olivLaw · European equity research
Viking Supply Ships AB VSSAB-B.ST
Sweden · Nasdaq Stockholm · Vertical: Listed companies from Sweden
Viking Supply Ships AB is a Swedish-listed offshore vessel operator with a fleet of ice-classed supply vessels and ship management services, active in the North Sea and harsh-weather Arctic areas. In 2021 the company again reported a loss, as the offshore market recovered slowly after the pandemic and uncertainty grew from Russia's invasion of Ukraine.
At the close of 05 Nov 2026, Viking Supply Ships AB (VSSAB-B.ST) stock was 156.00 SEK (−8.24% on the day), with beta 0.13, 52-week range 104.50–181.00 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)
- 32.5
- weak (30–45)
- Bollinger (20, 2)
- 163.06 – 183.29
- below the lower band · %B -0.35 · band width 11.7%
- SMA 50 / 200
- 166.80 / 144.41
- mixed trend
- MACD (12, 26, 9)
- -0.40 / 1.61
- 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 | −7.1% | −0.6% | −6.5 pp | — |
| 3 months | +9.9% | −4.2% | +14.0 pp | — |
| 6 months | +9.5% | +4.3% | +5.1 pp | — |
| Year to date | +48.6% | +7.5% | +41.1 pp | — |
| 1 year | +39.3% | +9.9% | +29.4 pp | −8.5% |
| 3 years | +54.5% | +49.8% | +4.6 pp | +12.3% |
| 5 years | +309.4% | +42.8% | +266.6 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
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 | 2020 | 2021 |
|---|---|---|
| Revenue | 285.9 m | 311.5 m |
| Revenue YoY | unavailable | +8.9% |
| Net income | -191.1 m | -117.9 m |
| Net income YoY | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable |
| net % | -66.8% | -37.8% |
| Free cash flow | -64.1 m | -58.4 m |
Balance sheet & financial health
Fiscal year 2021 · 31 Dec 2021
- Cash
- 114.7 m SEK
- Financial debt
- unavailable SEK
- Net debt
- unavailable SEK
- Equity
- 1.8 bn SEK
- Total assets
- 1.8 bn SEK
- Debt / equity
- unavailable
- Current ratio
- 2.23x
- ROE
- -7.0%
- ROA
- -6.7%
- FCF margin
- -18.7%
Financial statements (source on every figure)
Revenue and net income (SEK)
Margins
Income statement · SEK
| Line | 2020 | 2021 | Source (latest year) |
|---|---|---|---|
| Revenue | 285.9 m | 311.5 m | esef· 05 Apr 2022verified |
| Operating income | -179.8 m | -112.5 m | esef· 05 Apr 2022verified |
| Depreciation & amortisation | 78.6 m | 68.5 m | esef· 05 Apr 2022verified |
| EBITDA | -101.2 m ≈ | -44.0 m ≈ | esef· 05 Apr 2022derived |
| Interest expense | 11.4 m | 2.1 m | esef· 05 Apr 2022verified |
| Pre-tax income | -189.7 m | -117.9 m | esef· 05 Apr 2022verified |
| Income tax | 1.4 m | 1.0 k | esef· 05 Apr 2022verified |
| Net income | -191.1 m | -117.9 m | esef· 05 Apr 2022verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · SEK
| Line | 2020 | 2021 | Source (latest year) |
|---|---|---|---|
| Cash | 123.8 m | 114.7 m | esef· 05 Apr 2022verified |
| Inventories | 5.3 m | 11.9 m | esef· 05 Apr 2022verified |
| Current assets | 186.4 m | 198.5 m | esef· 05 Apr 2022verified |
| Intangibles (excl. goodwill) | 1.1 m | 1.1 m | esef· 05 Apr 2022verified |
| Total assets | 1.7 bn | 1.8 bn | esef· 05 Apr 2022verified |
| Current liabilities | 75.5 m | 89.1 m | esef· 05 Apr 2022verified |
| Equity | 1.6 bn | 1.8 bn | esef· 05 Apr 2022verified |
Cash flow · SEK
| Line | 2020 | 2021 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | -62.9 m | -57.1 m | esef· 05 Apr 2022verified |
| Capex | -1.3 m | -1.3 m | esef· 05 Apr 2022verified |
| Free cash flow | -64.1 m ≈ | -58.4 m ≈ | esef· 05 Apr 2022derived |
| Investing cash flow | -28.2 m | -57.4 m | esef· 05 Apr 2022verified |
| Financing cash flow | -4.9 m | 97.5 m | esef· 05 Apr 2022verified |
≈ 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: 16.7% 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: unavailable
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
17% · 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: 16.7% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -37.8% | 8 (vs peers) | 38% |
| 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 | -54.1x | 0 (on a fixed band) | 38% |
| Current ratio · Balance sheet | 2.2x | 100 (on a fixed band) | 25% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| 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 sheet40/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial8/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 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
Viking Supply Ships AB (VSSAB-B.ST). Latest full fiscal year: 2021; data up to 2021-12-31.
Figures computed from the financial statements: revenue 311.5 m SEK in 2021; YoY growth 8.9%; net margin -37.8%; ROE -7.0%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 16.7% 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: 2.2x
What contradicts it
- Net margin: -37.8%
- Interest coverage: -54.1x
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, 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 VSSAB-B.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
Viking Supply Ships AB is a Swedish-listed offshore vessel operator with a fleet of ice-classed supply vessels and ship management services, active in the North Sea and harsh-weather Arctic areas. In 2021 the company again reported a loss, as the offshore market recovered slowly after the pandemic and uncertainty grew from Russia's invasion of Ukraine.
SWOT
Strengths
- A fleet of ice-classed vessels able to operate in extreme Arctic conditions gives the company a distinctive market position 1.
- The balance sheet carried no interest-bearing debt at year end 2021, giving a solid financial base for difficult periods 1.
- Experience in managing icebreakers for the Swedish Maritime Administration strengthens its expertise in severe-weather areas 1.
Weaknesses
- Repeated losses in recent years and negative operating cash flow required a share issue in 2021 1.
- Long-term contract cover for AHTS vessels was very low in 2021, exposing the company to rate and utilisation swings 1.
- Heavy dependence on the majority shareholder, which controls the votes and has board representation 1.
Opportunities
Risks
- Negative cash flowhigh
The company had negative cash flow in 2020 and 2021, and if recovery measures prove insufficient it could need new sources of funding 1.
- Sanctions exposurehigh
Activity in Russian waters is considered highly uncertain, and new sanctions could limit access to important contracts 1.
- Market oversupplymedium
Excess tonnage could keep rates low even in periods of better demand 1.
- Currency riskmedium
Major assets are held through subsidiaries with USD as reporting currency, so exchange rate changes can affect equity reported in SEK 1.
- Dependence on majority shareholdermedium
Control by the majority shareholder could influence strategic decisions and financing 1.
Investment thesis
What would need to be true (bull case)
- If the North Sea offshore recovery continues, the fleet specialised for harsh conditions could benefit from better rates and utilisation 1.
- The debt-free balance sheet could provide flexibility during a difficult market 1.
- Development of floating wind could create a new source of demand for the company's AHTS vessels 1.
What would break the thesis
- Excess tonnage could keep the company from converting demand into better revenue and margins 1.
- The company has reported losses and negative cash flow in recent years, which could require further equity issues 1.
- Sanctions and geopolitical uncertainty could reduce opportunities in Arctic regions that are important to the company 1.
What to watch
- Development of rates and utilisation for the AHTS vessels2022
- Reactivation of the two AHTS vessels that were laid upApril 2022
- Effects of sanctions on contracts in Arctic regionsnext 10-K
- Level of operating cash flow after the 2021 share issue2022
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
Viking Supply Ships AB is a Swedish company listed on NASDAQ Stockholm, Small Cap segment, focused on offshore operations in regions with difficult conditions. Its fleet consists of four wholly owned AHTS vessels, all with high ice class and able to operate in extreme cold and in the Arctic 1. The company also provides ship management services for the Swedish Maritime Administration's five icebreakers 1.
Governance is dominated by the majority shareholder, Kistefos AS, which controls the company through Viking Invest AS with roughly three quarters of the votes 1. Executive management consists of the CEO and a CFO, and the strategy aims at long-term ship contracts and focus on operations in areas with difficult conditions 1.
Segments
Ice-classed AHTS
The ice-classed AHTS segment generated revenue of 119 MSEK in 2021 and posted a pre-tax loss of -102 MSEK 1. Long-term contract cover for AHTS vessels was 0% in 2021, compared with 8% the year before, and four vessels were run under a multi-year seasonal contract from February 2022 1.
Market context
The North Sea offshore market recovered gradually in 2021, as the oil price rose from below 50 USD per barrel to above 70 USD per barrel by year end 1. Management noted that existing tonnage oversupply makes it hard to judge whether this recovery will lead to higher rates and utilisation for the company's vessels 1. Investment in floating wind power is seen as possibly supporting demand over the medium to long term 1.
Geopolitical tensions added uncertainty: Russia's invasion of Ukraine limited oil and gas supply to Europe and could generate extra drilling activity outside Russia, with higher demand for OSV vessels 1. The company has traditionally operated in Arctic areas, including Russia, and future activity in Russian waters is considered highly uncertain 1.
Trends
- Recovery of the North Sea offshore markettailwind
Higher oil prices and a return of drilling activity could lift demand for supply vessels, especially if the number of rigs in operation grows as management expects 1.
- Tonnage oversupplyheadwind
Excess vessel capacity in the market makes it hard to turn a demand recovery into better rates and utilisation for the company's fleet 1.
- Investment in floating offshore windtailwind
Floating wind projects in the North Sea could create medium to long term demand for AHTS and other OSV vessels 1.
- Sanctions and political instabilitymixed
The conflict in Ukraine has already led to cancelled contracts and could lead to further sanctions that limit opportunities in regions important to the company 1.
Competitive position
Viking Supply Ships competes in North Sea and Arctic offshore vessel markets, where contracts are contested by operators with ice-classed fleets. The source gives limited information on named competitors, and management describes the market as highly competitive 1.
The company's edge lies in its ability to operate in extreme conditions and its ship management experience for icebreakers, which set it apart from other offshore operators 1. However, oversupply of tonnage in the market limits its pricing power 1.
- North Sea AHTS vessel operators
Direct competition for spot and long-term towing and supply offshore contracts, described generically in the source.
- Ice-classed PSV operators
Competitors in the ice-classed supply vessel segment, present in Arctic areas and the North Sea.
- Ice management service providers
Firms offering consultancy and logistics services in Arctic areas, competing with the company's services division.
- Icebreaker ship managers
Competitors for ship management contracts for public icebreaker fleets.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202105 Apr 2022
Sources
- [1] Annual report, fiscal year ended 2021-12-31 (ESEF) · SEC / Viking Supply Ships AB · 31 Dec 2021
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.