olivLaw · European equity research
Rottneros AB RROS.ST
Sweden · Nasdaq Stockholm · ISIN SE0000112252 · Vertical: Listed companies from Sweden
Rottneros AB develops and sells market pulp for selected niches such as filters, electrical insulation, paperboard and formed fibre packaging. The company remains exposed to pulp prices and investment cycles, and at the end of 2024 operated with a solid balance sheet, with an equity ratio of 59 percent.
At the close of 05 Nov 2026, Rottneros AB (RROS.ST) stock was 2.30 SEK (+0.44% on the day), with market capitalisation 353.1 m SEK, P/E 17.7 on diluted EPS of 0.13 SEK over the last 12 months, dividend yield 61.00%, beta 0.55, 52-week range 2.05–3.40 SEK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 33.5
- weak (30–45)
- Bollinger (20, 2)
- 2.21 – 2.82
- in the lower half of the band · %B 0.14 · band width 24.5%
- SMA 50 / 200
- 2.85 / 2.46
- mixed trend
- MACD (12, 26, 9)
- -0.15 / -0.13
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −19.8% | −0.6% | −19.1 pp | — |
| 3 months | +5.5% | −4.2% | +9.7 pp | — |
| 6 months | −1.5% | +4.3% | −5.8 pp | — |
| Year to date | −20.9% | +7.5% | −28.4 pp | — |
| 1 year | −10.7% | +9.9% | −20.6 pp | −8.5% |
| 3 years | −80.3% | +49.8% | −130.1 pp | +12.3% |
| 5 years | −77.8% | +42.8% | −120.6 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 67 percentile of its own 3-quarter history (min 3.3, median 15.4, max 68.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | 3.0 bn | 2.8 bn | 2.7 bn |
| Revenue YoY | unavailable | −7.6% | −1.6% |
| Net income | 565.0 m | 121.0 m | 20.0 m |
| Net income YoY | unavailable | −78.6% | −83.5% |
| Diluted EPS | 3.70 | 0.79 | 0.13 |
| Diluted EPS YoY | unavailable | −78.6% | −83.5% |
| net % | 19.0% | 4.4% | 0.7% |
| Free cash flow | 429.0 m | -101.0 m | -435.0 m |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 19.0 m SEK
- Financial debt
- unavailable SEK
- Net debt
- unavailable SEK
- Equity
- 1.7 bn SEK
- Total assets
- 2.8 bn SEK
- Debt / equity
- unavailable
- Current ratio
- 1.85x
- ROE
- 1.1%
- ROA
- 0.7%
- FCF margin
- -16.1%
Financial statements (source on every figure)
Revenue and net income (SEK)
Margins
Income statement · SEK
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 3.0 bn | 2.8 bn | 2.7 bn | esef· 08 May 2025verified |
| Operating income | 550.0 m | 139.0 m | 47.0 m | esef· 08 May 2025verified |
| Interest expense | 5.0 m | 10.0 m | 24.0 m | esef· 08 May 2025verified |
| Pre-tax income | 714.0 m | 153.0 m | 27.0 m | esef· 08 May 2025verified |
| Income tax | 149.0 m | 32.0 m | 7.0 m | esef· 08 May 2025verified |
| Net income | 565.0 m | 121.0 m | 20.0 m | esef· 08 May 2025verified |
| Diluted EPS | 3.70 | 0.79 | 0.13 | esef· 08 May 2025verified |
| Weighted average diluted shares | 152.6 m | 152.6 m | 152.6 m | esef· 08 May 2025verified |
| Dividend per share | — | 1.40 | — | esef· 23 Apr 2024verified |
Balance sheet · SEK
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Cash | 465.0 m | 196.0 m | 19.0 m | esef· 08 May 2025verified |
| Inventories | 436.0 m | 493.0 m | 590.0 m | esef· 08 May 2025verified |
| Current assets | 1.9 bn | 1.3 bn | 1.1 bn | esef· 08 May 2025verified |
| Property, plant & equipment, net | 1.2 bn | 1.3 bn | 1.6 bn | esef· 08 May 2025verified |
| Total assets | 3.4 bn | 2.8 bn | 2.8 bn | esef· 08 May 2025verified |
| Current liabilities | 730.0 m | 677.0 m | 619.0 m | esef· 08 May 2025verified |
| Equity | 2.3 bn | 1.9 bn | 1.7 bn | esef· 08 May 2025verified |
| Shares outstanding at year end | 152.7 m | 153.2 m | 153.8 m | esef· 08 May 2025derived |
Cash flow · SEK
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 541.0 m | 104.0 m | 15.0 m | esef· 08 May 2025verified |
| Capex | 112.0 m | 205.0 m | 450.0 m | esef· 08 May 2025verified |
| Free cash flow | 429.0 m ≈ | -101.0 m ≈ | -435.0 m ≈ | esef· 08 May 2025derived |
| Investing cash flow | -112.0 m | -140.0 m | -436.0 m | esef· 08 May 2025verified |
| Financing cash flow | -125.0 m | -233.0 m | 244.0 m | esef· 08 May 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 41.7% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 353.1 m SEK
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
42% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 41.7% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 0.7% | 22 (vs peers) | 15% |
| FCF conversion · Quality | -2,175.0% | 0 (on a fixed band) | 15% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 2.0x | 7 (on a fixed band) | 15% |
| Current ratio · Balance sheet | 1.9x | 88 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | 17.7x | 69 (vs peers) | 25% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -123.2% | 0 (on a fixed band) | 20% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet39/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality11/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation38/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
ROTTNEROS AB (RROS.ST). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 2.7 bn SEK in 2024; YoY growth -1.6%; net margin 0.7%; ROE 1.1%.
The estimated value range is 7.88–10.68 SEK per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 8.97 SEK, the price of 2.29 SEK leaves a potential of 291.0% (value / price − 1) and a margin of safety of 74.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 41.7% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 1.9x
- The price is below the estimated value range
What contradicts it
- Net margin: 0.7%
- FCF conversion: -2,175.0%
- Interest coverage: 2.0x
- FCF yield: -123.2%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Sweden · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ALFA.STAlfa Laval AB | 223.0 bn | 27.0 | 19.4% | 11.9% | +4.1% | +21% / +38% |
| BOL.STBoliden Ab | 143.0 bn | 15.2 | 13.3% | 10.1% | +4.8% | +12% / +81% |
| CAST.STCastellum Aktiebolag | 66.6 bn | 71.0 | 1.2% | 9.8% | −2.6% | +27% / +6% |
| AAK.STAak Ab (publ) | 47.5 bn | 13.9 | 17.2% | 7.5% | +2.2% | −31% / −14% |
| CAMX.STCamurus AB | 42.5 bn | 58.5 | 19.5% | 32.5% | +21.3% | +16% / +55% |
| BRAV.STBravida Holding AB | 30.1 bn | 24.5 | 13.7% | 4.4% | −4.9% | +84% / +123% |
| ASKER.STAsker Healthcare Group AB | 29.8 bn | 60.5 | 9.8% | 2.9% | +11.7% | −18% / unavailable |
| ALLEI.STAlleima AB | 22.7 bn | 33.8 | 4.1% | 3.6% | −5.4% | +11% / +19% |
| BURE.STBure Equity AB | 22.6 bn | — | -21.0% | — | unavailable | +20% / +19% |
| AQ.STAQ Group AB | 19.7 bn | 29.2 | 14.9% | 7.5% | +6.0% | +14% / +119% |
| ALTRA.STAltra Fastigheter AB | 18.4 bn | 33.9 | 3.0% | 15.1% | −2.2% | +9% / +19% |
| ATT.STAttendo AB (publ) | 16.8 bn | 20.7 | 15.1% | 4.3% | +0.1% | +34% / +223% |
| AFRY.STAfry Ab | 14.9 bn | 18.7 | 6.2% | 3.1% | −5.2% | −17% / +4% |
| ATRLJ-B.STAtrium Ljungberg AB | 14.0 bn | 17.1 | 2.9% | 23.9% | −2.0% | −33% / −44% |
| ALIG.STAlimak Group AB (publ) | 12.7 bn | 21.3 | 8.2% | 8.8% | −3.2% | −18% / +50% |
| ACAD.STAcadeMedia AB | 12.7 bn | 15.5 | 12.7% | 4.3% | +9.7% | +22% / +138% |
| APOTEA.STApotea AB (publ) | 10.7 bn | 46.8 | 31.3% | 3.2% | +10.1% | +15% / unavailable |
| BOOZT.STBoozt AB | 10.6 bn | 37.9 | 10.4% | 3.6% | +0.5% | +58% / +44% |
| BUFAB.STBufab AB (publ) | 5.0 bn | 9.2 | 15.1% | 6.9% | −7.4% | +36% / +110% |
| ACTI.STActive Biotech AB (publ) | 4.9 bn | — | -84.5% | — | unavailable | −32% / −77% |
| CEVI.STCellaVision AB | 4.7 bn | 30.8 | 18.0% | 20.2% | +4.9% | +20% / +12% |
| COOR.STCoor Service Management Holding AB | 4.7 bn | 18.2 | 13.0% | 2.2% | +16.7% | +1% / +25% |
| BHG.STBHG Group AB | 4.5 bn | 31.1 | 2.5% | 1.4% | +6.2% | −18% / +113% |
| CARA.STCarasent AB (publ) | 1.8 bn | 51.7 | 4.1% | 10.1% | +24.9% | −8% / +87% |
| BICO.STBICO Group AB | 1.7 bn | — | -46.0% | -72.7% | −13.3% | +16% / −51% |
1- and 3-year price returns: for RROS.ST from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (SEK)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 1.27 Total return -40% · Per year -40% | 2.26 Total return 4% · Per year 4% | 3.41 Total return 55% · Per year 55% |
| 3 years | 1.09 Total return -41% · Per year -16% | 2.18 Total return 12% · Per year 4% | 3.64 Total return 80% · Per year 22% |
| 5 years | 0.93 Total return -41% · Per year -10% | 2.11 Total return 19% · Per year 4% | 3.89 Total return 106% · Per year 16% |
- Exit P/E± 0.55
- Net margin± 0.38
- Annual revenue growth± 0.33
- Annual dilution± 0.03
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Rottneros AB develops and sells market pulp for selected niches such as filters, electrical insulation, paperboard and formed fibre packaging. The company remains exposed to pulp prices and investment cycles, and at the end of 2024 operated with a solid balance sheet, with an equity ratio of 59 percent.
SWOT
Strengths
- Leading global positions in niches such as filter pulp and E-pulp, with long-standing customer relationships.
- Solid financial structure, with high equity ratio and long-term financing secured.
- Technical expertise and capacity to produce pulp with specialised properties.
Weaknesses
- Dependence on pulp prices, which are volatile and directly affect revenue.
- Production declined in 2024 due to production disruptions early in the year.
- Smaller scale than large global producers, which limits bargaining power.
Opportunities
- Growing demand for bio-based packaging and plastic alternatives, a segment where the company has products.
- Development of electrical infrastructure and wind power could support demand for E-pulp.
- Rising fibre cement demand in Asia and diversification of revenue beyond pulp.
Threats
- Falling pulp prices in European and Asian markets.
- Competition from low-cost, high-capacity producers.
- Global economic and trade uncertainty, which could reduce customer investment.
Risks
- Pulp pricehigh
Pulp prices are volatile and could significantly reduce margins if demand falls or industry capacity rises.
- Production disruptionsmedium
Technical problems or mill operations could affect volumes, as happened for sulphate pulp early in 2024.
- Niche concentrationmedium
Dependence on a few specialised segments exposes the company to technological change or loss of key customers.
- Exchange ratemedium
Sales in foreign markets and costs in foreign currency may fluctuate, affecting reported results.
- Energy and investment costslow
Investments in renewable energy and new capacity require financing, and costs could exceed estimates.
Investment thesis
What would need to be true (bull case)
- If demand for bio-based packaging and electrical infrastructure stays solid, the company's niche positions could support stable volumes.
- High equity and long-term secured financing provide a safety margin in volatile periods.
- If diversification of revenue beyond pulp continues, the company could reduce its dependence on pulp prices.
What would break the thesis
- If pulp prices fall again, revenue and margins could be significantly affected.
- Competition from high-capacity producers could limit growth in the more general segments.
- If production continues to be hit by disruptions, volumes and results could remain below expectations.
What to watch
- Evolution of NBSK and BCTMP pulp prices in Europe and China2025
- Production level after the 2024 disruptionsQ1 2025
- Progress of investments in renewable energy and CTMP capacity2025
- Dividend policy based on the 2025 result2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Rottneros focuses on developing and manufacturing market pulp for selected niches, using its technical and production expertise. Its two main mills, Rottneros Bruk and Vallviks Bruk, produce both chemical and mechanical pulp. The company pursues long-term customer relationships backed by a strong sales organisation, particularly in Europe.
The long-term strategy consists of specialisation in growing segments, with products that can replace fossil-based alternatives. Rottneros aims for fossil-free production by 2030 and diversification of revenue beyond pulp sales, which reached 13 percent of revenue in 2024. The company also targets annual growth in production volume to control fixed costs.
About one third of group sales go to markets outside Europe, mainly Asia and north-eastern United States. Sales to the Swedish home market make up a significant part of revenue according to the reported geographic breakdown. This profile makes exposure to exchange rates and Asian demand relevant for assessing the company.
Segments
Filters
Rottneros is one of the global leaders in pulp for air, liquid and coffee filters, with high porosity and strength. Demand from the automotive industry remains solid even as the share of electric vehicles grows, because combustion vehicles need regular filter replacement. Filters for heavy vehicles and gas turbines are seen as having stable demand.
Electrotechnical
The company is the global market leader in pulp for electrical insulation, transformer board and capacitor paper, often called E-pulp. Only a few suppliers of such pulp exist in the world, and customer relationships are long-standing. Expansion of charging infrastructure and wind power supports demand for this segment.
Packaging and paperboard
Pulp for paperboard and packaging, as well as the formed fibre packaging of Nature by Rottneros, form a growing segment due to demand for bio-based alternatives to plastic. Rottneros aims to offer pulp with stiffness and purity suited to food packaging. Fibre packaging is viewed as an increasingly important part of the offering.
Market context
The global market pulp market is influenced by pulp prices, capacity utilisation and demand from Asia. Rottneros publishes data for NBSK and BCTMP prices in Europe and China, which show volatility over 2020-2024. The company relies on industry sources such as Fastmarkets and Hawkins Wright for market analysis.
Different segments grow at different rates: tissue and specialty papers are expanding, while demand for writing and printing paper declines. Demand for fibre cement is rising, especially in South-East Asia, and the filter market remains stable. These trends determine where the company can focus its investments.
Trends
- Vehicle electrificationmixed
A rising share of electric vehicles could reduce demand for traditional filters, but the gradual phase-out of combustion engines keeps demand at a medium-term level. The company indicates that the filter market remains stable.
- Energy infrastructuretailwind
Development of power grids, charging stations and wind farms supports demand for E-pulp, which needs new infrastructure for transformers.
- Replacement of fossil materialstailwind
Demand for bio-based alternatives to plastic and for recyclable packaging is growing, which favours the company's fibre pulp.
- Pulp price volatilityheadwind
Pulp prices fluctuated sharply over 2020-2024, and a fall in prices could affect the company's margins.
Competitive position
Rottneros competes with large pulp producers in Scandinavia, Brazil and Canada, but holds its position in specialised niches where few suppliers of E-pulp and filter pulp exist. The company states that its close customer relationships and technical knowledge give it an advantage.
Competition is more intense in general pulp segments, where high-capacity producers can offer lower prices. Rottneros avoids this area by focusing on products with special properties and technical services for customers.
- Suzano
Large-capacity pulp producer in Brazil, active in similar general pulp markets.
- Domtar
North American paper and pulp producer with presence in specialty and packaging segments.
- Stora Enso
Scandinavian group active in pulp, paperboard and packaging, competing in paperboard segments.
- Mercer InternationalMERC
Pulp producer with operations in Europe and North America, competing in specialty pulp segments.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202408 May 2025
- Annual report 202323 Apr 2024
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Rottneros AB · 31 Dec 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.