S.D. Standard ETC

SDSD.OL

Asset Management · Financial Services

Price

kr 1.78

-0.04 (-1.92%)

Market Cap

kr 936.2M

Exchange

Oslo Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

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

How the score breaks down

Quality

Strong

Growth

Weak

Cash Flow

Exceptional

Stability

Good

Valuation

Good

Dividends

Good

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Winston Score History

The full picture

S.D. Standard ETC Plc is a shipping and energy company based in Europe that owns and operates tankers used to transport oil and petroleum products across the ocean. Its main customers are oil producers, refiners, and trading companies that need to move large volumes of crude oil or refined fuels between countries. The company operates in the broader energy services and maritime transport industry.

The company earns money by charging customers to use its tanker vessels, typically through short-term spot market contracts or longer fixed-rate charters. It operates primarily in international shipping routes, and its very high gross margin suggests a lean cost structure relative to freight revenue earned. The tanker shipping business is highly cyclical, meaning profits can swing sharply depending on global oil demand, fleet supply, and geopolitical events — so the biggest risk the company faces is a downturn in freight rates if too many new ships enter the market or if oil demand weakens.

Share count broadly stable

−0.1% over 4y

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

Diluted shares outstanding: 525.0M (2021) → 524.5M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

102.5%

Premium pricing power — 102.5% gross margin

Profit after running costs

Operating Margin

114.1%

Excellent — 114.1% operating margin

Return on the money invested

ROCE

6.3%

Weak — 6.3% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

N/A

Data not available

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

797%

Turns 797% of profit into real cash

Spare cash per sale

FCF Margin

1008.9%

Converts sales into free cash efficiently (1008.9%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

26.46x

Comfortably covers interest (26.5x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

14.6x

Attractive valuation — P/E 14.6

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend

Dividend Yield

44.82%

Healthy income — 44.82% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record

Dividend Growth

N/A

Data not available

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