors are considered experienced (4.2 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Havsfrun Investment AB (publ)'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Havsfrun Investment AB (publ)
  • Ticker: HAV B
  • Exchange: OM
  • Founded: 1988
  • Industry: Asset Management and Custody Banks
  • Sector: Diversified Financials
  • Market Cap: kr202.774m
  • Shares outstanding: 12.11m
  • Website: https://www.havsfrun.se

Location

  • Havsfrun Investment AB (publ)
  • Strandvägen 1
  • Stockholm
  • 114 51
  • Sweden

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
HAV BOM (OMX Nordic Exchange Stockholm)YesClass B SharesSESEKApr 1996
0I26LSE (London Stock Exchange)YesClass B SharesGBSEKApr 1996
HAVBSBATS-CHIXE (BATS 'Chi-X Europe')YesClass B SharesGBSEKApr 1996

Biography

Havsfrun Investment AB (publ) manages a diversified portfolio of hedge funds in various markets. The company was founded in 1988 and is based in Stockholm, Sweden. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/03/29 21:29
End of Day Share Price2020/03/27 00:00
Earnings2019/12/31
Annual Earnings2019/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.