{"id":10207,"date":"2021-03-17T11:35:00","date_gmt":"2021-03-17T10:35:00","guid":{"rendered":"https:\/\/www.nordnet.com\/nordnetblog\/?p=10207"},"modified":"2026-03-10T17:07:01","modified_gmt":"2026-03-10T16:07:01","slug":"aktieutdelning","status":"publish","type":"post","link":"https:\/\/www.nordnet.se\/blogg\/aktieutdelning\/","title":{"rendered":"Aktieutdelningens betydelse f\u00f6r avkastningen"},"content":{"rendered":"\n

Att aktieutdelningen \u00e4r viktig k\u00e4nner de flesta som sparar p\u00e5 b\u00f6rsen till. Men hur stor p\u00e5verkan har egentligen utdelningarna p\u00e5 v\u00e5r totala avkastning?<\/strong> <\/p>\n\n\n\n

V\u00e4rdeinvesteringens grundare pr\u00e4glar marknaden \u00e4n idag<\/strong><\/h2>\n\n\n\n

Urfadern till den akademiskt grundade v\u00e4rderingsmodellen av aktier och v\u00e4rdeinvesteringar, Benjamin Graham<\/a> perspektiv p\u00e5 investeringar pr\u00e4glar \u00e4n idag hur m\u00e5nga agerar p\u00e5 marknaden. V\u00e5r tids aktieguru Warren Buffet har hyllat hans bok “The Intelligent Investor” och rankar det som en av de b\u00e4sta investeringsb\u00f6ckerna som n\u00e5gonsin skrivits. Graham, som b\u00f6rjade jobba p\u00e5 Wall Street redan i ung \u00e5lder, h\u00e4vdade tidigt att utdelningen \u00e4r av st\u00f6rsta vikt f\u00f6r att kunna v\u00e4rdera ett bolag. Till och med s\u00e5 viktig att utan utdelning g\u00e5r det inte att s\u00e4tta ett korrekt v\u00e4rde. Hans investeringsstrategi var att k\u00f6pa bolag som v\u00e4rderades under det “inneboende v\u00e4rdet” vilket var ett uttryck som han myntade.<\/p>\n\n\n\n

Utdelningens betydelse f\u00f6r avkastningen<\/strong><\/h2>\n\n\n\n

Idag \u00e4r fortfarande direktavkastningen en viktig del i investeringsbeslutet men \u00e5sikterna g\u00e5r is\u00e4r. Ofta s\u00e4ger vi att investeringar i aktier har varit den investering som gett b\u00e4st avkastning genom historien. Men hur har det sett ut historiskt? <\/p>\n\n\n\n

G\u00e5r vi tillbaka i b\u00f6rshistoriken med hj\u00e4lp av riksbankens b\u00f6rsindex s\u00e5 kan vi f\u00e5 lite mer klarhet i detta. Nedan hittar du b\u00f6rsindex f\u00f6r hela det 1900-talet b\u00e5de vad g\u00e4ller aktieutdelning inklusive och exklusive utdelning. Jag har \u00e4ven inflationsjusterat historiken och visat utan att ta h\u00e4nsyn till inflationen. <\/p>\n\n\n\n

Den som investerade p\u00e5 Stockholmsb\u00f6rsen \u00e5r 1901 och beh\u00f6ll aktierna och inte \u00e5terinvesterade sin aktieutdelning fram till 1951 \u00e5r hade faktiskt mindre pengar investerade p\u00e5 marknaden d\u00e5. Inflationsjusterar man siffrorna s\u00e5 tog det fram 60-talet innan v\u00e4rdet var h\u00f6gre igen \u00e4n \u00e5r 1901.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Ovanst\u00e5ende graf visar svenska b\u00f6rsindexets utveckling b\u00e5de med och utan utdelningar mellan 1901-2021. Startindex 1 = 1901<\/em><\/p>\n\n\n\n

H\u00f6g inflationstakt<\/strong><\/h2>\n\n\n\n

Inflationstakten var r\u00e4tt h\u00f6g i Sverige under f\u00f6rsta halvan av 1900-talet vilket innebar att pengarnas v\u00e4rde urholkades. Visst, det finns flera l\u00e5nga perioder mellan 1901-1980 d\u00e5 investeraren legat p\u00e5 positiva v\u00e4rden men jag tror \u00e4nd\u00e5 att det f\u00f6r m\u00e5nga upplevs som en \u00f6verraskande d\u00e5lig avkastning. Hur kan det d\u00e5 komma sig att man \u00e4nd\u00e5 f\u00f6respr\u00e5kar aktieinvesteringar? <\/p>\n\n\n\n

Om vi ist\u00e4llet unders\u00f6ker hur b\u00f6rsindex har utvecklat sig med h\u00e4nsyn till \u00e5terinvesterade utdelningar ser vi en annan utveckling. Vi ser att inflationen \u00e4ter upp en stor del av den nominella avkastningen vi tycker oss se i portf\u00f6ljen, men aktieutdelningarna tillf\u00f6r en betydande del av avkastningen \u00f6ver tid vilket s\u00e4tter aktieinvesteringar i ett annat perspektiv. <\/p>\n\n\n\n

Grafen nedan visar n\u00e4mligen exakt samma sak som bilden ovan fast h\u00e4r har jag justerat f\u00f6r inflationen. D\u00e5 ser vi att det tog hela v\u00e4gen tillbaka till 80-talet innan b\u00f6rsen var prism\u00e4ssigt \u00f6ver sina tidiga h\u00f6gsta niv\u00e5er.<\/p>\n\n\n\n

Men den som tagit utdelningen och \u00e5terinvesterat har f\u00e5tt se v\u00e4rdet \u00f6ka! <\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Ovanst\u00e5ende graf visar svenska b\u00f6rsindexets utveckling inklusive <\/strong>inflation samt med och utan utdelning mellan 1901-2021. Startindex 1 = 1901<\/em><\/p>\n\n\n\n

\u00c5terinvestera utdelningar \u00e4r hemligheten<\/h2>\n\n\n\n

Om du inte redan har listat ut det s\u00e5 handlar det ju om att ta utdelningen och \u00e5terinvestera den. Du kommer f\u00e5 olika ink\u00f6psniv\u00e5er b\u00e5de g\u00e4llande kursniv\u00e5 men ocks\u00e5 g\u00e4llande inflationsniv\u00e5. <\/p>\n\n\n\n

Inflationen \u00e4r ju n\u00e4stan som bortgl\u00f6md idag och det \u00e4r inget som oroar m\u00e5nga just nu. Men det kan mycket v\u00e4l komma perioder med h\u00f6g inflation igen. Genom att ta det kassafl\u00f6de som utdelning ger dig och k\u00f6pa fler aktier s\u00e5 \u00f6kar du din \u00e4garandel. Detta b\u00e4ddar f\u00f6r att du f\u00e5r \u00e4nnu mer utdelning fram\u00f6ver och p\u00e5 s\u00e5 s\u00e4tt f\u00e5r du r\u00e4nta-p\u00e5-r\u00e4nta bollen i rullning.<\/p>\n\n\n\n

Risker med utdelningsinvesteringar<\/h2>\n\n\n\n

Man ska inte tro att aktieutdelningar \u00e4r n\u00e5got magiskt som inte \u00e4r utsatt f\u00f6r risk. Utan snarare tv\u00e4rtom kan f\u00f6r mycket utdelningsfokus medf\u00f6ra vissa problem. H\u00e4r lyfter jag n\u00e5gra tankar om farh\u00e5gorna med utdelningsaktier.<\/p>\n\n\n\n

    \n
  • I grund och botten \u00e4r utdelningsinvestering mer eller mindre baserat p\u00e5 ett felaktigt antagande; En krona i handen \u00e4r v\u00e4rt mer<\/strong> \u00e4n en krona i ett av bolagen som jag \u00e4r del\u00e4gare i.
    Utdelningar \u00e4r p\u00e5 s\u00e4tt och vis ett nollsummespel d\u00e5 pengar flyttas fr\u00e5n f\u00f6retagets kassa till din kassa. Enda anledningen detta \u00e4r av v\u00e4rde \u00e4r n\u00e4r bolaget sj\u00e4lva inte l\u00e4ngre kan f\u00e5 utv\u00e4xling p\u00e5 sina investeringar. D\u00e5 \u00e4r det b\u00e4ttre att dela ut s\u00e5 kan du \u00e5terinvestera i n\u00e5got som ger b\u00e4ttre avkastningspotential. Utdelningar kan dessutom medf\u00f6ra skatter och transaktionskostnader vilket g\u00f6r det till en negativ v\u00e4rdetransferering. Denna \u00e4r idag ganska f\u00f6rsumbar, men v\u00e4l v\u00e4rd att ha i \u00e5tanke.
    Utdelning \u00e4r allts\u00e5 mest relevant n\u00e4r bolaget noga har \u00f6verv\u00e4gt sin investeringsalternativ och kommit fram till att det ger mer aktie\u00e4garv\u00e4rde om vi som aktie\u00e4gare f\u00e5r ut pengarna \u00e4n att investera kapitalet i verksamheten.<\/li>\n\n\n\n
  • Utdelningar \u00e4r i de flesta l\u00e4nder skatteineffektiva. S\u00e5 \u00e4r inte fallet i Sverige l\u00e4ngre f\u00f6r dem som \u00e4ger sina aktier i en ISK\/KF, men det \u00e4r \u00e4nd\u00e5 v\u00e4rt att beakta n\u00e4r man utv\u00e4rderar ledningen i t.ex. amerikanska bolag. Aktie\u00e5terk\u00f6p \u00e4r p\u00e5 s\u00e4tt och vis mer skatteeffektivt om bolagets aktiekurs \u00e4r under dess “inneboende v\u00e4rde” som Graham kallade det f\u00f6r. <\/li>\n\n\n\n
  • N\u00e4r man kategoriskt sorterar bort alla bolag utan utdelning riskerar man \u00e4ven att v\u00e4lja bort en rad bra bolag. Bolag som kan \u00e5terinvestera sina vinster till en h\u00f6g avkastning (och d\u00e4rmed v\u00e4xa snabbt) b\u00f6r g\u00f6ra det med alla tillg\u00e4ngliga medel. Att betala utdelningar \u00e4r irrationellt i s\u00e5dana fall.<\/li>\n\n\n\n
  • Utdelningsinvesterare f\u00f6redrar ofta bolag som har en j\u00e4mn och fin utdelningshistorik och g\u00e4rna utan utdelningss\u00e4nkningar. S\u00e5dana aktie\u00e4gare motiverar ledningar att manipulera vinsterna f\u00f6r att se j\u00e4mna ut. S\u00e5 ser tyv\u00e4rr inte verkligheten ut f\u00f6r de allra flesta bolagen; vinster och kassafl\u00f6den varierar med konjunkturen, slumpen, valutor och mycket annat. En fin och j\u00e4mn utdelningshistorik \u00e4r inte n\u00f6dv\u00e4ndigtvis detsamma som fint och j\u00e4mnt v\u00e4rdeskapande i bolaget. Med det sagt s\u00e5 finns sj\u00e4lvklart en \u00f6nskan fr\u00e5n oss aktie\u00e4gare att f\u00e5 en stabilitet i utdelningen – men se till att lyft p\u00e5 alla stenar n\u00e4r du g\u00f6r din analys!<\/li>\n\n\n\n
  • Risken finns att utdelningarna i sig tar uppm\u00e4rksamheten ifr\u00e5n det som leder till utdelningar; n\u00e4mligen kassafl\u00f6den. Dessa styrs av tillv\u00e4xt och avkastningen p\u00e5 det investerade kapitalet. Det \u00e4r detta man ska fokusera p\u00e5 n\u00e4r man v\u00e4rderar ett bolag. Utdelningsinvesterare som inte f\u00f6rst\u00e5r kassafl\u00f6det l\u00f6per en risk att g\u00e5 p\u00e5 en mina. P\u00e5 kort sikt kan ett bolag ge en utdelning genom att l\u00e5na pengar – men p\u00e5 l\u00e5ng sikt kommer det sluta i katastrof. <\/li>\n<\/ul>\n\n\n\n

    Jag tycker det \u00e4r viktigt att ha en nyanserad och mogen bild av utdelningsaktier. D\u00e4rmed viktigt att ha i beaktande ovanst\u00e5ende punkter n\u00e4r det g\u00e4ller utdelningsinvesteringar. <\/p>\n\n\n\n

    \u00c4lska kassafl\u00f6de till portf\u00f6ljen<\/h3>\n\n\n\n

    <\/p>\n\n\n","protected":false},"excerpt":{"rendered":"

    Att aktieutdelningen \u00e4r viktig k\u00e4nner de flesta som sparar p\u00e5 b\u00f6rsen till. Men hur stor p\u00e5verkan har egentligen utdelningarna p\u00e5 v\u00e5r totala avkastning? V\u00e4rdeinvesteringens grundare pr\u00e4glar marknaden \u00e4n idag Urfadern till den akademiskt grundade v\u00e4rderingsmodellen av aktier och v\u00e4rdeinvesteringar, Benjamin Graham perspektiv p\u00e5 investeringar pr\u00e4glar \u00e4n idag hur m\u00e5nga agerar p\u00e5 marknaden. V\u00e5r tids aktieguru […]<\/p>\n","protected":false},"author":40072,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"ghostkit_customizer_options":"","ghostkit_custom_css":"","ghostkit_custom_js_head":"","ghostkit_custom_js_foot":"","ghostkit_typography":"","_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","footnotes":""},"categories":[4050],"tags":[],"class_list":["post-10207","post","type-post","status-publish","format-standard","hentry","category-investeringsstrategi"],"acf":[],"all_images":{"thumbnail":{"src":"https:\/\/blogg.nordnet.se\/wp-content\/uploads\/2019\/02\/VF-blogg-3-150x58.png","width":150,"height":58,"crop":true,"srcset":"https:\/\/blogg.nordnet.se\/wp-content\/uploads\/2019\/02\/VF-blogg-3-150x58.png 150w, https:\/\/blogg.nordnet.se\/wp-content\/uploads\/2019\/02\/VF-blogg-3-620x240.png 620w, 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