Rankings Commodities & uranium Sotkamo Silver
Sotkamo Silver
67
15070100
A view of the same findings, not a new score. How it works
A good business with a real question mark: the price, a crack, or both.
Biggest deductions
- Dependence on the silver price−8
- Multiples vs own history−5
- Operating risk−5
Strengths
- Upgraded forecast+3
- Strong cash flow and debt reduction+2
How the score is built
From 100 to 67, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 2 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 2.94 SEK
- Median analyst target
- –
- Upside to median
- –
- Analysts
- none
- Target range
- –
- 52-week change
- +161%
- P/E (trailing)
- 7.8
- Forward P/E
- 3.1
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 4 findings−15 of −30
- −4Margin and return over the cycleEBITDA margin 48% in H1 2026 and ROIC 36% over the last 12 months, but that is due to the silver price: ROIC was 1.9% in 2025, 6.8% in 2024 and −6.7% in 2022, and FCF was negative in 2025 (−SEK 30m).
- −4Quality of growthNet revenue rose 160% to SEK 384m in H1, mainly because of higher silver and gold prices; silver production rose only 18% (419 koz), and the silver grade fell to 56 g/t in Q2 (65 g/t a year earlier).
- −4Moat and scaleOne small mine (about 1 Moz silver a year) with no price influence; resources last to at least 2035, but the company is a price taker with higher costs than large silver producers.
- −3Capital allocationThe share count rose 23.7% over a year, because convertible loans were converted at low prices; the company has historically financed itself with issues (2021 and 2023) and expensive loans.
Price
Today's multiples against the company's own history and its peers. · 2 findings−8 of −35
- −5Multiples vs own historyP/B 3.71 vs 2.84 (2025), 0.99 (2024), 0.77 (2023) and 0.36 (2022), and EV/Sales 2.57 vs 2.23/1.12/1.09 – the highest levels in the period. Forward P/E 5.6 is similar to 2025 (5.6) and above 2024 (3.5).
- −3Price level in the cycleThe price has risen 328% over a year and prices in a silver price at the top of the cycle. Forward EV/EBITDA is about 4.3 (EV SEK 1,625m vs an EBITDA forecast of over EUR 33m ≈ SEK 373m) vs Endeavour Silver 9.1 trailing - cheap, but only if the silver price holds.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 3 findings−15 of −35
- −8Dependence on the silver priceThe upgraded forecast (EBITDA above EUR 33m) is primarily due to the silver price; Edison highlights the high sensitivity. A fall in the silver price would hit earnings far more than revenue.
- −5Operating riskH1 production was 419 koz against a full-year forecast of 0.9–1.2 Moz, so H2 requires 481–781 koz; that assumes the silver grade rises from 56 to 80–90 g/t as the mine goes deeper.
- −2Debt and financial itemsInterest-bearing debt of SEK 196m (net debt about 53m), and interest cover is only 1.77 over the last 12 months due to interest and fair value losses on convertible loans.
Plus
Only documented strengths. · 2 findings+5 of +15
- +3Upgraded forecastPositive profit warning in May 2026: the 2026 EBITDA forecast was raised from over 25 to over 33m EUR and maintained in the Q2 report.
- +2Strong cash flow and debt reductionFCF SEK 161m over the last 12 months, cash rose to SEK 141m, the convertible loans are down to EUR 1.1m, Business Finland converted EUR 2.0m of the loan to a grant, and net debt/EBITDA is expected under 0.1 by year-end.
Caveats
What the score does not capture, or where the data is weak.
Swedish company with one silver mine (Silver Mine in Sotkamo, Finland); reports in SEK but guides in EUR. The Nordnet line is Helsinki (SOSI1, EUR 0.4025), but stockanalysis has no statistics page for Helsinki (404), so path and currency follow the NGM line in Stockholm (quote/ngm/SOSI, SEK 4.61 ≈ DKK 3.04). Penny amounts are in SEK. Market cap calculated myself: 340.46m shares × SEK 4.61 = SEK 1,570m ≈ DKK 1,037m. The trailing P/E (20.5) is distorted by a fair value loss of SEK 78m on convertible loans; forward P/E is 5.6. Operating company with positive cash flow, so runway is set to null. CEO and short register not checked.
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