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Svenska Cellulosa Aktiebolaget SCA (publ) (SCA-B) Fair Value & Analysis

Basic Materials · SE · Market cap 72.3B SEK (≈ $7.6B) · ISIN SE0000112724

What is Svenska Cellulosa Aktiebolaget SCA (publ) really worth?

SC Svenska Cellulosa Aktiebolaget SCA (publ) SCA-B · ST
Pricekr 116.00
Fair Valuekr 60.46
Upside−47.9%
Quality47/100

Below-average quality, and trading another 92% above our fair value of kr 60.46.

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Strengths

Solidly profitable · 12.1% net margin
Low debt · generates free cash flow

Risks

!Mixed Growth (revenue 5y +2.1 %/yr)
!Trails peers (5/15)
!Narrow moat 36/100
!Weak on past: 11 out of 100

For context

·2.59% dividend yield
Evidence: High Range kr 43.85 – kr 81.76

Fair value as of: Aug 27, 2026

From 22 valuation models · updated 8 days ago

Fair value updated Aug 27, 2026, revised from kr 45.12 to kr 60.46 (+34.0%) since Aug 21, 2026. Share price +5.8% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The price sits above even our optimistic bull case (kr 81.76). The favourable scenario is already priced in.
  • Solid but not exceptional quality (47/100) and above fair value, neither a clear bargain nor a standout compounder.
  • A fairly wide model range (kr 43.85 to kr 81.76) leaves room in how you read the outcome.

Price vs Fair Value (5 years)

kr 186.00 kr 97.22 Fair Value kr 60.46 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 27, 2026.

How to read this chart

60‑month range kr 97.22 – kr 186.00 · fair‑value band kr 43.85 – kr 81.76 · the kr 116.00 price screens above the kr 60.46 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 27, 2026.

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Analysis

Svenska Cellulosa Aktiebolaget SCA (publ) (SCA-B) currently trades at kr 116.00, while our model-based Fair Value estimate is kr 60.46, implying the stock looks roughly 91.9% overvalued today. The Quality Score stands at 47/100 (below-average quality), in the Basic Materials sector. Bull case: the Asset-Based group reads highest at a median of kr 96.85 per share, and 0 of the 22 models we run sit above the kr 116.00 price. Bear case: the Growth DCF group reads lowest at kr 6.61, and 22 of the 22 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, Svenska Cellulosa Aktiebolaget SCA (publ) generated revenue of 23.0B SEK at a net margin of 12.1%. Revenue declined 5.1% year over year. It earns a return on equity of 2.7%. Net debt stands at 13.0B SEK. Fundamentals as of Aug 27, 2026

Our scenario range runs from kr 43.85 (bear case) to kr 81.76 (bull case); at kr 116.00, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 11% below its 52-week high and 20% above its 52-week low, currently below its 200-day average. For context, the median of 10 Basic Materials peers we cover trades at 19% fair-value upside, at −48%, SCA-B screens richer than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly kr 0.6523 per share, which is 1.1 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
FCF DCF kr 6.03 kr 18.13 76
Residual Income kr 105.13 kr 102.26 kr 87.19 75
Owner Earnings kr 17.77 kr 31.47 kr 56.84 73
All 22 models by family
DCF Models
FCF DCF kr 6.03 kr 18.13 76
Owner Earnings kr 17.77 kr 31.47 kr 56.84 73
5Y Revenue Exit kr 6.31 kr 19.20 kr 37.99 66
5Y EBITDA Exit kr 14.35 kr 33.14 kr 58.01 71
5Y P/E Exit kr 19.88 kr 42.71 kr 69.88 67
10Y Revenue Exit kr 2.71 kr 12.09 kr 22.35 61
10Y EBITDA Exit kr 8.39 kr 20.70 kr 34.10 65
10Y P/E Exit kr 11.74 kr 26.62 kr 41.07 61
Earnings-Based
Graham-Dodd kr 31.03 kr 37.93 kr 42.67 65
EPV kr 3.73 kr 7.20 kr 10.24 69
Multiples
P/E Multiple kr 58.18 kr 77.58 kr 96.97 61
P/S Multiple kr 32.72 kr 43.63 kr 54.53 56
P/B Multiple kr 58.18 kr 77.58 kr 96.97 53
EV/EBIT kr 17.73 kr 29.36 kr 40.98 63
EV/EBITDA kr 30.54 kr 46.43 kr 62.32 65
EV/Revenue kr 13.09 kr 26.04 kr 38.98 50
Asset-Based
NCAV (Graham) kr 72.27 kr 96.85 kr 144.55 52
Growth DCF
Growth DCF kr 0.2800 kr 6.61 kr 17.46 66
Rev-Margin DCF kr 6.31 kr 19.59 kr 35.66 67
Economic Profit
Residual Income kr 105.13 kr 102.26 kr 87.19 75
ROIC Compounder kr 3.73 kr 7.20 kr 10.24 69
Growth Earnings
Growth-Adj P/E kr 41.45 kr 59.21 kr 76.98 66

Widest divergence: Asset-Based (kr 96.85) versus Growth DCF (kr 6.61). Highest evidence: FCF DCF (76).

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Key figures & financial health

P/E ratio 26.0 as of Jul 18, 2026
P/S ratio 4.08 P/E × margin
EPS (TTM) kr 3.96 price ÷ EPS = P/E 26.0
Dividend yield 2.6% payout 75.8%
Net margin 15.7% FY2025
Return on equity 2.7% TTM
More key figures
Profitability
Return on assets (EBIT) 4.2% avg 5y
Operating margin 1.3% TTM
Growth
Revenue (TTM) 23.0B SEK TTM
Revenue growth (YoY) −5.1% 3y avg −0.6%
EPS growth (YoY) −52.5%
Balance sheet & cash flow
Free cash flow 1.2B SEK FY2025
Net debt 13.0B SEK FY2025 · ≈ 10.8 yrs of FCF

Figures from reported company fundamentals · as of Aug 27, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 47/100

Of which business quality 47 · Market factors (momentum, volatility) 57

Profitability 25
Margins and returns on capital today
Quality Growth 28
Are margins and returns improving?
Cashflow 39
Earnings quality: real cash, not paper profit
Fin. Strength 51
Balance sheet, leverage, solvency risk
Investment 72
Disciplined investing over empire-building
Low Volatility 94
Calm price path (market factor)
Momentum 42
Price trend over the last 3–12 months (market factor)
52W Momentum 42
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Svenska Cellulosa Aktiebolaget SCA (publ) operates in the forest business in Sweden, Germany, the United States, the United Kingdom, the rest of Europe, Asia, and internationally. It operates in five segments: Forest, Wood, Pulp, Containerboard, and Renewable Energy.

Full company description

Svenska Cellulosa Aktiebolaget SCA (publ) operates in the forest business in Sweden, Germany, the United States, the United Kingdom, the rest of Europe, Asia, and internationally. It operates in five segments: Forest, Wood, Pulp, Containerboard, and Renewable Energy. The company offers various sawn wood products; wood solutions for industrial buildings comprising construction timber, outer panels, dimensionally planed timber, laths, base rafters, planks, and shaped timber products; wood solutions for merchants, including joists, battens, untreated and painted outer panels, as well as pressure-impregnated wood products; logistics services consisting of marine and land transportation services, such as forwarding services using RoRo vessels, container express, and road and rail; and wood pellets. It also provides pulp products comprising bleached softwood kraft pulp and chemical thermomechanical pulp; packaging paper/kraftliner products for consumer durables, electronics, hazardous goods, industrial products, fruit and vegetables, and frozen food; refined and unrefined solid biofuels, and liquid biofuels; and green products, such as tall oil, turpentine, district heating, and green electricity. In addition, the company engages in the management and harvesting of forest land, which includes the provision of hunting and fishing privileges; sourcing and transporting of timber; and wind power operations. It exports its products. Svenska Cellulosa Aktiebolaget SCA (publ) was incorporated in 1915 and is headquartered in Sundsvall, Sweden.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Svenska Cellulosa Aktiebolaget SCA (publ) reported revenue of 20.4B SEK in FY2025 versus 18.8B SEK in FY2021, a compound +2.1%/yr. Reported net income was 3.2B SEK in FY2025, compounding −14.3%/yr from FY2021.

Growth Quality 53/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
20.4B SEK
Latest YoY
+1.0%
Avg. revenue growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−0.6%
Avg. revenue growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+2.1%
Avg. revenue growth/yr (23Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−6.2%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
−9.0% (−11.6 + 2.6)
Revenue +2.1%/yr
FY21 18.8B SEK
FY22 20.8B SEK
FY23 18.1B SEK
FY24 20.2B SEK
FY25 20.4B SEK
Net income −14.3%/yr
FY21 5.9B SEK
FY22 6.7B SEK
FY23 3.7B SEK
FY24 3.6B SEK
FY25 3.2B SEK
Character of growth · EPS growth decomposed (2014-2025) −6.5 % p.a.
Revenue per share −17.6 %

of which total revenue −17.6 % · buybacks/dilution +0.0 %

EBIT margin +8.8 %
Tax rate +2.1 %
Residual (interest, one-offs) +2.3 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

SCA-B screens 92% overvalued. Compare with UPM-Kymmene Oyj →

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Cite: Fair Value Calculator (2026). "Svenska Cellulosa Aktiebolaget SCA (publ) Fair Value". https://www.fairvalue-calculator.com/stock/SCA-B

Peer Group

Paper & Paper Products · 118 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 47 · Above median
Fair Value upside −48% · Bottom 25%
Return on equity (TTM) 3% · Below median
Return on assets 1% · Below median
Net margin (TTM) 12% · Top 25%
Operating margin (TTM) 1% · Below median
Revenue growth −5% · Below median
Dividend yield (TTM) 2.6% · Above median
Debt / equity 0.12× · Lower than median

Valuation Multiples vs Paper & Paper Products median · lower = cheaper

P/E (TTM) 26.0× · Pricier than median
P/B 0.71× · Pricier than median
P/S (TTM) 3.15× · Pricier than 75% of peers
P/FCF 6.3× · Pricier than 75% of peers
EV/EBITDA 21.0× · Pricier than 75% of peers
PEG 0.45× · Cheaper than median

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE0 · sector 24
FUTURE0 · sector 2
PAST11 · sector 14
HEALTH94 · sector 92
DIVIDEND52 · sector 46

VALUE 0: the price sits above our fair-value range.

Insider activity: 45/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Paper & Paper Products stocks, each showing price versus our Fair Value estimate (as of Aug 27, 2026).

Stock Price Fair Value vs Fair Value
UPM-Kymmene Oyj UPM €24.31 €14.21 −42%
Suzano S.A SUZ $9.15 $24.16 +164%
Shandong Sunpaper Co 002078 ¥13.94 ¥17.29 +24%
Holmen AB HOLMB kr 323.00 kr 217.72 −33%
Nine Dragons Paper (Holdings) Limited 2689 HK$7.92 HK$8.74 +10%
PT Indah Kiat Pulp & Paper Tbk INKP 8,800 IDR 17,945 IDR +104%
Empresas CMPC S.A CMPC 1,049 CLP 1,281 CLP +22%
The Navigator Company NVG €3.24 €2.65 −18%
Xianhe Co 603733 ¥21.11 ¥21.06 +0%
Semapa - Sociedade de Investimento e Gestão, SGPS, S.A SEM €20.70 €24.73 +19%

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Frequently asked questions

Is Svenska Cellulosa Aktiebolaget SCA (publ) (SCA-B) overvalued or undervalued?
As of Aug 27, 2026, our model estimates a fair value of kr 60.46 versus a price of kr 116.00, about −48% upside (overvalued).
What is the fair value of SCA-B?
Our model-based fair value for Svenska Cellulosa Aktiebolaget SCA (publ) is kr 60.46 (as of Aug 27, 2026), built from audited fundamentals. The current price: kr 116.00.
What is the quality score of SCA-B?
Svenska Cellulosa Aktiebolaget SCA (publ) has a Quality Score of 47/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Svenska Cellulosa Aktiebolaget SCA (publ) (SCA-B)?
Svenska Cellulosa Aktiebolaget SCA (publ) reported trailing-twelve-month revenue of about 23.0B SEK (latest available figure, as of Aug 27, 2026).
What is the net profit margin of SCA-B?
The net profit margin of Svenska Cellulosa Aktiebolaget SCA (publ) is about 12.1%, meaning it keeps roughly 12.1% of revenue as net income. Based on the latest reported figures.
Does Svenska Cellulosa Aktiebolaget SCA (publ) pay a dividend?
Svenska Cellulosa Aktiebolaget SCA (publ) currently shows a dividend yield of about 2.59% relative to its recent price (as of Aug 27, 2026).
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