olivLaw · European equity research
Gruvaktiebolaget Viscaria VISC.ST
Sweden · Nasdaq Stockholm · ISIN SE0021148160 · Vertical: Listed companies from Sweden
Gruvaktiebolaget Viscaria is preparing to reopen a copper mine in northern Sweden near Kiruna, based on mineral resources of 108 million tonnes at a copper grade of 0.9 percent. The timing is relevant because European demand for responsibly produced copper is rising, and the environmental permit became final in April 2025, removing a major legal obstacle.
At the close of 05 Nov 2026, Gruvaktiebolaget Viscaria (VISC.ST) stock was 16.74 SEK (+0.48% on the day), with market capitalisation 2.2 bn SEK, beta 0.81, 52-week range 11.64–24.55 SEK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 36.6
- weak (30–45)
- Bollinger (20, 2)
- 15.79 – 20.77
- in the lower half of the band · %B 0.19 · band width 27.2%
- SMA 50 / 200
- 20.30 / 18.11
- mixed trend
- MACD (12, 26, 9)
- -0.96 / -0.81
- 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 | −18.5% | −0.6% | −17.9 pp | — |
| 3 months | −9.5% | −4.2% | −5.3 pp | — |
| 6 months | −12.6% | +4.3% | −17.0 pp | — |
| Year to date | −14.1% | +7.5% | −21.6 pp | — |
| 1 year | +2.2% | +9.9% | −7.7 pp | −8.3% |
| 3 years | −23.1% | +49.8% | −72.9 pp | +12.0% |
| 5 years | −33.0% | +42.8% | −75.9 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.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | -30.1 m | -48.2 m | -109.1 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.36 | -0.44 | -0.83 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | -73.9 m | -122.0 m | -754.7 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.4 bn SEK
- Financial debt
- unavailable SEK
- Net debt
- unavailable SEK
- Equity
- 3.1 bn SEK
- Total assets
- 4.1 bn SEK
- Debt / equity
- unavailable
- Current ratio
- 1.75x
- ROE
- -4.6%
- ROA
- -3.7%
- 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 | -42.9 m | -52.5 m | -67.1 m | esef· 26 Oct 2026verified |
| Interest expense | -5.5 m | 3.3 m | 49.9 m | esef· 26 Oct 2026verified |
| Pre-tax income | -30.0 m | -48.2 m | -109.1 m | esef· 26 Oct 2026verified |
| Income tax | 100.0 k | 0 | 0 | esef· 26 Oct 2026verified |
| Net income | -30.1 m | -48.2 m | -109.1 m | esef· 26 Oct 2026verified |
| Diluted EPS | -0.36 | -0.44 | -0.83 | esef· 26 Oct 2026verified |
| Weighted average diluted shares | 83.9 m | 109.6 m | 130.9 m | esef· 26 Oct 2026verified |
Balance sheet · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 266.3 m | 231.8 m | 1.4 bn | esef· 26 Oct 2026verified |
| Current assets | 282.5 m | 256.1 m | 1.5 bn | esef· 26 Oct 2026verified |
| Property, plant & equipment, net | — | 236.5 m | 974.8 m | esef· 26 Oct 2026verified |
| Intangibles (excl. goodwill) | 899.0 m | 1.3 bn | 1.6 bn | esef· 26 Oct 2026verified |
| Total assets | 1.3 bn | 1.8 bn | 4.1 bn | esef· 26 Oct 2026verified |
| Current liabilities | 48.8 m | 98.3 m | 840.6 m | esef· 26 Oct 2026verified |
| Equity | 1.2 bn | 1.6 bn | 3.1 bn | esef· 26 Oct 2026verified |
| Shares outstanding at year end | 83.6 m | 109.5 m | 131.4 m | esef· 26 Oct 2026derived |
Cash flow · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -24.3 m | 6.0 m | -17.4 m | esef· 26 Oct 2026verified |
| Capex | 49.6 m | 128.0 m | 737.3 m | esef· 26 Oct 2026verified |
| Free cash flow | -73.9 m ≈ | -122.0 m ≈ | -754.7 m ≈ | esef· 26 Oct 2026derived |
| Investing cash flow | -309.1 m | -457.8 m | -1.0 bn | esef· 26 Oct 2026verified |
| Financing cash flow | 270.5 m | 417.3 m | 2.2 bn | esef· 26 Oct 2026verified |
≈ 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
- indicators available: 3 of at least 6
- score weight coverage: 18.8% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 2.2 bn SEK
Key indicators
Coverage and freshness
Score by group
19% · 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: indicators available: 3 of at least 6; score weight coverage: 18.8% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| 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 | -1.3x | 0 (on a fixed band) | 33% |
| Current ratio · Balance sheet | 1.7x | 79 (on a fixed band) | 22% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -34.3% | 0 (on a fixed band) | 44% |
| 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 sheet32/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 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
Gruvaktiebolaget Viscaria (VISC.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE -4.6%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 18.8% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 1.7x
What contradicts it
- Interest coverage: -1.3x
- FCF yield: -34.3%
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
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 VISC.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
Gruvaktiebolaget Viscaria is preparing to reopen a copper mine in northern Sweden near Kiruna, based on mineral resources of 108 million tonnes at a copper grade of 0.9 percent. The timing is relevant because European demand for responsibly produced copper is rising, and the environmental permit became final in April 2025, removing a major legal obstacle.
SWOT
Strengths
Weaknesses
Opportunities
- Rising copper demand for electrification and renewable energy could support long-term revenue 1.
- The EU critical raw materials policy could facilitate partnerships and support for domestic production 1.
- Expansion of resources, with a stated target of 140 to 160 million tonnes, could extend mine life 1.
Risks
- Project financinghigh
Closing the debt package and cost overrun facility is still in progress, and failure could delay the restart of production.
- Execution of worksmedium
Construction of the concentrator, tailings dams and rail link could face delays against the planned 2026 schedule.
- Copper pricemedium
The economic assessment relies on price and production assumptions, and variations could affect profitability.
- Environmental compliancemedium
Strict compliance with water, noise and reindeer conditions could raise operating costs.
- Legal challengeslow
New actions by local communities or interested parties could delay the project even though the permit is final.
Investment thesis
What would need to be true (bull case)
- The deposit has a copper grade above the global average, which could support attractive margins if copper prices stay high.
- The environmental permit is final, removing a major legal obstacle and opening the way to construction.
- Existing infrastructure and proximity to the Malmbanan line could reduce investment and logistics costs.
What would break the thesis
- The project has not yet secured its full financing, and failure to close the package could delay or compromise production.
- Operations depend on a single mine and on complex works, which could lead to delays and cost overruns.
- Estimated profitability depends on copper price and production assumptions that may not materialise.
What to watch
- Closing of project financing with Société Générale and INGQ2 2026
- Connection to the Malmbanan line via two rail links and the ERTMS signalling systemJune 2026
- Completion of the tailings dam systemend of 2026
- Progress of concentrator construction and transition to production2027
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
Viscaria aims to restart the copper deposit that Outokumpu closed in 1997. According to the 2025 annual report, the company targets copper production with a planned annual output at full capacity of 26,000 tonnes and an initial mine life of 17 years 1. The project rests on a feasibility study published in May 2025, showing an after-tax NPV of about 4.4 billion SEK and an IRR of 17.3 percent 1.
The strategy emphasises low-carbon production: fossil-free hydropower, electrified rail transport on the Malmbanan line and planned integration of wind power 1. Viscaria aims to become Europe's most sustainable copper mine, an ambition aimed at both customers and the local community 1.
Restart preparations include a water treatment plant inaugurated in October 2025, infrastructure works, dewatering of the mine and construction of the concentrator, which begins in 2026. The company intends to close project financing by the end of the second quarter of 2026, with a debt package of up to about 3.9 billion SEK 1.
Segments
Copper mining and processing
The core segment is underground mining of the Viscaria copper deposit, with an average copper content above the global average and a planned concentrator to upgrade the ore 1.
Owned infrastructure
The company builds and owns the rail infrastructure within the site, including electrified tracks, and plans two rail connections to the Malmbanan line, with a scheduled date of June 2026 1.
Market context
According to the annual report, copper demand has grown substantially since the late 1990s, driven by electrification and urbanisation, and demand for responsibly produced copper is rising quickly in Europe 1. The company also cites the EU Critical Raw Materials Act, which aims to reduce dependence on imports from third countries 1.
Viscaria positions itself as a potential contributor to European copper self-sufficiency, with a declared carbon footprint below the sector average 1. Copper price levels and market valuation are not part of this information.
Trends
- Electrification and copper demandtailwind
Electrification of transport and expansion of renewable energy systems increase copper demand, which could support the project if demand stays at the expected level 1.
- EU critical raw materials policytailwind
The EU Critical Raw Materials Act promotes sustainable domestic production, which could ease access to financing and markets for projects such as Viscaria 1.
- Environmental and compliance requirementsheadwind
The environmental permit imposes strict conditions on water, noise and reindeer protection, and compliance could require additional operating costs 1.
- Social and legal acceptancemixed
The permitting process was challenged by a Sami village and private individuals, and further challenges could delay works, although the Supreme Court decision was favourable 1.
Competitive position
The annual report does not describe direct competitors in detail. Viscaria operates within the context of European and global copper producers, which the company mentions only in comparisons of average metal content 1.
Declared competitive advantages include high copper content, existing infrastructure of 65 kilometres of drifts, proximity to Kiruna and access to fossil-free energy 1.
- Global copper producers
The sources do not name direct competitors; the report compares against the global average of operating copper mines 1.
- European copper producers
European competition is not named in the report; the company is assessed against EU strategic autonomy requirements 1.
- Scandinavian mining operators
Not explicitly mentioned in the source; they could compete for the same industrial customers in Europe 1.
- Imported copper suppliers
Imports from third countries are targeted by EU policy, though no specific suppliers are identified in the report 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202526 Oct 2026
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Gruvaktiebolaget Viscaria · 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.