Havsfrun Investment AB (publ) HAV B
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Full analysis: 6 Apr 2026
Latest news check: 26 Jul 2026
General analysis — not personal advice.
NEUTRAL
6/10
Confidence
Wait for the Q1 report; reduce if the NAV premium is large without deal news, add only after a concrete RTO announcement.
The picture remains unchanged with continued focus on RTO execution and the high premium to NAV creating downside if deals fail to materialize while cash and debt-free status provide option-like upside.
Market sentiment
5/10
→
Trend: Stable
Sentiment is neutral to slightly positive, centered on NAV, dividends, and the possibility of an RTO transaction. Discussion volume is low and often questions valuation versus NAV and the stock’s low liquidity.
Price context
The share closed at 13.16 SEK, representing a substantial premium to the latest NAV of 8.23 SEK per share and indicating that the market is pricing in significant future value creation primarily tied to RTO activities.
Risk assessment
7/10
Dilution:
Medium
RTO deals may require equity issuance
Jurisdiction:
Low
Sweden-based operations and regulation
Execution:
High
RTO deal delivery remains uncertain
About the company
Havsfrun Investment AB (publ) is a Swedish investment company managing its own capital through liquid investments such as equities and funds, historically with a tilt to alternative strategies. The company has recently expanded its focus toward structured transactions and reverse takeovers (RTO/SPAC-like) via HF Reverse (RTO) AB.
Sector:
Investment company / financial investments
Type:
Finance
Next report
19 Aug 2026
Q2
Catalysts
Unknown
Potential RTO / structural deal
High
Horizon:
Bull case
The Q2 report in August may provide clearer signals on HF Reverse and portfolio development while the strong balance sheet offers stability.
Bear case
High uncertainty around timing and outcome of RTO deals combined with low liquidity may lead to volatility if the premium to NAV is not justified.
Signal rationale (informational)
The picture remains unchanged with continued focus on RTO execution and the high premium to NAV creating downside if deals fail to materialize while cash and debt-free status provide option-like upside.
Recent news
- On 10 July 2026 Havsfrun published June NAV showing a 1.6% decline to 8.23 SEK per share, corresponding to a total NAV of 99.7 MSEK. The investment portfolio was valued at approximately 77 MSEK with an investment ratio of around 77%.
Price & valuation
Last close
SEK 13.40
Market Cap
SEK 162M
1 week
+2.3 %
3 months
-2.0 %
12 months
-40.7 %
From 52w high
-43.5 %
From 52w low
+3.2 %
Exchange
Stockholm
Type
Finance
Sector
Investment company / financial investments
This picture changes. Follow Havsfrun Investment AB (publ) free — email when the signal or risk changes + a Sunday weekly brief.
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Firelda provides general information and analysis, not personal investment advice. Content does not consider your financial situation or goals. Investments can rise and fall in value. Always do your own research.