Investment AB Öresund (publ) ORES
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Full analysis: 5 Aug 2026
General analysis — not personal advice.
HOLD
7/10
Confidence
Existing position can be maintained at current valuation.
Stable NAV growth and low leverage support the HOLD signal while the premium to NAV limits upside potential.
Market sentiment
6/10
→
Trend: Stable
The market notes the stable NAV development and dividend but expresses some hesitation around the premium valuation.
Price context
The share price of 138.4 SEK sits roughly 10 percent above the latest reported net asset value per share, implying the market already prices in continued good portfolio performance.
Risk assessment
4/10
Dilution:
Low
Strong cash position and no planned equity issues
Jurisdiction:
Low
Primary exposure to Sweden
Execution:
Medium
Dependent on a few large holdings
About the company
Investment AB Öresund is an actively managed investment company focused on Nordic listed companies. It owns and manages a concentrated portfolio including Bilia, Scandi Standard and Bahnhof. Results are generated primarily through value changes and dividends with very low debt.
Sector:
Investment company
Type:
Finance
Next report
9 Oct 2026
Q3
Catalysts
21 Oct 2026
Second dividend payment
Medium
Horizon:
Bull case
Net asset value continues to grow faster than the index thanks to strong contributions from core holdings.
Bear case
The share trades at a premium to net asset value which limits upside if the portfolio underperforms.
Sensitivity analysis
| Factor | If it weakens | If it strengthens |
|---|---|---|
| Portfolio company performance | Weaker results in Bilia or Scandi Standard → lower net asset value growth and reduced dividend capacity. | Continued strong profitability in core holdings → higher NAV growth and sustained premium valuation. |
| Net asset value development | NAV growth below index → increased risk that the premium shrinks or turns into a discount. | NAV growth above index → strengthened confidence and potential to maintain or increase the premium. |
We monitor these factors. Follow the company to get email when any of them hit.
Signal rationale (informational)
Stable NAV growth and low leverage support the HOLD signal while the premium to NAV limits upside potential.
Recent news
- Öresund has committed to subscribe its pro-rata share in Scandi Standard's rights issue. The half-year report showed 11 percent net asset value growth.
Key figures
Revenue
Q2 2026
SEK 121M
Revenue TTM
TTM
SEK 725M
EBITDA
FY 2024
SEK 408M
Net income
Q2 2026
SEK 107M
Cash
Q2 2026
SEK 204M
Total debt
mrq
SEK 9.3M
Shares outstanding
Q2 2026
45.5M
EPS
Q2 2026
SEK 2.35
Price & valuation
Last close
SEK 140
Market Cap
SEK 6.4B
1 week
+1.2 %
3 months
-1.8 %
12 months
+15.3 %
From 52w high
-11.2 %
From 52w low
+25.9 %
Exchange
Stockholm
Type
Finance
Sector
Investment company
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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.