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STOCK COMPARISON

Svenska Cellulosa Aktiebolaget SCA (publ) vs UPM-Kymmene Oyj: Fair Value & Quality

Both stocks run through our valuation models. Here is how Svenska Cellulosa Aktiebolaget SCA (publ) (SCA-A) and UPM-Kymmene Oyj (UPM) compare, as of Oct 3, 2026.

As of Oct 3, 2026, Fair Value Calculator sees UPM-Kymmene Oyj as the less overvalued of the two: Svenska Cellulosa Aktiebolaget SCA (publ) trades at SEK 119 versus a fair value of SEK 60.49 (−49.2%), while UPM-Kymmene Oyj trades at €24.85 versus €21.20 (−14.7%).
Svenska Cellulosa Aktiebolaget SCA (publ)
SCA-A.ST · SEK · Materials
−49.2%
upside to fair value
overvalued
PriceSEK 119
Fair ValueSEK 60.49
Quality47/100
UPM-Kymmene Oyj
UPM.HE · EUR · Materials
−14.7%
upside to fair value
overvalued
Price€24.85
Fair Value€21.20
Quality60/100
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Head-to-head numbers

Green is the better side of a row, red the weaker one (for valuation multiples: lower = cheaper). Grey rows are for reference only and are not scored.

betterweakerfor reference, not scored

Svenska Cellulosa Aktiebolaget SCA (publ)UPM-Kymmene Oyj
Valuation
26.0×P/E (TTM)21.1×
n/aForward P/E (FY2027)13.6×
3.65×P/S (TTM)1.38×
0.82×P/B1.31×
29.5×EV/EBITDA12.1×
0.56×PEG12.89×
−49.2%Fair value upside−14.7%
2.5%Dividend yield6.0%
SEK 3.00Dividend per share€1.50
Profitability
3.9%Operating margin9.8%
1.84×EBIT margin trend (5Y)0.51×
2.2%Return on equity6.2%
0.5%Return on assets2.8%
Growth
-1.4%Revenue growth (YoY)0.6%
-0.6%Avg. growth/yr (3Y)-6.3%
2.1%Avg. growth/yr (5Y)2.4%
−9.1%Value creation/yr−8.5%
Balance & size
2.5×Interest coverage (EBIT/interest)4.2×
0.12×Debt / equity0.28×
$8BMarket cap$15B
mixedGrowth qualityweak
Forward P/E: price divided by the analyst consensus for the first fiscal year that has not started yet. The current year carries special items from quarters already reported.

UPM-Kymmene Oyj leads: 6 to 10 metric wins.

n/a = not meaningfully computable, for example with negative equity.

Quality in detail

The quality score, broken down into the same factor families as on the stock page, 0 to 100 per family.

Svenska Cellulosa Aktiebolaget SCA (publ)of which business quality 47 · market factors 64 UPM-Kymmene Oyjof which business quality 58 · market factors 61
ProfitabilityMargins and returns on capital today
25
26
Quality GrowthAre margins and returns improving?
28
38
CashflowEarnings quality: real cash, not paper profit
39
66
Fin. StrengthBalance sheet, leverage, solvency risk
51
56
InvestmentDisciplined investing over empire-building
72
96
Low VolatilityCalm price path (market factor)
93
90
MomentumPrice trend over the last 3–12 months (market factor)
51
45
52W MomentumDistance to the 52-week high (market factor)
55
57
Net IssuanceShare count: buybacks or dilution?
82
85

What the models say

How far the median fair value (base case) per model family sits from the current price, in percent. The amount in the currency of the trading venue is shown underneath.

above the price, more than 15% above close to the price, 85% to 115% of the price below the price, more than 15% below

Model familySvenska Cellulosa Aktiebolaget SCA (publ)Price SEK 119UPM-Kymmene OyjPrice €24.85
DCF Models−76.7%below the priceSEK 27.68−40.8%below the price€14.71
Earnings-Based−81.6%below the priceSEK 21.94−83.1%below the price€4.21
Dividend Discountn/a−34.8%below the price€16.20
Multiples−62.1%below the priceSEK 45.05−37.8%below the price€15.45
Asset-Based−18.6%below the priceSEK 96.89−48.9%below the price€12.71
Growth DCF−83.6%below the priceSEK 19.50−30.3%below the price€17.31
Economic Profit−53.8%below the priceSEK 54.98−68.0%below the price€7.94
Growth Earnings−50.2%below the priceSEK 59.24−52.5%below the price€11.81
Minimum−83.6%below the priceSEK 19.50−83.1%below the price€4.21
Maximum−18.6%below the priceSEK 96.89−30.3%below the price€17.31
Median−62.1%below the priceSEK 45.05−44.8%below the price€13.71
Geometric mean−66.3%below the priceSEK 40.15−53.5%below the price€11.56

Minimum, maximum, median and geometric mean refer to the family values in this table. Geometric because deviations are ratios: half the price and twice the price average to 100%, not 125%.

Svenska Cellulosa Aktiebolaget SCA (publ): 22 of 22 models see the stock below the current price.

UPM-Kymmene Oyj: 24 of 24 models see the stock below the current price.

Scenario ranges

From our cautious bear scenario to the optimistic bull scenario. The white tick is the current price (value above it), the green tick the fair value (value below it): if the price sits left of the fair value, there is room to rise.

Svenska Cellulosa Aktiebolaget SCA (publ)
Price SEK 119
Fair Value SEK 60.49
Bear SEK 43.87Bull SEK 81.80
UPM-Kymmene Oyj
Price €24.85
Fair Value €21.20
Bear €15.60Bull €25.27

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Ranked within their sector

Where each stock sits within its sector peer group. Band = middle 50% of peers, tick = median, dot = this stock.

Svenska Cellulosa Aktiebolaget SCA (publ) · Materials

Quality score47 · below median
Fair value upside−49.2% · below median

UPM-Kymmene Oyj · Materials

Quality score60 · Top 25%
Fair value upside−14.7% · above median

Bottom line

As of Oct 3, 2026, Fair Value Calculator sees UPM-Kymmene Oyj as the less overvalued of the two: Svenska Cellulosa Aktiebolaget SCA (publ) trades at SEK 119 versus a fair value of SEK 60.49 (−49.2%), while UPM-Kymmene Oyj trades at €24.85 versus €21.20 (−14.7%).

UPM-Kymmene Oyj has the higher quality score (60/100).

Open UPM-Kymmene Oyj live analysis →

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A model-based valuation snapshot from 26 models. Values change with price and fundamentals; the date shown above applies.