olivLaw · European equity research
Saga Furs Oyj SAGCV.HE
Finland · Nasdaq Helsinki · Vertical: Listed companies from Finland
Saga Furs Oyj is a Finnish fur broker that runs auctions and earns brokerage commissions on mink and fox skin sales, with a market position it describes as over 70 percent. Brokered sales eased slightly in fiscal 2024/2025, and regulation and the decline of EU mink farming remain key watch points.
At the close of 05 Nov 2026, Saga Furs Oyj (SAGCV.HE) stock was 15.10 EUR (−1.31% on the day), with market capitalisation 53.4 m EUR, P/E 15.1 on diluted EPS of 1.00 EUR over the last 12 months, dividend yield 4.70%, beta 0.22, 52-week range 6.35–16.65 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 42.2
- weak (30–45)
- Bollinger (20, 2)
- 14.94 – 16.27
- in the lower half of the band · %B 0.12 · band width 8.5%
- SMA 50 / 200
- 15.88 / 13.43
- mixed trend
- MACD (12, 26, 9)
- -0.19 / -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 | −4.4% | −0.6% | −3.8 pp | — |
| 3 months | +3.8% | −4.2% | +7.9 pp | — |
| 6 months | +12.3% | +4.3% | +7.9 pp | — |
| Year to date | +134.1% | +7.5% | +126.6 pp | — |
| 1 year | +127.1% | +9.9% | +117.1 pp | −1.2% |
| 3 years | +88.8% | +49.8% | +38.9 pp | +6.8% |
| 5 years | +11.9% | +42.8% | −31.0 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 100 percentile of its own 2-quarter history (min 6.7, median 9.7, max 12.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2024 | 2025 |
|---|---|---|
| Revenue | 41.1 m | 42.3 m |
| Revenue YoY | unavailable | +3.0% |
| Net income | 2.6 m | 3.5 m |
| Net income YoY | unavailable | +37.8% |
| Diluted EPS | 0.73 | 1.00 |
| Diluted EPS YoY | unavailable | +37.0% |
| net % | 6.2% | 8.4% |
| Free cash flow | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Oct 2025
- Cash
- 65.9 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 89.8 m EUR
- Total assets
- 119.2 m EUR
- Debt / equity
- unavailable
- Current ratio
- 3.49x
- ROE
- 4.0%
- ROA
- 3.0%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Revenue | 41.1 m | 42.3 m | esef· 17 Feb 2026verified |
| Operating income | 1.7 m | 1.4 m | esef· 17 Feb 2026verified |
| Depreciation & amortisation | 4.8 m | 4.4 m | esef· 17 Feb 2026verified |
| EBITDA | 6.6 m ≈ | 5.8 m ≈ | esef· 17 Feb 2026derived |
| Interest expense | 3.1 m | 1.1 m | esef· 17 Feb 2026verified |
| Pre-tax income | 3.5 m | 4.5 m | esef· 17 Feb 2026verified |
| Income tax | 895.0 k | 981.0 k | esef· 17 Feb 2026verified |
| Net income | 2.6 m | 3.5 m | esef· 17 Feb 2026verified |
| Diluted EPS | 0.73 | 1.00 | esef· 17 Feb 2026verified |
| Dividend per share | 0.66 | 0.71 | esef· 17 Feb 2026derived |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Cash | 58.1 m | 65.9 m | esef· 17 Feb 2026verified |
| Receivables | 8.4 m | 8.3 m | esef· 17 Feb 2026verified |
| Inventories | 10.1 m | 7.4 m | esef· 17 Feb 2026verified |
| Current assets | 88.2 m | 95.0 m | esef· 17 Feb 2026verified |
| Intangibles (excl. goodwill) | 8.6 m | 7.7 m | esef· 17 Feb 2026verified |
| Total assets | 118.0 m | 119.2 m | esef· 17 Feb 2026verified |
| Accounts payable | 11.7 m | 13.1 m | esef· 17 Feb 2026verified |
| Current liabilities | 25.3 m | 27.3 m | esef· 17 Feb 2026verified |
| Total liabilities | 29.2 m | 29.4 m | esef· 17 Feb 2026verified |
| Equity | 88.8 m | 89.8 m | esef· 17 Feb 2026verified |
| Shares outstanding at year end | 3.5 m | 3.5 m | esef· 17 Feb 2026derived |
Cash flow · EUR
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
- indicators available: 5 of at least 6
- score weight coverage: 33.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 53.4 m EUR
Key indicators
Coverage and freshness
Score by group
33% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 8.23 – 18.50 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E8.23 – 18.50 (Mid 11.10)23 companies used · median multiple 11.1x · quartiles 8.2x – 18.5xALMA.HE, APETIT.HE, ASPO.HE, ATRAV.HE, BIOBV.HE, CAPMAN.HE, CONSTI.HE, DIGIA.HE, ELEAV.HE, ELISA.HE, ENENTO.HE, ETTE.HE, FORTUM.HE, FSECURE.HE, GLA1V.HE, GRK.HE, HARVIA.HE, ICP1V.HE, ILKKA.HE, INVEST.HE, KALMAR.HE, KAMUX.HE, KCR.HE
- Dividend discount (DDM)9.66 – 13.17 (Mid 11.15)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 8.4% | 64 (vs peers) | 19% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 1.2x | 0 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 3.5x | 100 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | 15.1x | 50 (vs peers) | 31% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 4.7% | 67 (on a fixed band) | 19% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial64/100 · 1/3 factors with a value
- Returns· partial67/100 · 1/2 factors with a value
- Valuation· partial50/100 · 1/3 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
Saga Furs Oyj (SAGCV.HE). Latest full fiscal year: 2025; data up to 2025-10-31.
Figures computed from the financial statements: revenue 42.3 m EUR in 2025; YoY growth 3.0%; net margin 8.4%; ROE 4.0%.
The estimated value range is 8.95–15.84 EUR per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 11.12 EUR, the price of 15.10 EUR leaves a potential of -26.3% (value / price − 1) and a margin of safety of -35.8% (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 (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 3.5x
What contradicts it
- Interest coverage: 1.2x
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from Finland · 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 | |
|---|---|---|---|---|---|---|
| FORTUM.HEFortum Oyj | 20.8 bn | 27.2 | 8.7% | 15.3% | −14.0% | +32% / +81% |
| ELISA.HEElisa Oyj | 5.6 bn | 16.3 | 27.0% | 15.2% | +3.0% | −8% / −15% |
| KALMAR.HEKalmar Oyj | 2.4 bn | 14.7 | 24.1% | 9.4% | +1.2% | +0% / unavailable |
| KCR.HEKonecranes Oyj | 2.2 bn | 5.6 | 20.3% | 9.5% | −0.9% | −4% / +134% |
| EXEL.HEExel Composites Oyj | 1.8 bn | — | -18.5% | -5.3% | +3.6% | +163% / +74% |
| BITTI.HEBittium Oyj | 1.2 bn | 55.8 | 17.5% | 17.9% | +40.1% | +73% / +603% |
| ALMA.HEAlma Media Oyj | 1.2 bn | 21.2 | 23.0% | 16.9% | +4.6% | +9% / +57% |
| FIA1S.HEFinnair Oyj | 927.4 m | 50.4 | 2.9% | 0.6% | +1.9% | +54% / +22% |
| GRK.HEGRK Infra Oyj | 788.5 m | 18.3 | 27.8% | 4.9% | +19.7% | +52% / unavailable |
| HARVIA.HEHarvia Oyj | 768.7 m | 29.3 | 21.0% | 13.3% | +13.5% | −1% / +64% |
| ATRAV.HEAtria Oyj | 451.7 m | 11.1 | 9.8% | 2.2% | +3.3% | +13% / +57% |
| ANORA.HEAnora Group Oyj | 317.6 m | 57.8 | 1.4% | 0.8% | −4.9% | +26% / +11% |
| CAPMAN.HECapMan Oyj | 300.2 m | 23.1 | 6.8% | 20.9% | +9.4% | −8% / −20% |
| ICP1V.HEIncap Oyj | 261.0 m | 18.7 | 10.4% | 6.5% | −6.7% | −3% / +37% |
| FSECURE.HEF-Secure Oyj | 243.7 m | 10.9 | 43.4% | 15.3% | −0.4% | −17% / −23% |
| ASPO.HEAspo Oyj | 219.4 m | 9.3 | 15.4% | 5.0% | +2.1% | +2% / +9% |
| ETTE.HEEtteplan Oyj | 173.7 m | 16.4 | 8.8% | 2.9% | +0.1% | −27% / −51% |
| DIGIA.HEDigia Oyj | 131.6 m | 10.5 | 14.5% | 5.9% | +5.5% | −16% / −12% |
| ILKKA.HEIlkka Oyj | 93.8 m | 8.1 | 6.2% | 30.8% | +22.6% | +0% / +21% |
| CONSTI.HEConsti Oyj | 77.4 m | 11.6 | 15.3% | 2.0% | +2.9% | −8% / −6% |
| APETIT.HEApetit Oyj | 75.6 m | 8.4 | 8.2% | 5.4% | +3.1% | −14% / −3% |
| ESENSE.HEEnersense International Oyj | 74.9 m | 74.7 | 3.1% | 0.4% | −27.7% | +12% / +9% |
| CTH1V.HEComponenta Oyj | 66.1 m | 324.0 | 0.8% | 0.2% | −4.6% | +49% / +182% |
| SAGCV.HESaga Furs Oyj | 53.4 m | 15.1 | 4.0% | 8.4% | +3.0% | +125% / +76% |
| KAMUX.HEKamux Oyj | 47.4 m | 10.3 | 4.2% | 0.5% | +0.8% | −40% / −77% |
1- and 3-year price returns: for SAGCV.HE 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 (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 8.79 Total return -38% · Per year -38% | 15.55 Total return 8% · Per year 8% | 23.43 Total return 61% · Per year 61% |
| 3 years | 8.26 Total return -35% · Per year -13% | 16.48 Total return 24% · Per year 7% | 27.31 Total return 100% · Per year 26% |
| 5 years | 7.77 Total return -31% · Per year -7% | 17.46 Total return 41% · Per year 7% | 31.82 Total return 145% · Per year 20% |
- Exit P/E± 4.12
- Net margin± 2.88
- Annual revenue growth± 2.40
- Annual dilution± 0.24
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
Saga Furs Oyj is a Finnish fur broker that runs auctions and earns brokerage commissions on mink and fox skin sales, with a market position it describes as over 70 percent. Brokered sales eased slightly in fiscal 2024/2025, and regulation and the decline of EU mink farming remain key watch points 1.
SWOT
Strengths
- Dominant position in fur skin brokerage and an international network of buyers.
- Solid balance sheet, with high equity ratio and long-term financing secured.
- Long experience in sorting and grading skins, which supports service quality.
Weaknesses
- High dependence on brokerage commissions, which depend on volumes sold.
- Low operating profitability, below the stated strategic targets.
- Heavy exposure to the Chinese market and to a single product segment, mink.
Opportunities
- Diversifying customers and geographic markets could reduce dependence on a single large buyer.
- Certification and traceability could support demand from buyers sensitive to sustainability.
- Cost reductions after closing the subsidiaries could strengthen operating margins.
Threats
- A ban on fur farming in the EU could sharply reduce volumes.
- A new European competitor in collection and brokerage could pressure commissions.
- Shifts in consumer attitudes or health crises could affect demand and auctions.
Risks
- Decline of mink productionhigh
If mink production ends in other large countries besides Poland, brokerage activity could be significantly affected.
- Fur regulationhigh
Citizen initiatives and a possible ban on selling fur products could profoundly change the operating framework.
- Concentration on the Chinese marketmedium
An economic or political change in China could have a direct effect on sales and prices.
- Dependence on a few producersmedium
Losing large producers could reduce skin volumes and commission revenue.
- Health and operational riskslow
Epidemics or disruptions at production sites could disrupt auctions and skin sorting.
Investment thesis
What would need to be true (bull case)
- If mink skin prices stay stable and demand from Asia and Turkey holds, commission revenue could be supported.
- The dominant market position and solid balance sheet could give the company flexibility in difficult periods.
- Cost reductions after closing the subsidiaries could improve operating profitability.
What would break the thesis
- If mink production falls quickly in Europe, the volume of brokered skins could drop below current levels.
- A ban on fur farming could sharply reduce the company's operating base.
- Low operating profitability and dependence on commissions could limit its ability to adapt.
What to watch
- European Commission decision on the citizen initiative to ban fur farming2026
- Development of skin volumes offered at auction and mink pricesQ1 2027
- Operating profit (EBIT) against the strategic target of 15 percent of revenue2026
- Corporate governance statement and any deviations from the Finnish code16.2.2026
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
Saga Furs Oyj, based in Finland, is mainly a broker that sells fur skins produced by farmers through periodic auctions and online and stock sales. Group revenue comes almost entirely from brokerage commissions, which were 83 percent of revenue in 2024/2025, with group revenue of 42 million euros 1. The company also finances advances to producers, and its C shares are listed on Nasdaq Helsinki 1.
Group headcount was 174 at the end of the period, with a significant share on seasonal contracts linked to fur sorting 1. The company closed its subsidiaries in Denmark and the Netherlands, which could reduce costs by about one million euros 1.
Segments
Mink fur auctions
Mink skins are the core of the business, with prices described as stable and strong demand from buyers, especially in China, Turkey and Greece 1. Mink sales supported volume for the year despite a declining number of skins offered at auction 1.
Market context
The fur market is cyclical, with seasonal demand and prices that vary with auction-time demand and global production 1. The company focuses sales on China but also on Turkey, Greece and South Korea, while European mink production has fallen considerably 1.
Many buyers took part in the 2024/2025 auctions, with strong demand for mink and weak demand for fox 1. Skin supply stayed at the prior-year level but could decline in coming years as production shrinks 1.
Trends
- Decline of EU mink farmingheadwind
Mink has been classified as an invasive alien species across the EU, and farms that continue breeding must apply for derogations, which could reduce brokered volumes if production ends in other large countries 1.
- Solid demand for mink in Asia and Europetailwind
Mink skin prices stayed stable and buyers in Turkey and Greece increased purchases, which supported commission revenue 1.
- Citizen initiatives against fur farmingheadwind
Citizen initiatives in the EU and Finland to ban fur farming and the sale of fur products are under consideration, and the European Commission is due to decide in 2026 1.
- Stricter regulation and financingmixed
A tougher regulatory environment could weaken fur farm profitability and producers' access to financing, which would indirectly affect the company's advances and volumes 1.
Competitive position
Saga Furs describes itself as the only significant Western player in the industry, with a market share above 70 percent 1. The main risk is a new European organisation for collecting, sorting and brokering skins, which could pressure prices and commissions 1.
The industry has diversified, with alternative distribution channels that could change the customer base 1. The company still depends on a few large mink producers, and losing them would have a significant impact 1.
- New European collection and brokerage organisations
Mentioned as a potential competitive risk, without identification of a specific actor in the report.
- Alternative distribution channels
Newly emerging channels that could change relationships with buyers and producers.
- Auction houses in other countries
Players in Europe and North America that could compete for skins, not identified in the report.
- Producers and breeding organisations outside the EU
Farms that could move production to countries where mink farming remains permitted.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202517 Feb 2026
- Annual report 202517 Feb 2026
- Annual report 202517 Feb 2026
Sources
- [1] Annual report, fiscal year ended 2025-10-31 (ESEF) · SEC / Saga Furs Oyj · 31 Oct 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.