Scandinavian Enviro Systems AB (publ) (SES.ST) : juste valeur

Thèse ACCE

Scandinavian Enviro Systems is a Swedish waste-to-energy and recycling developer whose flagship technology converts end-of-life tyres and mixed plastics into pyrolysis oil and recovered carbon black, with its Uppsala-area plant as the main reference site. The appeal rests on the circular-materials thesis: recovered carbon black and pyrolysis oil can displace virgin feedstock if the process can run at scale and at a cost below virgin supply, and Nordic regulators and brand owners are pushing hard on recycled content. The near-term catalyst is whether the company can convert pilot-stage output into contracted offtake and steady commercial volumes, since reported revenue fell 98.7% and the operating margin of -11,311.7% shows the business is still far from covering its costs. Those numbers make this a venture-style bet on process economics rather than a cash-generating industrial, and a 152M SEK market cap leaves little room for execution slippage. Worth a deeper look only if we can verify the plant's throughput, the cash runway, and whether any offtake agreements are binding.