Scandinavian Tobacco Group A/S (STG.CO) 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

+280.6%

DKK 294.57

vs DKK 77.40 price

Levered DCF

DKK 186.20

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.1

Grey zone

Rating

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	11.24×	8.32×	8.59×	7.49×	9.41×	15.26×	10.83×	5.85×
P/B	0.88×	0.85×	1.08×	1.18×	1.46×	1.24×	0.89×	0.44×
P/S	0.83×	0.85×	1.16×	1.26×	1.59×	1.29×	1.18×	0.58×
EV / EBITDA	8.2×	7.05×	6.94×	6.23×	7.19×	9.21×	7.18×	5.83×
Gross margin	28.0%	46.5%	48.2%	49.2%	50.0%	46.4%	48.2%	47.7%
Operating margin	14.2%	17.5%	19.7%	22.1%	23.4%	18.5%	18.2%	12.4%
Net margin	7.4%	10.2%	13.5%	16.8%	16.9%	8.5%	10.9%	9.9%
Current ratio	1.95×	1.88×	2.99×	2.95×	2.95×	2.42×	4.13×	3.63×
Debt / equity	0.64×	0.58×	0.42×	0.37×	0.35×	0.37×	0.32×	0.3×
Interest coverage	5.02×	6.81×	9.33×	14.96×	19.81×	14.25×	15.56×	11.96×
Dividend yield	8.9%	9.1%	7.0%	6.3%	4.8%	5.9%	7.4%	14.7%
Payout ratio	100.0%	75.5%	60.4%	46.9%	45.1%	89.7%	80.0%	86.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	7.8%	10.2%	12.5%	15.8%	15.5%	8.1%	8.2%	7.5%
Return on invested capital	6.5%	8.0%	9.5%	11.2%	11.5%	8.5%	7.7%	6.3%
Return on assets	4.1%	5.5%	7.5%	9.8%	9.5%	4.8%	5.4%	5.0%
Free cash flow yield	8.1%	11.7%	10.2%	9.1%	10.1%	13.4%	14.5%	16.9%
Earnings yield	8.9%	12.0%	11.6%	13.4%	10.6%	6.6%	9.2%	17.1%
Enterprise value	DKK 12.8B	DKK 13B	DKK 14B	DKK 14.5B	DKK 16B	DKK 13.3B	DKK 10.1B	DKK 6.2B
Net debt / EBITDA	3.38×	2.82×	1.91×	1.47×	1.32×	2.04×	1.43×	2.19×
Cash conversion cycle (days)	227	286	263	266	261	241	277	277