Analysis: Industrivärden (INDU-C.ST) — AKM1 research 2026

Industrivärden (INDU-C.ST) is in the research library for one single reason: the company passed the candidate rule. The rule is deterministic — hard gate on cash coverage (V19), data coverage 67,0 % against the floor of 60 % (D1's green rule) and green status — with the warning label 'green (low coverage)' because the coverage is below 70 %. No taste, no opinion: 58,1 of 67 possible points.

This is an automatically generated research overview; the full AK1A analysis is produced manually.

This is what the AKM1 profile looks like

A total of 58,1 of 67 points (86,7 %). The strongest category is Profitability, the weakest Catalyst. 10 of 20 variables are unset — the basis builds on 10 measured. The three strongest variables, with the assessment's motivation verbatim:

- V06 EV/EBITDA — 5/5 p: EV/EBIT 3,6x as a LOWER-BOUND proxy for EV/EBITDA (EV/EBIT ≥ EV/EBITDA) → convex curve 5/5; value-trap hole: <4x gives 5 only if V19 ≥ 3 (V19 score: 5) → 5/5

- V08 EBITDA margin — 5/5 p: EBIT margin 99,9 % as a LOWER-BOUND proxy for the EBITDA margin → linear band 5/5

- V10 Debt-to-equity ratio — 5/5 p: Debt/equity 0,03 → linear band 5/5 (lower is better)

The wave position

All five horizons (micro, short, medium, long, mega) are unset — and unset means unset: the wave engine never guesses, it requires time series that the sources do not yet deliver. The only wave trace is the dynamic: stable. Fundamental waves not classified at aggregate level: the FVag engine requires time series (revenue, margins, valuation multiples over time) that the basis lacks — 'unset' means unset, the engine never guesses. Only 1 of 20 variables has classifiable wave data; the dynamic (stable) is the only wave trace.

Floor and risks

The value floor is unset — golvMarginal is null in the cross-tabulation — value floor data (NCAV/NAV) is not yet delivered by the sources (known, documented in the manifest).

- 10 of 20 AKM1 variables are unset in the basis (V02, V03, V11, V12, V13, V15, V16, V17, V18, V20) — the analysis builds on 10 measured variables, not the full model.

- Investment company profile: P/E, margins and P/B mirror the market values of the holdings (net asset value), not an operating business — the financial ratios are not comparable with operating companies and the result swings with the stock exchange.

- Liquidity (V11) unset — balance sheet data is missing in the sources, the liquidity risk cannot be assessed.

- Low data coverage: 67,0 % below the library floor of 70 % — the green status rests on D1's 60 % rule and the warning label is set.

- Missing second source: source B (MarketStack) lacked a fresh price course at collection — price and valuation were not double-checked (noted in the company universe).

What would falsify the picture

A research picture without conditions that can kill it is not research. These conditions are measurable with variable ID and threshold:

- V19 cash coverage < 12 months within 2 quarters falsifies the green (low coverage) status — portV19 activates and the row turns red according to the cross-tabulation's D1 rule.

- fvagDynamik → 'weakens' in the next cross-tabulation run falsifies the selection basis — the candidacy is re-examined immediately (the dynamic is stable in today's basis).

- data coverage < 0,6 in the next delivery falsifies the status basis — green requires ≥ 60 % (D1), the public library ≥ 70 %; INDU-C.ST stands at 67,0 % today.

- V06 EV/EBITDA above 12× in the next measurement falsifies the thesis for profitability — the AKM1 profile's strongest leg (V06 EV/EBITDA, 5/5 p today).

- relative AKM1 below 0,70 in the next measurement falsifies the green status (→ yellow according to D1) — today 86,7 %.

Go deeper

• The course v06-ev-ebitda — the variable in the company's AKM1 profile
• The course v08-ebitda-marginal — the variable in the company's AKM1 profile
• The course v10-skuldsattningsgrad — the variable in the company's AKM1 profile
• The full overview of Industrivärden — the whole schema with selection rule and outcome
• Complete guide to Swedish stock analysis — the method from the ground up

FAQ

What is an investment company and how does it differ from an operating company?

Ett investmentbolag som Industrivärden äger andelar i andra bolag i stället för att driva en egen rörelse. Räkenskaperna speglar därför innehavens marknadsvärden — ofta kallat substansvärde — och resultatet svänger med börsen. Därför är nyckeltal som P/E och marginaler inte direkt jämförbara med driftsbolag, något modellen flaggar explicit i profilen.

What does green status with the low coverage warning label mean?

Green status requires a relative AKM1 of at least 70 percent and data coverage of at least 60 percent. Industrivärden sits at 86,7 percent in points but 67,0 percent in coverage — above the D1 rule but below the library floor of 70 percent. The warning label reminds the reader that the data is thinner than the library's standard.

How is EV/EBIT read as a lower-bound proxy for EV/EBITDA?

When the source only provides EV/EBIT, it is used as a lower bound for EV/EBITDA, since EV/EBIT is always greater than or equal to EV/EBITDA. Industrivärden's EV/EBIT of 3,6x therefore yields the top score on the convex curve — but only because V19 sits at least 3 points. The logic is explained in the course v06-ev-ebitda.

Is this investment advice?

No. The text is educational finance instruction: it shows how the model measures and which conditions would change the picture. Under the law (2007:528) on securities business, advice requires a licence, and AK1A never issues such recommendations. The library and the courses exist to teach the method — not to make decisions for the reader.

This is an automatically generated research overview; the full AK1A analysis is produced manually. Research material — not advice. Educational research, never investment advice (law 2007:528).