Arctic Paper S.A.

ARP.ST

Paper, Lumber & Forest Products · Basic Materials

Price

kr 16.78

+0.03 (+0.20%)

Market Cap

kr 1.16B

Exchange

Stockholm Stock Exchange

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Weak

Growth

Weak

Cash Flow

Weak

Stability

Good

Valuation

Data not available

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Winston Score History

The full picture

Arctic Paper S.A. is a Polish company that makes graphic paper — the kind used for books, magazines, and high-quality printed materials. Its main customers are publishers, printing companies, and packaging businesses across Europe. The company operates several paper mills in Poland and Sweden, making it one of the larger graphic paper producers in the region.

Arctic Paper earns money by selling paper by the ton to business customers, so its revenue rises and falls with paper prices and demand from the printing industry. It operates mainly in Europe and also has a significant stake in Rottneros, a Swedish pulp producer, which gives it some control over a key raw material. The core risk the business faces is structural: demand for graphic paper has been declining for years as digital media replaces print, and the company's current negative operating and return margins suggest it is struggling to cover its costs in this environment.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-10.6% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+25.8% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

0 PLN/ year

0.0% of revenue

Below sector average (3%)

Research and development spending

Insider Activity

68.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~23 months

152M PLN cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Adequate runway but may need to raise capital within 2 years

Revenue declining

Arctic Paper S.A.'s revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

0.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 69.3M (2021) → 69.3M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

9.8%

Thin — 9.8% gross margin

Profit after running costs

Operating Margin

-5.5%

Losing money on operations — -5.5%

Return on the money invested

ROCE

-15.0%

Weak — -15.0% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

-5.8%

Shrinking sales (-5.8% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

1/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

-4.2%

Burning cash (-4.2%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

0.25

Conservative — low debt load (0.25)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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