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MarketScreener Homepage  >  Equities  >  NASDAQ OMX STOCKHOLM  >  Investor AB    INVE B   SE0000107419

INVESTOR AB

(INVE B)
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Investor Announces CEO Switch, Sets Up New Unit

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01/28/2015 | 03:16am EDT
   By Anna Molin 
 

STOCKHOLM--Investor AB (INVE-B.SK) on Wednesday said Borje Ekholm would step down as chief executive to head up a new division that will shepherd the investment company's wholly-owned subsidiaries.

The chief executive will be replaced by Johan Forsell, who has been in charge of the company's core investments since 2006 and is part of the management group, Investor said.

The switch will take effect from the company's annual general meeting in May when Mr. Ekholm, who has served as CEO for almost ten years, will also resign from the board.

Investor--the investment vehicle of Sweden's powerful Wallenberg-family--said it will set up a new division, Patricia Industries, with an initial funding commitment of 6 billion Swedish kroner ($726.9 million) and offices in Stockholm and New York.

The unit will run independently to develop existing wholly-owned subsidiaries and find new ones, Investor said. Its board and decision-making committee will include Marcus Wallenberg, Jacob Wallenberg and Mr. Forssell as well as external members with relevant experience.

Also Wednesday, Investor presented its year-end report and said it had bought additional shares in listed holdings Zurich-based power automation company ABB (>> ABB Ltd.) and Finnish shipping engine manufacturer Wartsila Oyj (>> Wartsila Oyj Abp) in the fourth quarter.

Mr. Ekholm in his executive comments critized Sweden's new center-left government, which late last year first called and then cancelled a snap election after a populist party derailed its budget plans.

"The new government has managed to create unsurpassed uncertainty that may hurt the future investment environment," Mr. Ekholm said. "The U.S. economy performs well despite Washington. We may not be as fortunate."

The company's closely-watched net asset value rose to SEK343 per share, an increase of SEK19 per share over the quarter.

Net profit at the Stockholm-based company fell 7.9% to 12.99 billion Swedish kroner ($1.57 billion) in the fourth quarter compared to the year earlier.

The board proposed a dividend of SEK9, up from SEK8 a year earlier.

-Write to Anna Molin at anna.molin@wsj.com; Twitter: @AnnaWSJ

Stocks mentioned in the article : ABB Ltd., Wartsila Oyj Abp
Stocks mentioned in the article
ChangeLast1st jan.
ABB LTD 0.62% 18.57 Delayed Quote.-1.28%
ABB LTD 1.81% 177.15 Delayed Quote.1.96%
INVESTOR AB 1.12% 460.9 Delayed Quote.21.35%
WÄRTSILÄ 2.61% 11.215 Delayed Quote.-21.34%
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Financials (SEK)
Sales 2019 43 566 M
EBIT 2019 4 456 M
Net income 2019 28 786 M
Debt 2019 36 435 M
Yield 2019 3,04%
P/E ratio 2019 17,2x
P/E ratio 2020 26,7x
EV / Sales2019 8,91x
EV / Sales2020 8,70x
Capitalization 352 B
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Technical analysis trends INVESTOR AB
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TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
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Mean consensus BUY
Number of Analysts 8
Average target price 477,43  SEK
Last Close Price 460,90  SEK
Spread / Highest target 15,0%
Spread / Average Target 3,59%
Spread / Lowest Target -13,2%
EPS Revisions
Managers
NameTitle
Johan Patrik Lennart Forssell President, Chief Executive Officer & Director
Jacob Wallenberg Chairman
Helena Ildiko Saxon Chief Financial Officer
Grace Reksten Skaugen Independent Director
Lena Treschow-Torell Independent Director
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