Marcus Hernhag dividend portfolio after Bahnhof sale, Digi Mart USA News: Following the sale of Bahnhof, Swedish share profile Marcus Hernhag is searching for new dividend stocks. Large banks, insurance companies and real estate shares are among the candidates as he rebuilds his portfolio.
Telenor’s acquisition of Bahnhof appears set to proceed after the Swedish Competition Authority approved the deal. This has consequences for Hernhag, who has sold his shares in the broadband company and is looking for new investments.
His goal is to find companies that can combine stable growth with higher direct yields, he wrote in Privata Affärer. Bahnhof was an attractive dividend company with a direct yield of roughly 3–4 percent and had typically grown 8–10 percent per year.
“Few companies are as stable,” Hernhag said, adding that finding replacements with the same combination of characteristics will be a challenge.
Among the alternatives are the large banks. Handelsbanken is already a major holding in Hernhag’s portfolio.
He estimates the bank can maintain or raise its ordinary dividend because its payout ratio is relatively low. The other major banks offer, according to Hernhag, direct yields of roughly 5–6 percent on their ordinary dividends, and he notes that higher market interest rates could benefit the sector.
A less-noticed option is Solid Försäkring. Hernhag sees potential in the stock if the company achieves its growth targets.
The latest interim report shows that insurance technical results rose to SEK 106.9 million during the first nine months of the year, from SEK 104.1 million in the same period last year.
On the growth side, Hernhag highlights Lifco and Sagax B. They have lower direct yields of roughly 1–2 percent but have raised dividends for a long time.
Sagax has increased its dividend 16 years in a row and Lifco for 11 years.
Beijer Ref and investment company Latour are also among his candidates. According to Hernhag, both have good prospects to continue growing and have recently shown strength on the stock exchange.
Real estate company Cibus Real Estate is another option. The company pays dividends monthly, and Hernhag sees opportunities for a turnaround in the sector if the interest rate peak is behind us.
The latest interim report shows Cibus rental income rose nearly 13 percent to EUR 138 million during the first nine months of the year.
Operating profit, however, fell to EUR 66 million from EUR 79.3 million, affected by a non-recurring income item in the previous year. The net loan-to-value ratio stands at 59 percent.
For investors who want to spread risk across several companies, Hernhag points to the exchange-traded fund Xact Norden Högutdelande. It has a direct yield of 4.2 percent but substantial exposure to the financial sector.
He himself chooses to add to Montrose Global Dividend. The fund has a direct yield of 6 percent, largely due to an options strategy.
Hernhag also points to Tele2 and Telia as established high-dividend payers. He prefers Tele2 over Telia, citing the ownership structure.
Direct yields refer to historical dividends relative to the share price and are based on estimates from Aktieradar, Aktieportalen and Privata Affärer. Handelsbanken’s figure refers to the ordinary dividend excluding extra dividends.
Other percentages may include extra dividends, and all figures vary with share prices. The data mainly refer to November 2026.
