olivLaw · European equity research
Scandi Standard AB (publ) SCST.ST
Sweden · Nasdaq Stockholm · ISIN SE0005999760 · Vertical: Listed companies from Sweden
Scandi Standard AB is a Nordic chicken producer that runs the whole chain, from feed and parent flocks to slaughter, processing and distribution. In 2025 the company reorganised and is accelerating its shift to feed with a lower climate footprint, a topic that matters both for costs and for investor expectations. Shares have been listed on Nasdaq Stockholm Mid Cap since 2014.
At the close of 05 Nov 2026, Scandi Standard AB (publ) (SCST.ST) stock was 191.80 SEK (+0.42% on the day), with market capitalisation 12.5 bn SEK, P/E 34.2 on diluted EPS of 5.61 SEK over the last 12 months, dividend yield 1.30%, beta 0.34, 52-week range 94.90–191.80 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)
- 73.8
- overbought (≥ 70)
- Bollinger (20, 2)
- 152.66 – 198.44
- in the upper half of the band · %B 0.85 · band width 26.1%
- SMA 50 / 200
- 164.78 / 145.73
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 7.51 / 6.30
- MACD above 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 | +16.5% | −0.6% | +17.2 pp | — |
| 3 months | +36.0% | −4.2% | +40.2 pp | — |
| 6 months | +30.3% | +4.3% | +26.0 pp | — |
| Year to date | +93.2% | +7.5% | +85.6 pp | — |
| 1 year | +98.8% | +9.9% | +88.8 pp | −8.3% |
| 3 years | +246.2% | +49.8% | +196.4 pp | +12.0% |
| 5 years | +337.9% | +42.8% | +295.1 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 3-quarter history (min 14.0, median 17.7, max 20.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 269.0 m | 275.0 m | 367.0 m |
| Net income YoY | unavailable | +2.2% | +33.5% |
| Diluted EPS | 4.11 | 4.20 | 5.61 |
| Diluted EPS YoY | unavailable | +2.2% | +33.6% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | 669.0 m | 372.0 m | 173.0 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 279.0 m SEK
- Financial debt
- 2.0 bn SEK
- Net debt
- 1.7 bn SEK
- Equity
- 2.7 bn SEK
- Total assets
- 7.6 bn SEK
- Debt / equity
- 0.75x
- Current ratio
- 1.03x
- ROE
- 13.9%
- ROA
- 4.9%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (SEK)
Income statement · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating income | 457.0 m | 509.0 m | 603.0 m | esef· 26 Oct 2026verified |
| Interest expense | 128.0 m | 158.0 m | 153.0 m | esef· 26 Oct 2026verified |
| Pre-tax income | 333.0 m | 354.0 m | 452.0 m | esef· 26 Oct 2026verified |
| Income tax | 59.0 m | 80.0 m | 86.0 m | esef· 26 Oct 2026verified |
| Net income | 269.0 m | 275.0 m | 367.0 m | esef· 26 Oct 2026verified |
| Diluted EPS | 4.11 | 4.20 | 5.61 | esef· 26 Oct 2026verified |
| Dividend per share | 1.15 | 2.29 | 2.49 | esef· 26 Oct 2026derived |
Balance sheet · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 4.0 m | 109.0 m | 279.0 m | esef· 26 Oct 2026verified |
| Inventories | 815.0 m | 831.0 m | 829.0 m | esef· 26 Oct 2026verified |
| Current assets | 2.2 bn | 2.4 bn | 2.6 bn | esef· 26 Oct 2026verified |
| Property, plant & equipment, net | 2.0 bn | 2.5 bn | 2.7 bn | esef· 26 Oct 2026verified |
| Goodwill | 950.0 m | 961.0 m | 913.0 m | esef· 26 Oct 2026verified |
| Intangibles (excl. goodwill) | 933.0 m | 991.0 m | 966.0 m | esef· 26 Oct 2026verified |
| Total assets | 6.7 bn | 7.3 bn | 7.6 bn | esef· 26 Oct 2026verified |
| Long-term debt | 1.2 bn | 1.7 bn | 2.0 bn | esef· 26 Oct 2026verified |
| Current liabilities | 2.5 bn | 2.4 bn | 2.5 bn | esef· 26 Oct 2026verified |
| Equity | 2.4 bn | 2.6 bn | 2.7 bn | esef· 26 Oct 2026verified |
| Shares outstanding at year end | 65.5 m | 65.5 m | 65.4 m | esef· 26 Oct 2026derived |
Cash flow · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 923.0 m | 654.0 m | 871.0 m | esef· 26 Oct 2026verified |
| Capex | 254.0 m | 282.0 m | 698.0 m | esef· 26 Oct 2026verified |
| Free cash flow | 669.0 m ≈ | 372.0 m ≈ | 173.0 m ≈ | esef· 26 Oct 2026derived |
| Investing cash flow | -373.0 m | -821.0 m | -802.0 m | esef· 26 Oct 2026verified |
| Financing cash flow | -554.0 m | 271.0 m | 111.0 m | esef· 26 Oct 2026verified |
| Dividends paid | 75.0 m | 150.0 m | 163.0 m | esef· 26 Oct 2026verified |
| Share repurchases | 0 | 0 | — | 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: 56.2% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 12.5 bn SEK
Key indicators
Coverage and freshness
Score by group
56% · 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: 56.2% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 11.3% | 50 (vs peers) | 19% |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | 47.1% | 24 (on a fixed band) | 11% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 3.9x | 38 (on a fixed band) | 11% |
| Current ratio · Balance sheet | 1.0x | 19 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 34.2x | 23 (vs peers) | 19% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 1.4% | 17 (on a fixed band) | 15% |
| Shareholder yield (distributions) · Returns | 1.3% | 19 (on a fixed band) | 11% |
| Payout ratio (FCF) · Returns | 94.2% | 37 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet30/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality40/100 · 2/3 factors with a value
- Returns26/100 · 2/2 factors with a value
- Valuation20/100 · 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
Scandi Standard AB (publ) (SCST.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 13.9%.
The estimated value range is 55.75–109.87 SEK per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 73.18 SEK, the price of 191.80 SEK leaves a potential of -61.8% (value / price − 1) and a margin of safety of -162.1% (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: 56.2% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- FCF conversion: 47.1%
- Current ratio: 1.0x
- P/E (TTM): 34.2x
- FCF yield: 1.4%
- Shareholder yield (distributions): 1.3%
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Net margin, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA.
Versus the vertical median
Listed companies from Sweden · same country · compared with 40 companies
Multiples and returns vs the median
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 SCST.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
Scenarios are not available. input data missing
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
Scandi Standard AB is a Nordic chicken producer that runs the whole chain, from feed and parent flocks to slaughter, processing and distribution. In 2025 the company reorganised and is accelerating its shift to feed with a lower climate footprint, a topic that matters both for costs and for investor expectations. Shares have been listed on Nasdaq Stockholm Mid Cap since 2014.
SWOT
Strengths
- Full integration of the value chain, from parent flocks to distribution, gives control over quality and costs. Local presence in several countries and strong brands support the market position.
- The shareholder base includes large holders with significant stakes, which may bring long-term strategic stability.
- Contracted broiler rearing and antibiotic-light practices in Sweden are presented as operational advantages.
Weaknesses
- Reliance on imported soy for feed exposes the company to volatile prices and external supply chains.
- Exposure to energy prices and floating interest rates can directly affect profit and cash flow.
- The company depends on contracted growers for rearing, which may limit direct control over quality in some countries.
Opportunities
- Reducing soy in feed and moving to alternative proteins could lower both climate footprint and costs if the trials scale up.
- Developing ready-to-eat products and tailored packaging could open new retail and foodservice channels.
- Science-based climate targets may attract financing and customers seeking products with a lower footprint.
Threats
- Shifts in consumer preferences or price pressure from retailers could reduce margins.
- Avian disease outbreaks or animal welfare issues could interrupt production and damage brand reputation.
- Tighter climate regulation and reporting requirements could raise compliance costs.
Risks
- Energy priceshigh
Electricity and gas prices directly influence production costs, and the company uses multi-year derivatives to limit the effect. If these instruments do not fully cover fluctuations, results could be affected.
- Currency exposuremedium
Operations in several countries generate cash flows in different currencies, and translating financial statements could affect reported results. The company hedges only significant transactions.
- Refinancing and interest ratesmedium
Bank debt includes a floating-rate portion and an average maturity that requires future refinancing. Tougher market conditions could raise the cost of funding.
- Supplier financemedium
A significant part of payables is tied to reverse factoring arrangements that extend payment terms. Withdrawal of these arrangements could put pressure on liquidity.
- Shareholder concentrationlow
A few large shareholders hold a significant part of the capital, which can influence governance decisions and limit share liquidity for smaller investors.
Investment thesis
What would need to be true (bull case)
- If the reduction of soy in feed proves effective, the company could lower both costs and climate footprint, strengthening its long-term position.
- Full integration of the value chain and local presence could support stable margins if demand for chicken remains solid.
- The 2025 reorganisation and standardised processes could improve efficiency and the group's forecasting capability.
What would break the thesis
- Dependence on imported soy and energy prices could compress margins if costs rise faster than selling prices.
- Floating-rate debt and the need to refinance could become a burden if interest rates stay high.
- Climate regulation and reporting requirements could add costs that cannot be fully passed on to customers.
What to watch
- Results of the soy-reduction feed trials and their extension to commercial scale2026
- Development of available liquidity and supplier finance balancesQ1 2027
- Decisions at the annual general meeting, including dividend and board compositionAGM 2026
- Effects of the reorganisation on segment efficiency and margins2027
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
Scandi Standard operates an integrated value chain: locally produced feed, parent flocks and hatcheries, contracted broiler rearing, then slaughter, processing and distribution to retail, restaurants and industry. According to the 2025 annual report, in Sweden the company raises its own parent flocks and hatches eggs in its own hatcheries, while in Ireland it also runs feed production. The model rests on contracted rearing, own production and processing, strong brands and a broadened offering. The articles of association 1 confirm the company is listed on Nasdaq Stockholm Mid Cap since June 2014.
Segments
Ready-to-cook
The ready-to-cook segment covers fresh, frozen and prepared-for-cooking products, sold mainly through retail. The annual report 1 describes sales to grocery retail as one of the two sales pillars of the group, which gives the volumes some stability.
Ready-to-eat
The ready-to-eat segment covers heat-treated consumer-ready products for retail and restaurants. The company cites foodservice and industrial sales as a source of risk diversification, according to the annual report 1.
Market context
The company operates in Sweden, Norway, Denmark, Finland, Ireland, Lithuania and the Netherlands, serving retail, restaurant and industrial customers. The report describes chicken as a protein with a lower climate footprint than all other animal proteins, which supports long-term demand, provided consumers keep favouring affordable and environmentally justifiable options 1.
Trends
- Shift to lower-climate feedmixed
Feed accounts for most of the value chain's climate footprint, and the company is testing replacing soy with alternative proteins. If these solutions prove viable at scale, they could lower emissions and feed costs over the long term, though they require investment and carry quality risks.
- Investor pressure for climate transparencymixed
The report notes that stakeholder expectations on sustainability are rising and becoming more important for the group's results. This could favour a company with science-based emission targets, but it also brings reporting and implementation costs.
- Demand for chicken proteintailwind
The report stresses that chicken is a preferred protein because of its lower climate footprint, which could support volumes over the medium term if consumer preferences hold.
- Energy and financing costsheadwind
The group is exposed to electricity and gas prices, and part of its bank debt carries floating interest. Higher energy costs or interest rates could compress margins, although the company uses derivatives to limit fluctuations.
Competitive position
The annual report does not name direct competitors, so the competitive landscape cannot be detailed from this source. In general, Northern European chicken production is shaped by integrated producers competing on cost, quality and brands, aspects the document does not quantify.
- Regional integrated producers
The annual report 1 does not identify named competitors; this entry cannot be verified from the source.
- Feed and alternative protein suppliers
The company mentions partnerships with suppliers and alternative protein sources, but does not name them as rivals.
- Other chicken processors
The source gives no names; this competitive group is mentioned only in general terms.
- Retailer private-label brands
Retail customers may prefer own-label products; the report does not quantify this pressure.
News & filings
In the press
- The Scandi Haircare Routine Is the Secret to Your Best Hair YetConde Nast Traveler · 28 Sept 2026 · EN
Annual reports (ESEF)
- Annual report 202526 Oct 2026
- Annual report 202526 Oct 2026
- Annual report 202408 May 2025
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Scandi Standard AB (publ) · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.