Svenska Cellulosa Aktiebolaget SCA (publ)

SCA-A.ST

Paper, Lumber & Forest Products · Basic Materials

Exchange

Stockholm Stock Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

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

How the score breaks down

Quality

Good

Growth

Weak

Cash Flow

Strong

Stability

Weak

Valuation

Good

Dividends

Strong

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Winston Score History

The full picture

Svenska Cellulosa Aktiebolaget, known as SCA, is a Swedish company that owns and manages forests, then turns that wood into products like paper, cardboard packaging, and timber. It is one of the largest private forest owners in Europe, controlling roughly 2.6 million hectares of forestland in Sweden. Its customers include packaging companies, construction firms, and industrial buyers across Europe.

SCA makes money by selling timber, pulp, paper-based packaging materials, and renewable energy generated from forest biomass. The company operates mainly in Sweden and Northern Europe, and its massive land holdings give it a significant cost advantage over competitors who must buy raw materials on the open market. The key growth driver is rising demand for sustainable, wood-based packaging as companies shift away from plastic, but the main risk is that low margins leave the business vulnerable to drops in commodity prices for pulp and paper products.

Score breakdown

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Quality

Profit per sale

Gross Margin

72.6%

Premium pricing power — 72.6% gross margin

Profit after running costs

Operating Margin

12.7%

Healthy — 12.7% operating margin

Return on the money invested

ROCE

0.9%

Weak — 0.9% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

-5.5%

Shrinking sales (-5.5% YoY)

Profit growth

EPS YoY

-41.4%

Earnings shrinking (-41.4% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

163%

Turns 163% of profit into real cash

Spare cash per sale

FCF Margin

8.0%

Modest free cash flow (8.0%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

2.97x

Tight — interest eats into profit (3.0x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

34.3x

no trend

Pricey — P/E 34.3

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

Cheaper or dearer next year

P/E vs Forward

+12.7

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (34.3 → 21.6)

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Dividends

Dividend

Dividend Yield

2.69%

no trend

Moderate income — 2.69% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record

Dividend Growth

+32.4%

no trend

Dividend growing fast (32.4% YoY)

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