Rankings Utilities & power Studsvik
Studsvik
56
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
- Multiples vs own history−12
- The nuclear project is an option without funding−6
- Margin−5
Strengths
- Strong partners+3
- Unique infrastructure+2
How the score is built
From 100 to 56, 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
- 198.20 SEK
- Median analyst target
- –
- Upside to median
- –
- Analysts
- none
- Target range
- –
- 52-week change
- −33%
- P/E (trailing)
- 59.3
- Forward P/E
- n/a
- 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−14 of −30
- −5MarginOperating margin is 4.7% TTM and 3.7% in Q2 2026 (adjusted 5.8%) vs 8–9% in 2021–2023. Gross margin is stable around 24–25%, but overhead and the push into new nuclear power eat the result.
- −3ROICROIC has fallen from 17% (2021) and 13–14% (2022–2023) to 5.8% TTM. The company is not getting stronger in its core business, but is spending capital on a long-term nuclear project.
- −3Quality of growthRevenue is flat: SEK 902m TTM vs 893m in 2024 and 883m in 2025. H1 2026 grew 4.1% (6.7% in local currency). Decommissioning fell from 373 to 347m since 2024, while Fuel, Materials and Waste Technology grew to 399m.
- −3Capital allocationThe company has dropped the dividend (paid EUR 16.4m a year in 2021–2025, nothing in 2026) and bought the SMR developer Kärnfull Next for EUR 6.5m (3.5m in shares at SEK 299.50) plus up to EUR 2m in shares and up to 14m in earn-outs. The cash flow has moved from shareholders to a nuclear project with the first reactor in the mid-2030s at the earliest.
Price
Today's multiples against the company's own history and its peers. · 2 findings−16 of −35
- −12Multiples vs own historyTrailing P/E is 55 vs 14–22 in 2021–2023. EV/EBITDA is 24 vs 9–12 and EV/EBIT 45 vs 12–16. P/B is 3.95 vs 2.1–2.7. The price is 2–3 times the company's normal level, driven by the nuclear power theme, not by earnings.
- −4Peers and absolute levelP/FCF is 58 and FCF yield 1.7%. Pure SMR stocks like NuScale trade at EV/Sales above 200, but Studsvik's core business is a low-margin service business that should be priced as industrial services (10–15x EBITDA). The difference is payment for an option on the nuclear project.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−13 of −35
- −6The nuclear project is an option without fundingThe agreement with GE Vernova Hitachi and Samsung C&T on four BWRX-300 (1.2 GW) is neither an investment decision nor a construction permit, and the first reactor is expected mid-2030s at the earliest. The project depends on state support (application submitted to the Ministry of Finance in June 2026) and on Swedish energy policy.
- −3Cash flow and debtCash flow was −SEK 72m in H1 2026 (−34m for the Kärnfull purchase), and net debt rose from 74 to 139m (2.0x EBITDA). Current assets are lower than current liabilities (current ratio 0.86).
- −2Management and governanceChairman Jan Bardell left the board in early October 2026, and Mats Ladeborn is acting chairman in the middle of the largest strategic overhaul in decades. At the same time there are new incentive programs (extraordinary general meeting 18/8) and several new executives (Chief Nuclear Officer, Head of New Build).
- −2Dependence on nuclear customersThe customers are a few large nuclear operators and authorities in Sweden, Germany, the USA and others. Decommissioning revenue has fallen since 2024, and project swings give lumpy earnings (operating profit Q2 9.2m vs 17.6m a year earlier).
Plus
Only documented strengths. · 2 findings+5 of +15
- +3Strong partnersGE Vernova Hitachi, Samsung C&T, GE Vernova Financial Services and DS Investment Partners have entered into an exclusive agreement to develop the ReFirm program on Studsvik's licensed sites (Nyköping and Målma). It is a strong validation of the sites and project.
- +2Unique infrastructureStudsvik owns a licensed nuclear site in Nyköping with hot cells and waste treatment, which is hard to copy, and has international software customers (Scandpower), including a first customer agreement in the USA in advanced reactors and a collaboration with Lightbridge in Q2 2026.
Caveats
What the score does not capture, or where the data is weak.
No analysts at stockanalysis (forecast 404); ABG covers the company. Stockanalysis' share count (8.60m) includes E shares in incentive programmes with 0.1 vote, which the company itself has bought back. There are 8,343,570 ordinary shares, so market cap is 8.34m × SEK 207.5 = SEK 1,731m ≈ DKK 1,143m (Nordnet: DKK 1,193m, probably incl. E shares). EV ≈ SEK 1,870m with net debt of 138.9m. Operating company with positive operating cash flow (58m TTM) and no 'burn', so runway is set to null. The industry is 'Utilities & power' as the closest choice (nuclear services, fuel testing, software and waste handling for nuclear power plants plus a new SMR/nuclear project); the list has no category for nuclear services. Price SEK 207.5 is Nordnet's. Short data not found.
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