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Investment AB Latour (publ)

LATO-B.ST

Asset Management · Financial Services

Price

kr 192.15

+1.90 (+1.00%)

Market Cap

kr 113.70B

Exchange

Stockholm Stock Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Winston Score between 40 and 70. The stock passes some quality checks but not all.

Investment AB Latour is a Swedish holding company that owns stakes in both publicly traded companies and privately held industrial businesses. Its wholly owned subsidiaries make products like security systems, automation equipment, and industrial tools, selling to manufacturers, construction companies, and other businesses. It also holds large ownership positions in well-known Swedish listed companies such as Assa Abloy, Securitas, and Tomra.

Latour earns money in two ways: through dividends and gains from its listed stock portfolio, and through the operating profits of its fully owned industrial subsidiaries. The company is headquartered in Gothenburg, Sweden, and operates primarily across Europe, though its subsidiaries have a broader international reach. Its competitive strength comes from long-term, concentrated ownership — Latour typically holds companies for decades rather than trading in and out. The main risk is that its net asset value is heavily tied to the performance of a handful of large Swedish listed holdings, meaning a downturn in those stocks can significantly reduce the value of the entire group.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-2.2% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-52.8% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$821M/ year

↑ Rising (+8% vs prior year)

2.9% of revenue

Below sector average (7%)

R&D investment increasing — building for the future

Insider Activity

77.2%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$2.8B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

Investment AB Latour (publ)'s revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

40.3%

Healthy — 40.3% gross margin

Operating Margin

11.8%

Modest — 11.8% operating margin

ROCE

1.3%

Weak — 1.3% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+5.1%

Slow sales growth (5.1% YoY)

EPS YoY

-9.6%

Earnings shrinking (-9.6% YoY)

Slight earnings drop. Typical near a cyclical low.

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

78%

Modest — 78% of profit becomes cash

FCF Margin

-3.9%

Burning cash (-3.9%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

0.43

Conservative — low debt load (0.43)

Interest Cover

5.54x

Adequate interest coverage (5.5x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio

26.2x

Growth-priced — P/E 26.2

P/E above the market average. People are paying up for expected growth.

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend Yield

2.60%

Moderate income — 2.60% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend Growth

+74.1%

Dividend growing fast (74.1% YoY)

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