Studsvik AB (publ) (SVIK.ST) fair value

ACCE thesis

Studsvik runs nuclear waste treatment and decommissioning services, including its Swedish processing facility at Nyköping, where it treats low- and intermediate-level radioactive waste from reactor operators and decommissioning projects. Its moat is licensed, hard-to-replicate nuclear processing capacity, which gives it few direct competitors and makes it a natural beneficiary of the long decommissioning pipeline across European and North American reactor fleets. Revenue grew 8.5% over the latest year, and at a forward P/E of 25.3 against a trailing 56.6, the market is pricing in a sharp earnings recovery from a thin base, with operating margin at just 4.7% and ROE at 7.4%. The case for a closer look rests on whether that margin expansion arrives as the decommissioning backlog converts into revenue; the stock is small, unindexed, and volatile, so the work is in the order book and the Nyköping throughput, not the headline multiple.