SSAB Ab (SSAB-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

+24.2%

SEK 121.62

vs SEK 97.96 price

Levered DCF

SEK 94.61

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

3.22

Safe zone

Rating

A-

Overall 4 / 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	14.16×	6.71×	6.08×	-5.13×	3.2×	-54.54×	29.35×	7.23×
P/B	1.02×	0.62×	1.17×	0.83×	0.64×	0.5×	0.52×	0.43×
P/S	0.72×	0.42×	0.66×	0.45×	0.49×	0.41×	0.41×	0.34×
EV / EBITDA	5.79×	1.97×	2.87×	1.28×	2.06×	10.65×	6.74×	4.09×
Gross margin	10.3%	14.0%	18.9%	-1.7%	24.5%	5.8%	8.2%	12.8%
Operating margin	6.2%	7.6%	13.8%	-3.4%	19.6%	-0.5%	2.6%	6.6%
Net margin	5.1%	6.3%	10.9%	-8.7%	15.3%	-0.7%	1.4%	4.7%
Current ratio	2.48×	2.71×	2.67×	2.53×	2.06×	1.51×	1.66×	1.66×
Debt / equity	0.17×	0.14×	0.16×	0.16×	0.17×	0.32×	0.25×	0.22×
Interest coverage	9.57×	10.17×	19.65×	-7.22×	36.65×	-0.5×	2.95×	6.21×
Dividend yield	3.7%	11.4%	11.3%	9.7%	0.0%	2.9%	4.9%	4.0%
Payout ratio	52.9%	76.4%	68.8%	-49.7%	0.0%	-157.6%	143.7%	29.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	7.2%	9.2%	19.2%	-16.2%	20.0%	-0.9%	1.8%	6.0%
Return on invested capital	5.7%	7.3%	15.6%	-5.2%	17.0%	-0.3%	1.8%	5.3%
Return on assets	4.6%	5.9%	12.1%	-9.9%	13.1%	-0.6%	1.1%	3.8%
Free cash flow yield	-5.0%	8.4%	18.8%	23.7%	24.5%	8.0%	7.6%	16.7%
Earnings yield	7.1%	14.9%	16.4%	-19.5%	31.2%	-1.8%	3.4%	13.8%
Enterprise value	SEK 58B	SEK 26.1B	SEK 60.9B	SEK 41.6B	SEK 45.7B	SEK 37.4B	SEK 43.1B	SEK 36.3B
Net debt / EBITDA	-1.14×	-1.33×	-0.86×	-0.44×	-0.06×	2.96×	1.82×	1.2×
Cash conversion cycle (days)	97	92	91	90	91	38	80	84