Havsfrun Investment AB (publ)

HAV-B.ST

Financial - Capital Markets · Financial Services

Exchange

Stockholm Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Strong

Growth

Exceptional

Cash Flow

Weak

Stability

Good

Valuation

Mixed

Dividends

Good

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Winston Score History

The full picture

Havsfrun Investment AB is a Swedish closed-end investment company listed on the Stockholm Stock Exchange. It invests in a portfolio of hedge funds and alternative investment strategies, giving shareholders exposure to assets that are normally hard for regular investors to access. The company acts as a fund-of-funds, meaning its main "product" is a collection of carefully selected external fund managers.

Havsfrun earns returns through the performance of its underlying fund investments rather than charging customers fees for a service. It operates primarily in Sweden and the Nordic region, with a market cap of around $0.2 billion, making it a small player in the global asset management space. Its 100% gross margin reflects the nature of investment income, but the key risk is that returns depend entirely on the performance of the hedge funds it holds — if those funds underperform, the value of Havsfrun's portfolio falls, and shareholders feel the impact directly.

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

-108.6% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-172.7% YoY

YoY Growth Rate

Earnings declining

Insider Activity

19.5%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~8 months

kr 109M cash & investments

Short runway — potential dilution ahead through share issuance

Cash watch

Havsfrun Investment AB (publ) has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

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

Profit per sale

Gross Margin

100.0%

Premium pricing power — 100.0% gross margin

Profit after running costs

Operating Margin

422.2%

Excellent — 422.2% operating margin

Return on the money invested

ROCE

7.2%

Weak — 7.2% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+101.9%

Fast-growing sales (+101.9% YoY)

Profit growth

EPS YoY

>+1,000%

Earnings growing fast (>+1,000% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

-393%

Weak — only -393% of profit becomes cash

Spare cash per sale

FCF Margin

-224.9%

Burning cash (-224.9%)

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

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

100.00x

Comfortably covers interest (100.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

19.1x

no trend

Fair value — P/E 19.1

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend

Dividend Yield

7.63%

no trend

Healthy income — 7.63% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record

Dividend Growth

-33.3%

no trend

Dividend cut (-33.3% YoY) — warning sign

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