Basic Materials · Steel · Nasdaq Stockholm · Sweden
kr 98.66+0.43%
Market cap kr 98.4BNext earnings 2025-07-23Updated Oct 22, 2026
Our verdict
Trades 10% below our fair value
Price
kr 98.66
Model fair valueConfidence: good
kr 109
Model range
kr 84.94 to kr 140
Fair value kr 109
Price kr 98.66
4 models fit SSAB AB (publ) and they disagree: 1 of 4 land within 15% of the average.
Two or more of our models back this value.
Near fair value(i)Silver68
Valued as a cyclical company: P/E comparison, EV/EBITDA comparison, Discounted cash flow, and Graham number.
ACCE opinionSSAB AB (publ) (SSAB-B.ST)
Fair value (4 models)
kr 109
ACCE price target
kr 97.00
Rating
Fairly valued
Horizon
12 months
Fair value published on 22 Oct 2026, 12:04 CEST.
ACCE price target published on 22 Oct 2026, 16:00 CEST.
Rating published on 22 Oct 2026, 12:04 CEST.
Price used: kr 98.66 at the close on 23 Oct 2026, 17:30 CEST.
Models: Discounted cash flow, P/E comparison, EV/EBITDA comparison, and Graham number.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
Price vs fair value
9.9% below
+11.0% to fair value
ACCE score
64
out of 100
P/E
17.6x
forward 16.4x
1-year return
+67.1%
Dividend yield
2.04%
SSAB AB (publ) in four questions
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Overview
ACCE thesis
SSAB makes high-strength steel, including Domex and Docol grades that go into heavy trucks, mining equipment and automotive parts, plus the HYBRIT project aimed at fossil-free steel using hydrogen rather than coking coal. Its moat rests on premium grades that customers specify into designs, and on Swedish electricity and scrap-based production that keeps its carbon footprint well below integrated blast-furnace rivals. Demand from European and North American infrastructure, defence and vehicle replacement is the near-term driver, and revenue growth of 7.2% with a 9.7% operating margin shows the mix is holding up in a soft steel cycle. At 17.5 times trailing earnings and 16.4 times forward, the multiple is not stretched for a producer with an 8.1% return on equity, though that ROE is modest and leaves little room for a further downturn in pricing. The question for a deeper look is whether green-steel premiums and HYBRIT's ramp can lift margins above the cyclical base.
⚠ Investor warnings · 2 flagsAI-assisted·How I use AI
high
Negative free cash flow
Free cash flow is reported at $-3.45B against a SEK 101.5B market cap. Cash generation is not covering the investment programme, which weighs on position sizing.
moderate
Earnings miss last quarter
Q3 2026 EPS came in 9.1% below expectations, even as trailing earnings grew 12.2% year on year. One quarter, but the direction is worth watching.
AI research notes
AI-assisted·How I use AIWritten Oct 22, 2026 · figures from 2026-06-30 · prices to Oct 23, 2026
Why it could do well
Revenue grew 7.2% year over year in the June 2026 interim report, above the 5-year average growth of 8.0% per year.
The stock trades at 14.8x forward earnings, below its 18.2x trailing multiple, implying earnings are expected to rise.
The company pays a 1.9% dividend yield at the current share price of kr 98.66.
Why it could disappoint
Free cash flow over the last twelve months was negative at -SEK 3.5B, a yield of -3.4%.
Return on invested capital of 5.1% and return on equity of 8.1% are thin for capital this heavy.
Earnings per share missed expectations, coming in at 2.09 against 2.30 expected, a 9.1% shortfall.
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Valuation
INVESTOR
Where SSAB-B.ST's valuation models land
Price
kr 98.66
Model fair value
kr 109
Model range
kr 84.94 to kr 140
Fair value kr 109
Price kr 98.66
The price sits inside the model range.
Model
Fair value
Upside
Discounted cash flow
EV/EBITDA comparison
Graham number
P/E comparison
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Quality
INVESTOR
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Analysts
Wall Street consensus
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