Svenska Cellulosa Aktiebolaget SCA (publ) (SCA-A.ST) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-21.5%

SEK 93.79

vs SEK 119.50 price

Levered DCF

SEK 10.41

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.87

Grey zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	26.89×	26.95×	28.64×	13.88×	19.08×	135.6×	4.52×	13.86×
P/B	0.85×	0.94×	1.01×	0.97×	1.36×	1.44×	1.02×	1.3×
P/S	4.22×	4.85×	5.82×	4.51×	6.02×	5.64×	3.58×	2.7×
EV / EBITDA	14.98×	15.37×	17.35×	10.28×	13.45×	40.67×	3.7×	12.66×
Gross margin	9.0%	84.5%	86.6%	86.4%	82.8%	67.9%	149.5%	70.5%
Operating margin	11.4%	24.8%	26.9%	41.6%	40.6%	6.2%	100.4%	21.3%
Net margin	15.7%	18.0%	20.3%	32.5%	31.6%	4.2%	79.2%	19.5%
Current ratio	1.46×	1.26×	1.38×	1.32×	1.31×	1.25×	1.06×	1.21×
Debt / equity	0.13×	0.13×	0.13×	0.13×	0.12×	0.14×	0.14×	0.2×
Interest coverage	2.47×	9.14×	9.73×	83.1×	50.89×	8.88×	134.69×	142.93×
Dividend yield	2.4%	2.0%	1.7%	2.4%	1.2%	0.0%	1.8%	2.1%
Payout ratio	65.7%	53.1%	47.8%	33.8%	23.6%	0.0%	7.9%	28.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	3.2%	3.5%	3.5%	7.0%	7.2%	1.1%	22.7%	9.4%
Return on invested capital	1.3%	2.8%	2.8%	5.2%	5.5%	0.9%	16.5%	6.6%
Return on assets	2.2%	2.4%	2.5%	4.9%	5.0%	0.7%	15.7%	6.0%
Free cash flow yield	1.4%	1.3%	0.7%	0.4%	0.8%	1.0%	1.4%	0.8%
Earnings yield	3.7%	3.7%	3.5%	7.2%	5.2%	0.7%	22.1%	7.2%
Enterprise value	SEK 99.1B	SEK 110.4B	SEK 118.1B	SEK 105.1B	SEK 122.2B	SEK 112.3B	SEK 79.3B	SEK 57.9B
Net debt / EBITDA	1.96×	1.73×	1.89×	1.11×	0.97×	3.08×	0.43×	1.57×
Cash conversion cycle (days)	116	221	289	277	143	88	-15	134