Rankings Commodities & uranium SSAB
SSAB
77
15070100
A view of the same findings, not a new score. How it works
In the 70+ zone: a score above 70 with more than 20% upside to the median analyst target.
Biggest deductions
- Multiples vs own history−5
- Margin and ROIC−4
- Capital allocation and FCF−4
Strengths
- Net cash+2
- Pricing power and regulation+2
How the score is built
From 100 to 77, 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 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 96.62 SEK
- Median analyst target
- 119.50 SEK
- Upside to median
- +23.7%
- Analysts
- 14
- Target range
- 88.00 – 140.00 SEK
- 52-week change
- +61%
- P/E (trailing)
- 17.0
- Forward P/E
- 9.1
- PEG
- 0.47
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−13 of −30
- −4Margin and ROICOperating margin 7.5% (TTM) vs 13.8–19.6% in 2021 and 2023; ROIC 9.1% vs a WACC of 10.5% and 22–25% in the peak years. The return does not cover the cost of capital in the middle of the cycle.
- −3Quality of growthRevenue has fallen four years in a row (DKK 128.7bn in 2022 to 96.2bn in 2025, TTM 97.9) and EPS 5.62 vs 12.67 in 2023; no structural progress, only cycle.
- −4Capital allocation and FCFThe new electric steel plant in Luleå costs about SEK 52bn (half of the market cap). Capex rose from 3.4bn (2021) to 13.5bn (2025); FCF was −3.5bn in 2025 and about 0 TTM, and net cash has fallen from SEK 18.3bn to 8.8bn.
- −2Business mix and moatSSAB Europe (40 of 98bn kr. in revenue) and Tibnor are predominantly standard steel plate and trading, where SSAB is a price taker; only Special Steels (27bn) has a real niche position.
Price
Today's multiples against the company's own history and its peers. · 3 findings−10 of −35
- −5Multiples vs own historyEV/EBITDA 8.2 and P/B 1.45 are the highest in five years (2021-2025: 2.5-6.4 and 0.62-1.15); trailing P/E 18.3 vs 3.4-14.2. Forward P/E 10.5 is in the upper part of the forward history (3.9-12.1). The price is up 57% in a year.
- −1PeersForward P/E 10.5 is on par with Nucor (11.0) and voestalpine (11.0); EV/EBITDA 8.2 lies between voestalpine (5.7) and Nucor (10.8). No discount.
- −4Absolute price levelFCF yield about 0% (TTM -26 m kr.), earnings yield 5.5% and dividend yield 2.0%; analysts expect negative FCF in 2026 as well (-2.0 bn) due to Luleå.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 3 findings−8 of −35
- −4Execution of major projectProduction start in Luleå has already been postponed 12 months to the end of 2029 because of the power grid; construction was paused in 2026 for safety reasons. A 52bn project with a change of technology is a major execution risk.
- −2Macro: energy and logisticsThe war in the Persian Gulf has brought higher energy and logistics costs, which SSAB itself cites as a headwind in Q2 2026; Q3 is expected to have markedly lower deliveries.
- −2Dividend history and insidersThe dividend has been cut three years in a row (DKK 8.70 in 2022 to 2.00), and insiders own only 0.04%; no insider purchases found.
Plus
Only documented strengths. · 2 findings+4 of +15
- +2Net cashNet cash DKK 8.8bn (cash 19.7bn, debt 10.9bn) despite the large investments; debt/equity 0.15.
- +2Pricing power and regulationOperating profit rose to DKK 2,695m in Q2 (2,140) on higher prices; the EU's new protection against cheap imported steel took effect on 1 July 2026, and implemented price increases lift prices in Q3.
Caveats
What the score does not capture, or where the data is weak.
The Nordnet listing is SSAB B in Helsinki (SSABBH, EUR), but stockanalysis only has the Stockholm A share (SSAB.A, SEK); path and currency therefore follow the A share in SEK. Steel fits under Commodities & uranium. Cyclical: earnings followed the steel price (EPS 14.2 in 2021, -10.6 in 2022, 4.9 in 2025). Peers checked only against Nucor, voestalpine and Outokumpu.
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