Idun Industrier (IDUN-B ST) | Share price: SEK 330 | June 2026
Market Cap: ~3.8bn SEK/ ~€350mn | ADV: 2,350 shares/ ~€72k
Summary:
Idun Industrier is a Swedish serial acquirer with a simple model: buy niche, market-leading industrial businesses at 5-8x EBITA, keep them operationally independent, and redeploy the cash they generate into further acquisitions. Do that consistently, add 5% organic growth on top, and you compound at 15% annually. Idun has done exactly that since inception, growing attributable EBITA per share at 16.6% per year from 2016 to 2025.
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Disclaimer: This is not financial advice and only for informational purposes. I hold a position in Idun Industrier. Do your own research.
Sources: Idun Annual Reports 2018-2025; Q1 2026 Interim Report; Q1-Q4 2025 Earnings Calls; Redeye Serial Acquirers Conference 2026; DNB Carnegie commissioned research; Swedish company register (Bolagsverket) and Allabolag.se for subsidiary revenue and margin data. All figures SEK unless stated. Images copyright Idun Industrier AB.
For further reading: Paul Dutz wrote a good overview piece on Idun in 2024. Carnegie produce commissioned research on the company. REQ Capital, shareholders in Idun, have written extensively on Swedish serial acquirers and are worth reading for broader context on the asset class.
I also like Idun, and have followed them a while. I am looking to buy it around 300. One last thing I need to get past before I can pull the trigger however.
Do you have any thoughts about the quite substantial dilution which occurred in 2024? Shares outstanding went from 10.6 to 11.5 million. Directly before the dilution, the CIO sold 1/4 of his stake. The timing was not a good look, and I initially viewed the stock as a no-go for me. However, I do like the shareholder alignment in general.
Curious as to your thoughts. Thanks.
Thank you, interesting article. I like your investment idea, especially the management alignment with shareholders is great to see. I might be interested in buying at lower prices myself. Currently there are some other options with potential higher upside out there, that’s the only regret with the setup for me.