Company Overview
SSAB is a leading global steel producer with a rich history of innovation and growth. With over 150 years of experience in the steelmaking industry, SSAB has established itself as a premium steel company, focusing on unique products and services that deliver superior customer value. The company's strategy is built around three key areas: advanced steels, value-add services, and decarbonized steels, aiming to strengthen profitability and reduce volatility while creating value for all stakeholders.
SSAB's primary mission is to become a fossil-free steel producer, with a strong focus on sustainability and environmental responsibility. The company's core values include innovation, customer satisfaction, and long-term thinking, guiding its business decisions and operations.
Key Products/Services
SSAB offers a range of premium steels and value-add services that cater to various industries, including automotive, construction, and energy. Some of the key products/services include:
- Advanced Steels: SSAB's premium steel products are designed to deliver superior performance, durability, and sustainability. These steels are used in a variety of applications, including automotive, construction, and energy.
- Value-Add Services: SSAB provides value-added services that enhance the customer experience, including consulting, testing, and certification. These services help customers optimize their steel usage, reduce costs, and improve product quality.
- Decarbonized Steels: SSAB is committed to becoming a fossil-free steel producer, with a focus on developing and producing low-carbon and carbon-neutral steels. These steels are designed to meet the growing demand for sustainable materials in various industries.
The benefits of SSAB's products and services include improved product performance, reduced costs, enhanced customer satisfaction, and increased sustainability. By investing in SSAB's premium steel products and value-add services, customers can gain a competitive edge in their respective markets while contributing to a more sustainable future.
Valuation
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Number of Shares (million) | 1029.8 | 1029.8 | 996.6 | 996.6 | 996.6 | 996.6 | 996.6 |
| Target Valuation (MEur) | 528.0 | 689.6 | 495.2 | 82.2 | 0.0 | 59.3 | 59.3 |
| Targer Price | 0.51 | 0.67 | 0.5 | 0.08 | 0.0 | 0.06 | 0.06 |
| Potential, % | -89.5 | -90.4 | -87.0 | -98.7 | -100.0 | -99.3 | -99.3 |
| Recommendation | Sell | Sell | Sell | Sell | Sell | Sell | Sell |
| MCAP (MEur) | 5020.3 | 7153.0 | 3811.0 | 6422.1 | 8947.5 | 8947.5 | 8947.5 |
| Price | 4.88 | 6.95 | 3.82 | 6.44 | 8.98 | 8.98 | 8.98 |
| EV | 3738.0 | 5502.0 | 2256.0 | 5349.0 | 7803.0 | 7969.0 | 8120.0 |
| P/S | 0.43 | 0.66 | 0.42 | 0.72 | 0.99 | 0.98 | 0.98 |
| EV/S | 0.32 | 0.51 | 0.25 | 0.6 | 0.86 | 0.88 | 0.89 |
| EV/EBIT | 1.37 | 3.69 | 3.28 | 9.45 | -35.38 | -24.03 | -26.59 |
| P/E | 2.34 | 6.05 | 6.68 | 14.14 | -48.75 | -30.51 | -32.83 |
| P/B | 0.83 | 1.16 | 0.61 | 1.02 | 1.42 | 1.49 | 1.56 |
| P/OCF | 3.08 | 3.67 | 3.66 | 6.88 | 10.44 | 15.15 | 14.77 |
| EV/OCF | 2.29 | 2.83 | 2.17 | 5.73 | 9.11 | 13.49 | 13.41 |
| P/FCF | 3.92 | 4.88 | 8.24 | -104.64 | 79.75 | -53.99 | -59.38 |
| EV/FCF | 2.92 | 3.75 | 4.88 | -87.15 | 69.55 | -48.09 | -53.88 |
Income Statement
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Revenue | 11554.8 | 10832.8 | 9045.7 | 8906.7 | 9065.1 | 9083.8 | 9091.2 |
| Rev. Growth, % | 23.5 | -6.2 | -16.5 | -1.5 | 1.8 | 0.2 | 0.1 |
| Ebit | 2736.5 | 1492.9 | 687.6 | 566.1 | -220.5 | -331.7 | -305.3 |
| Ebit Growth, % | 48.9 | -45.4 | -53.9 | -17.7 | -139.0 | -50.4 | 8.0 |
| Ebit, % | 23.7 | 13.8 | 7.6 | 6.4 | -2.4 | -3.7 | -3.4 |
| Profit | 2145.9 | 1182.0 | 570.8 | 454.1 | -183.5 | -293.2 | -272.6 |
| EPS | 2.08 | 1.15 | 0.57 | 0.46 | -0.18 | -0.29 | -0.27 |
| Profit Growth, % | 49.9 | -44.9 | -51.7 | -20.4 | -140.4 | -59.8 | 7.0 |
| Profit, % | 18.6 | 10.9 | 6.3 | 5.1 | -2.0 | -3.2 | -3.0 |
Balance Sheet
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Inventory | 3402.1 | 2945.1 | 2779.7 | 2619.7 | 2439.8 | 2358.3 | 2261.5 |
| Acc. Receivable | 1081.3 | 967.6 | 848.1 | 869.0 | 869.6 | 868.9 | 859.3 |
| Cash | 2234.8 | 2621.5 | 2432.5 | 2107.4 | 2968.9 | 2803.2 | 2652.5 |
| Equity | 6030.3 | 6160.1 | 6211.5 | 6277.9 | 6295.2 | 6001.9 | 5729.4 |
| ROE, % | 35.6 | 19.2 | 9.2 | 7.2 | -2.9 | -4.9 | -4.8 |
| ROCE, % | 9.2 | 4.5 | 2.1 | 2.0 | -0.6 | -0.9 | -0.9 |
| Net Debt | -1282.2 | -1650.6 | -1554.9 | -1073.4 | -1144.3 | -978.6 | -827.9 |
| Gearing, % | -21.3 | -26.8 | -25.0 | -17.1 | -18.2 | -16.3 | -14.4 |
| Equity ratio, % | 61.2 | 63.0 | 64.1 | 63.9 | 62.5 | 59.8 | 58.0 |
| Acc. Payable | 1756.0 | 1541.3 | 1648.9 | 1554.2 | 1581.4 | 1603.2 | 1684.6 |
| Total Assets | 9846.5 | 9776.7 | 9685.1 | 9824.0 | 10079.2 | 10036.9 | 9883.5 |
| ROA, % | 21.8 | 12.1 | 5.9 | 4.6 | -1.8 | -2.9 | -2.8 |
Cash Flow
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 1629.6 | 1946.7 | 1040.5 | 933.0 | 856.8 | 590.6 | 605.7 |
| Investment Cash Flow | -349.2 | -479.7 | -578.2 | -994.3 | -744.6 | -756.4 | -756.4 |
| Free Cash Flow | 17807.8 | 20993.3 | 11317.8 | 9084.7 | 8527.4 | 5635.4 | 5798.1 |
| OCF/CAPEX | 4.67 | 4.06 | 1.8 | 0.94 | 1.15 | 0.78 | 0.8 |
| Financial Cash Flow | -64.8 | -1157.2 | -516.0 | -477.9 | -8.5 | 0.0 | 0.0 |
Disclaimer
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