SSAB AB
SSAB AB (publ) engages in the production and sale of steel products in Sweden, Finland, Germany, Poland, Denmark, Asia, the Rest of Europe, the United States, and internationally. It operates through five segments: SSAB Special Steels, SSAB Europe, SSAB Americas, Tibnor, and Ruukki Construction. Th…
SSAB AB (publ) engages in the production and sale of steel products in Sweden, Finland, Germany, Poland, Denmark, Asia, the Rest of Europe, the United States, and internationally. It operates through five segments: SSAB Special Steels, SSAB Europe, SSAB Americas, Tibnor, and Ruukki Construction. The SSAB Special Steels segment offers quenched and tempered steels, and advanced high-strength steel products. The SSAB Europe segment provides strip, heavy plate, and tubular products. The SSAB Americas segment is involved in the sale of heavy plates. The Tibnor segment distributes a range of steel and non-ferrous metals in the Nordics and Baltics. The Ruukki Construction segment produces and sells building solutions. It also offers fossil free steel products. The company markets its steel products under the Strenx, Hardox, Docol, GreenCoat, Toolox, Armox, Duroxite, Cor-Ten, SSAB AM, SSAB Boron, SSAB Domex, SSAB Form, SSAB Laser, SSAB Weathering, and SSAB Multisteel brands. It serves heavy transport, automotive, material handling, construction machinery, energy, construction, protection, and tooling customers through its sales channels, service centers, and distributors. SSAB AB (publ) was founded in 1878 and is headquartered in Stockholm, Sweden.Looks overvalued
5-year outlook: Not shown because confidence is low: EV/EBITDA (12x) disagrees strongly.
Other models: SEK 81.14–152.68 (median 116.91). The recommended value is in line with them.
Why: Free cash flow cannot be used (negative or far below earnings, with too little history to normalise it), so value is based on reinvestment-adjusted earnings.
Details and the full model are below.
Market price above modeled range
Earnings-based DCF using TTM through 30 Sep 2026 net income, of which 70% is treated as distributable after reinvestment, with no extra debt or cash adjustment because net income is already after interest. Used because free cash flow or dividends do not give a usable base. Base assumptions are 3% growth, 2.6% terminal growth, and 9.8% discount; this illustrative range is not a statistical confidence interval or investment advice.
Assumptions: growth 3% (limited from 4.74% because the latest annual revenue declined), discount rate 9.80%, terminal growth 2.60%. See a worked example.
Blended growth assumption: 4.7% (sector default 5.8%, own revenue history -9.1%, analyst revenue consensus 11.2%).
Analyst consensus expects revenue growth of 11.2% a year; the growth assumption used is 3.0%.
Adjust assumptions
Why this model: Free cash flow cannot be used (negative or far below earnings, with too little history to normalise it), so value is based on reinvestment-adjusted earnings.
Compare models- Recommended: Earnings-based DCF — SEK 57.78 (-36.2%)
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EPS-based Gordon proxy
— SEK 81.14 (-10.4%)
Not used: Treats all earnings as if paid out and ignores the cash kept for reinvestment, so it overstates value for companies that retain most profit.
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DCF (trailing free cash flow)
— not applicable
Not used: Cannot be computed: free cash flow is zero or negative.
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FCFF (steady state)
— not applicable
Not used: Cannot be computed: free cash flow is zero or negative.
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EV/EBITDA (12x)
— SEK 152.68 (+68.6%)
Not used: Used only when free cash flow is far below earnings even after averaging three years; a fixed 12x multiple also ignores sector differences.
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Fade DCF (10-year growth fade)
— not applicable
Not used: Cannot be computed: free cash flow is zero or negative.
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EV/Sales (Rule of 40)
— SEK 309.12 (+241.3%)
Not used: Used only for technology and communication companies whose cash-flow value is far below the price.
| Bear SEK 42.93 | -110.9% |
| Base SEK 57.78 | -56.7% |
| Bull SEK 84.42 | -7.3% |
Margin = (value − price) / value, so it is measured against the value and reads lower than the upside to value, which is measured against the price. Positive means the price is below that case.
At SEK 90.56 the market implies about this annual free-cash-flow growth for 5 years (terminal 2.6%, discount 9.8%).
Compare: the market implies 13.9% a year, this model assumes 3.0%. The market expects more than this model does, which is why it reads as overvalued.
How the Earnings-based DCF value changes with growth (rows) and discount rate (columns). Green cells are above the current price.
| Growth \ Discount | 7.8% | 8.8% | 9.8% | 10.8% | 11.8% |
|---|---|---|---|---|---|
| -1.0% | 66.93 | 56.30 | 48.61 | 42.80 | 38.25 |
| 1.0% | 73.24 | 61.51 | 53.03 | 46.62 | 41.60 |
| 3.0% | 80.05 | 67.12 | 57.78 | 50.72 | 45.19 |
| 5.0% | 87.38 | 73.16 | 62.89 | 55.13 | 49.06 |
| 7.0% | 95.26 | 79.65 | 68.38 | 59.86 | 53.20 |
Track record: see the methodology page for how this model has performed historically, including its limits. Treat it as a screen, not a forecast.
Price history and fair value
No chartable saved daily price history is available for this range. The chart uses stored EODHD prices only and will appear after history is saved.
More detail: quality, peers, price history, dividends and financials
Quality score: 62 / 100
Five equal checks on reported history: profitability, cash generation, revenue growth, balance sheet and margins. It describes business quality, not whether the price is attractive.
| Profitability | 4 of 5 years profitable | 16 / 20 |
| Cash generation | free cash flow positive in 3 of 5 years | 12 / 20 |
| Growth | revenue -5.3% a year | 4 / 20 |
| Balance sheet | net cash | 20 / 20 |
| Margins | EBITDA margin 12% | 10 / 20 |
Peers in Materials
Same-sector companies with a valuation, most undervalued first. Compare the margin of safety, yield and quality score side by side.
| Company | Price | Margin of safety | P/E | P/B | Yield | Quality |
|---|---|---|---|---|---|---|
| SSAB-A.ST (this company) | SEK 90.56 | -56.7% | 15.9 | 1.2 | 2.9% | 62 |
| MT.AS ArcelorMittal S.A. | EUR 54.26 | 41.2% | 25.6 | 0.8 | 1.1% | 70 |
| CF CF Industries | USD 117.79 | -2.3% | 8.2 | 2.0 | 2.2% | 84 |
| HOLN.SW Holcim AG | CHF 72.98 | -7.2% | 3.1 | – | 4.2% | 74 |
| UPM.HE UPM-Kymmene Oyj | EUR 22.37 | -10.4% | 17.1 | 1.2 | 6.7% | 70 |
| AMCR Amcor | USD 44.22 | -16.6% | 18.9 | 0.6 | 6.0% | 90 |
| YAR.OL Yara International ASA | NOK 396.60 | -16.9% | 7.6 | 1.2 | 1.2% | 74 |
| MOS Mosaic Company (The) | USD 21.96 | -33.2% | 13.0 | – | 4.0% | 79 |
| VSVS.L Vesuvius plc | GBP 4.49 | -36.1% | 21.5 | 1.0 | 5.2% | 68 |
| Peer median | 15.0 | 1.1 | ||||
Dividends
Paid in the last 12 months: SEK 2.00 per share · yield 2.21% at the current price.
| Year | Dividends per share |
|---|---|
| 2026 (so far) | 2.000 |
| 2025 | 2.600 |
| 2024 | 5.000 |
| 2023 | 8.700 |
| 2022 | 5.250 |
| 2020 | 7.232 |
Trailing 12-month financials
TTM through 30 Sep 2026 · quarterly EODHD data · data downloaded 06 Nov 2026 15:19
| Revenue | SEK 100,563,000,000 |
|---|---|
| EBITDA | SEK 11,946,000,000 |
| EBIT | SEK 7,705,000,000 |
| Net income | SEK 5,675,000,000 |
| Free cash flow | SEK -474,000,000 |
| Capital expenditures | SEK 12,938,000,000 |
| Debt | SEK 10,959,000,000 |
| Cash | SEK 19,771,000,000 |
| Working capital | SEK 39,251,000,000 |
| Shares outstanding | 996,600,000 |