SkiStar AB

SKIS-B.ST

Travel Services · Consumer Cyclical

Exchange

Stockholm Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through May 31, 2026

How the score breaks down

Quality

Good

Growth

Mixed

Cash Flow

Exceptional

Stability

Exceptional

Valuation

Good

Dividends

Weak

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Winston Score History

The full picture

SkiStar is a Swedish company that owns and operates ski resorts. It runs some of the largest alpine ski destinations in Scandinavia, including Sälen, Åre, and Vemdalen in Sweden, plus Hemsedal and Trysil in Norway. The company sells lift passes, ski rentals, ski school lessons, and accommodation to winter sports vacationers, mostly families and recreational skiers.

SkiStar earns money through a mix of lift ticket sales, lodging rentals, equipment hire, and ski instruction fees, with most revenue concentrated in the November-to-April ski season. It operates almost entirely in Sweden and Norway, making it heavily exposed to Scandinavian weather patterns and consumer spending. The company holds a strong regional position because it owns the physical mountain infrastructure, which is difficult and expensive for competitors to replicate. The main risk is climate change, which threatens reliable snowfall and could shorten or disrupt ski seasons over the long term, even with artificial snowmaking investments.

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

+2.5% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-10.2% YoY

YoY Growth Rate

Earnings declining

Insider Activity

76.6%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~6 months

kr 941M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Short runway — potential dilution ahead through share issuance

Cash watch

SkiStar AB has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

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.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

54.5%

Healthy — 54.5% gross margin

Profit after running costs

Operating Margin

23.5%

Excellent — 23.5% operating margin

Return on the money invested

ROCE

14.0%

Good — 14.0% 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

+3.0%

Slow sales growth (+3.0% YoY)

Profit growth

EPS YoY

+9.0%

Earnings growing (+9.0% YoY)

Single-digit earnings growth — steady but not exciting.

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

212%

Turns 212% of profit into real cash

Spare cash per sale

FCF Margin

13.4%

Converts sales into free cash efficiently (13.4%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

0.24

Conservative — low debt load (0.24)

Covers its interest

Interest Cover

12.75x

Comfortably covers interest (12.8x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

22.2x

no trend

Growth-priced — P/E 22.2

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

+4.0

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (22.2 → 18.2)

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Dividends

Dividend

Dividend Yield

1.77%

no trend

Small dividend — 1.77% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

-34.9%

no trend

Dividend cut (-34.9% YoY) — warning sign

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