Financials SSAB AB London S.E.

Equities

0MHZ

SE0000120669

Iron & Steel

Real-time Estimate Cboe Europe Other stock markets 10:44:23 2024-05-22 EDT			5-day change	1st Jan Change
62.09 ^SEK	-1.27%		-1.31%	-18.75%

05-14	Loimua to Build Government-backed Heating, Cooling Plant on SSAB Site in Finland	MT
05-14	Anglo-BHP takeover saga is full of twists and turns

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	32,139	27,910	49,048	56,651	77,942	62,843	-	-
Enterprise Value (EV) ¹	42,019	38,188	46,702	42,364	59,736	43,137	47,304	52,330
P/E ratio	31.6 x	-58.6 x	3.68 x	-5.39 x	6.05 x	8.13 x	8.4 x	8.56 x
Yield	-	-	10%	15.3%	6.52%	4.86%	4.66%	4.3%
Capitalization / Revenue	0.42 x	0.43 x	0.51 x	0.44 x	0.65 x	0.58 x	0.58 x	0.56 x
EV / Revenue	0.55 x	0.58 x	0.49 x	0.33 x	0.5 x	0.4 x	0.44 x	0.47 x
EV / EBITDA	6.59 x	11.4 x	2.11 x	1.3 x	2.97 x	3.14 x	3.62 x	3.82 x
EV / FCF	17.5 x	17.7 x	4.06 x	3.21 x	4.01 x	7.99 x	-21.6 x	-39.4 x
FCF Yield	5.72%	5.66%	24.6%	31.2%	25%	12.5%	-4.64%	-2.54%
Price to Book	0.56 x	0.56 x	0.74 x	0.87 x	1.16 x	0.9 x	0.86 x	0.83 x
Nbr of stocks (in thousands)	1,029,835	1,029,835	1,029,835	1,029,835	1,012,743	996,618	-	-
Reference price ²	32.85	29.30	52.44	56.94	76.68	63.38	63.38	63.38
Announcement Date	20-01-28	21-01-29	22-01-28	23-01-27	24-01-31	-	-	-

¹SEK in Million²SEK

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	76,485	65,396	95,891	128,745	119,489	108,220	108,415	111,243
EBITDA ¹	6,374	3,364	22,094	32,675	20,141	13,728	13,055	13,700
EBIT ¹	2,159	-325	18,837	29,283	16,467	9,457	9,745	9,546
Operating Margin	2.82%	-0.5%	19.64%	22.74%	13.78%	8.74%	8.99%	8.58%
Earnings before Tax (EBT) ¹	1,572	-802	18,416	-4,641	16,716	10,348	9,781	9,735
Net income ¹	1,075	-510	14,662	-10,886	13,029	8,024	7,666	7,723
Net margin	1.41%	-0.78%	15.29%	-8.46%	10.9%	7.41%	7.07%	6.94%
EPS ²	1.040	-0.5000	14.24	-10.57	12.67	7.794	7.544	7.408
Free Cash Flow ¹	2,402	2,162	11,491	13,208	14,906	5,400	-2,194	-1,327
FCF margin	3.14%	3.31%	11.98%	10.26%	12.47%	4.99%	-2.02%	-1.19%
FCF Conversion (EBITDA)	37.68%	64.27%	52.01%	40.42%	74.01%	39.34%	-	-
FCF Conversion (Net income)	223.44%	-	78.37%	-	114.41%	67.3%	-	-
Dividend per Share ²	-	-	5.250	8.700	5.000	3.083	2.955	2.723
Announcement Date	20-01-28	21-01-29	22-01-28	23-01-27	24-01-31	-	-	-

¹SEK in Million²SEK

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	27,337	31,575	35,516	31,516	30,138	31,904	31,777	29,339	26,469	27,148	28,125	26,137	26,123	27,085	29,214
EBITDA ¹	7,753	8,996	11,241	7,599	4,637	5,600	5,871	5,307	3,364	4,142	4,048	2,746	2,960	3,749	4,165
EBIT ¹	6,961	8,377	10,395	6,742	3,768	4,733	4,963	4,371	2,400	3,157	3,083	1,518	1,743	2,695	3,109
Operating Margin	25.46%	26.53%	29.27%	21.39%	12.5%	14.84%	15.62%	14.9%	9.07%	11.63%	10.96%	5.81%	6.67%	9.95%	10.64%
Earnings before Tax (EBT) ¹	6,859	7,790	10,254	6,560	-29,245	4,787	5,019	4,449	2,460	3,318	3,043	2,082	2,361	2,983	3,196
Net income ¹	5,458	6,013	8,021	5,074	-29,995	3,699	3,923	3,506	1,901	2,573	2,550	1,421	1,485	2,194	2,538
Net margin	19.97%	19.04%	22.58%	16.1%	-99.53%	11.59%	12.35%	11.95%	7.18%	9.48%	9.07%	5.44%	5.68%	8.1%	8.69%
EPS ²	5.300	5.840	7.790	4.930	-29.13	3.590	3.810	3.400	1.860	2.570	2.536	1.420	1.481	2.199	2.542
Dividend per Share ²	5.250	-	-	-	8.700	-	-	-	5.000	-	-	-	2.907	-	-
Announcement Date	22-01-28	22-04-26	22-07-22	22-10-25	23-01-27	23-04-26	23-07-21	23-10-25	24-01-31	24-04-24	-	-	-	-	-

¹SEK in Million²SEK

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	9,880	10,278	-	-	-	-	-	-
Net Cash position ¹	-	-	2,346	14,287	18,206	19,706	15,539	10,513
Leverage (Debt/EBITDA)	1.55 x	3.055 x	-	-	-	-	-	-
Free Cash Flow ¹	2,402	2,162	11,491	13,208	14,906	5,400	-2,194	-1,327
ROE (net income / shareholders' equity)	2.14%	-0.89%	23.4%	32.8%	19.3%	11.3%	10.1%	9.49%
ROA (Net income/ Total Assets)	1.37%	-0.56%	14.6%	20.8%	12%	7.85%	7.19%	7.56%
Assets ¹	78,362	91,290	100,311	-52,355	108,775	102,244	106,554	102,115
Book Value Per Share ²	58.60	52.40	71.00	65.20	65.90	70.20	74.10	76.30
Cash Flow per Share ²	5.190	4.240	11.50	17.60	20.90	12.50	11.00	11.10
Capex ¹	2,939	2,204	3,382	4,948	6,567	5,606	11,333	15,743
Capex / Sales	3.84%	3.37%	3.53%	3.84%	5.5%	5.18%	10.45%	14.15%
Announcement Date	20-01-28	21-01-29	22-01-28	23-01-27	24-01-31	-	-	-

¹SEK in Million²SEK

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for SSAB AB

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

63.38 SEK

Average target price

80.79 SEK

Spread / Average Target

+27.46%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Steel

	1st Jan change	Capi.
NUCOR CORPORATION	-1.34%	41.27B
TATA STEEL LIMITED	+24.23%	26.13B
POSCO HOLDINGS INC.	-21.22%	21.9B
ARCELORMITTAL	-7.34%	21.42B
STEEL DYNAMICS, INC.	+12.31%	21.11B
NIPPON STEEL CORPORATION	+2.29%	19.76B
JFE HOLDINGS, INC.	+4.85%	9.43B
STEEL AUTHORITY OF INDIA LIMITED	+36.72%	8.65B
UNITED STATES STEEL CORPORATION	-25.55%	8.13B

Other Steel