Eklund Research
Long/short equity, high return businesses, deep value, contrarian

Ratos: Nordic Private Equity + Conglomerate = Long-Term Outperformance?

What would you pay for a well-run fully transparent and exchange listed private-equity firm with mainly Nordic-based mid-cap holdings in its portfolio? This article serves as an introduction and overview of Ratos (OTC:RTOBF), a Swedish "private equity conglomerate" in Ratos's own terminology.

From the point of an opportunistic value investor, I recommend Hold for Ratos on an absolute basis - this investment company is a good long-term investment vehicle for a Nordic exposure, but from a conservative perspective, the risk-reward for an international investor could be greatly improved if timing a major market correction.


Ratos's origins can be traced back to "Söderberg & Haak", founded in 1866 and Sweden's first wholesaler of iron and iron products. In

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