2024 Hvaler Invest Results: 15,7% ROE

Following a solid performance in 2023, Hvaler Invest AS delivered stable results in 2024, achieving a 15.7% return on equity (ROE) and a 14.9% return on investment (ROI). This brings our average ROE 26.7% over the last three years. We continued to manage our leverage carefully, keeping it below 10% of investments on average.

Protector was a standout performer this year, delivering an impressive 61,0% ROI, reflecting its strong market position and scale economics. Additionally, Crayon performed exceptionally well with a 41,3% ROI, contributing to our results. Webstep showed a modest recovery with a 5.6% ROI, indicating gradual progress. David is still on the board of Webstep, and is committed to working on further enhancing its performance.

However, 2024 was anticipated to be the year of IT consultancy companies, but the recovery has not yet materialized. Our investment in B3 Consulting Group faced significant challenges, resulting in a disappointing -35.1% ROI. Sverre remains dedicated to his role on the board and is actively working to implement strategies that we believe will help improve their performance moving forward. Note that M&As have been on the B3 agenda for the last 9 months in order to take advantage of a poor market with low prices on acquisitions. 

We believe that 2025 will be a lot better, and when it happens, you better be on board.

Throughout 2024, we have been searching for new companies and opportunities in our preferred sectors, and we might enter 1 or 2 new companies early in 2025. 

2025 will certainly be an interesting year with a lot of (geo)political challenges, but we will stay invested in companies we consider of high quality.

Our communication will continue to "open and transparent" and not necessary "politically correct" 🙂

All the best,

Team Hvaler Invest

Fredrik, David and Sverre

Lillestrøm, 28.04.25