First Read: SSAB "Investing in Europe Conference 2026 - Feedback" (Buy) Jones

研报英文原文证据摘录

First Read: SSAB "Investing in Europe Conference 2026 - Feedback" (Buy) Jones

Global Research

19 May 2026ab

First Read

EquitiesSSAB

Investing in Europe Conference 2026 - Feedback Sweden

Steel

12-month rating Buy

SSAB at the Investing in Europe Conference 2026

We hosted Per Hillstroem, Head of Investor Relations, today for group meetings. 12m price target SKr95.00

Key Takeaways

Price (19 May 2026) SKr85.98

No major changes in the message. SSAB sees the new safeguard measures and CBAM

RIC: SSABa.ST BBG: SSABA SShaving a bigger impact on its realised pricing, rather than volume uplift. In the EU

division, it could have lifted volumes c 100kt in 1Q in a better demand/lower import Trading data and key metrics

environment. By contrast, Mittal is likely to restart two furnaces, adding c 4mt. SSAB is 52-wk range SKr89.00-53.08

seeing an increase in defence-driven order inflows, but from a low base given most Market cap. SKr88.2b/US$9.39b

armour sales have been for civilian applications in the past. German infrastructure/

Shares o/s 304m (AFREE)

construction mainly benefits it with a lag, due to Special Steel shipments to earthmoving

Free float 74%

equipment producers.

Avg. daily volume ('000) 1,016

Avg. daily value (m) SKr78.8

Project delays: The power line for the EAF at Oxelosund is delayed, due to biodiversity

Common s/h equity (12/26E) SKr73.1b

concerns from 1H27 for an unknown period. SSAB is confident of getting approval, but

P/BV (12/26E) 1.2x

a delay could mean running the existing BF for longer, requiring more maintenance

Net debt to EBITDA (12/26E) NM

capex in the meantime. The Lulea delay (due to worker sickness) is still unresolved and

under investigation, but SSAB remains committed. Potential delays to the ETS free EPS (UBS, diluted) (SEK)