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Arctic Paper

Arctic Paper

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Arctic Paper is a paper production company focusing on high quality coated and uncoated paper products. The company currently consist of three paper mills and five brands: Amber, Arctic, Arctic Volume, Munken and G. With a majority ownership of the Rottneros AB Group, the company complements their product portfolio with pulp production. Arctic Paper's main clients are printing houses, publishers and wholesalers, serving industries such as advertising and design indirectly.

Sustainability Information

Key risks include: (i) cyclicality of both pulp and paper demand, (ii) Arctic Paper's net short position on pulp, pulpwood, energy and chemicals prices, (iii) a structural decline in paper demand, (iv) potential losses stemming from hedging against electricity and pulp prices and (v) production facility-related issues such as risk of injuries, machinery breakdown, fires and other accidents that can adversely impact the company's production capabilities.

Financials

PLNm 2025 2026e 2027e
Sales 3197 3161 3373
Sales growth (%) -6,9 -1,1 6,7
EBITDA 28 139 225
EBITDA margin (%) 0,9 4,4 6,7
EBIT adj. -152 -6 84
EBIT adj. margin (%) -4,8 -0,2 2,5
Pretax profit -204 -41 50
EPS -1,44 -0,21 0,53
EPS growth (%) N/A -85,2 N/A
EPS adj. -1,44 -0,21 0,53
DPS 0 0 0,16
EV/EBITDA (x) 39,6 8,8 5,5
EV/EBIT adj. (x) -7,4 -208,8 14,8
P/E (x) N/A N/A 15,4
P/E adj. (x) N/A N/A 15,4
EV/sales (x) 0,35 0,39 0,37
FCF yield (%) -32,4 -21,6 -8,6
Le. adj. FCF yld. (%) -33,4 -22,4 -9,4
Dividend yield (%) 0 0 1,9
Net IB debt/EBITDA (x) 4,4 1,5 1
Le. adj. ND/EBITDA (x) 4 1,8 1,1
PLNm 2025 2026e 2027e
Sales 3197 3161 3373
COGS -2837 -2611 -2711
Gross profit 360 549 662
Other operating items -331 -410 -438
EBITDA 28 139 225
Depreciation and amortisation -190 -145 -140
of which leasing depreciation 0 0 0
EBITA -166 -6 84
EO Items -14 0 0
Impairment and PPA amortisation 0 0 0
EBIT -166 -6 84
Net financial items -38 -35 -34
Pretax profit -204 -41 50
Tax 40 9 -9
Net profit -163 -33 41
Minority interest -115 -18 4
Net profit discontinued 0 0 0
Net profit to shareholders -278 -51 46
EPS -1,44 -0,21 0,53
EPS adj. -1,44 -0,21 0,53
Total extraordinary items after tax -14 0 0
Leasing payments -6 -4 -4
Tax rate (%) 19,8 20,9 18,3
Gross margin (%) 11,2 17,4 19,6
EBITDA margin (%) 0,9 4,4 6,7
EBITA margin (%) -5,2 -0,2 2,5
EBIT margin (%) -5,2 -0,2 2,5
Pre-tax margin (%) -6,4 -1,3 1,5
Net margin (%) -5,1 -1 1,2
Sales growth (%) -6,9 -1,1 6,7
EBITDA growth (%) -90,5 392,6 61,3
EBITA growth (%) -189,7 -96,5 -1533,2
EBIT growth (%) -189,7 -96,5 -1533,2
Net profit growth (%) -200,8 -80 -226,4
EPS growth (%) N/A -85,2 N/A
Profitability N/A N/A N/A
ROE (%) -20,3 -3,9 3,5
ROE adj. (%) -19,2 -3,9 3,5
ROCE (%) -8 -0,2 4,2
ROCE adj. (%) -7,3 -0,2 4,2
ROIC (%) -7,5 -0,2 3,6
ROIC adj. (%) -6,8 -0,2 3,6
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 42 139 225
EBITDA adj. margin (%) 1,3 4,4 6,7
EBITDA lease adj. 36 135 220
EBITDA lease adj. margin (%) 1,1 4,3 6,5
EBITA adj. -152 -6 84
EBITA adj. margin (%) -4,8 -0,2 2,5
EBIT adj. -152 -6 84
EBIT adj. margin (%) -4,8 -0,2 2,5
Pretax profit Adj. -190 -41 50
Net profit Adj. -149 -33 41
Net profit to shareholders adj. -264 -51 46
Net adj. margin (%) -4,7 -1 1,2
PLNm 2025 2026e 2027e
EBITDA 28 139 225
Goodwill 8 8 8
Net financial items -38 -35 -34
Other intangible assets 96 96 96
Paid tax -37 9 -9
Tangible fixed assets 1521 1541 1566
Non-cash items 118 -35 -34
Right-of-use asset 0 0 0
Cash flow before change in WC 72 77 148
Total other fixed assets 21 21 21
Change in working capital 46 -35 -32
Fixed assets 1647 1667 1691
Operating cash flow 118 42 116
Inventories 444 467 489
Capex tangible fixed assets -302 -165 -165
Receivables 390 386 428
Capex intangible fixed assets 0 0 0
Other current assets 191 90 96
Acquisitions and Disposals 0 0 0
Cash and liquid assets 152 110 99
Free cash flow -184 -123 -49
Total assets 2823 2720 2804
Dividend paid 0 0 0
Shareholders equity 1291 1272 1304
Share issues and buybacks 0 0 0
Minority 407 425 429
Leasing liability amortisation -6 -4 -4
Total equity 1697 1696 1733
Other non-cash items 48 35 42
Long-term debt 204 254 254
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 0 0 0
Total other long-term liabilities 145 145 145
Short-term debt 93 93 93
Accounts payable 550 397 432
Other current liabilities 133 134 146
Total liabilities and equity 2823 2720 2804
Net IB debt 124 216 227
Net IB debt excl. pension debt 124 216 227
Net IB debt excl. leasing 124 216 227
Capital employed 1994 2043 2080
Capital invested 1822 1912 1960
Working capital 341 412 435
Market cap. diluted (m) 567 567 567
Net IB debt adj. 147 237 248
Market value of minority 407 425 429
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 1121 1229 1244
Total assets turnover (%) 114,6 114,1 122,2
Working capital/sales (%) 12 11,9 12,5
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 7,3 12,7 13,1
Net debt / market cap (%) 21,9 38 40
Equity ratio (%) 60,1 62,4 61,8
Net IB debt adj. / equity (%) 8,6 13,9 14,3
Current ratio 1,51 1,69 1,66
EBITDA/net interest 0,8 3,9 6,6
Net IB debt/EBITDA (x) 4,4 1,5 1
Net IB debt/EBITDA lease adj. (x) 4 1,8 1,1
Interest coverage 3,9 0,1 2,4
PLNm 2025 2026e 2027e
Shares outstanding adj. 69 69 69
Diluted shares adj. 69 69 69
EPS -1,44 -0,21 0,53
Dividend per share 0 0 0,16
EPS adj. -1,44 -0,21 0,53
BVPS 18,63 18,35 18,82
BVPS adj. 17,12 16,85 17,32
Net IB debt/share 2,12 3,41 3,57
Share price 20,65 20,65 20,65
Market cap. (m) 567 567 567
P/E (x) N/A N/A 15,4
EV/sales (x) 0,4 0,4 0,4
EV/EBITDA (x) 39,6 8,8 5,5
EV/EBITA (x) -6,8 -208,8 14,8
EV/EBIT (x) -6,8 -208,8 14,8
Dividend yield (%) 0 0 1,9
FCF yield (%) -32,4 -21,6 -8,6
Le. adj. FCF yld. (%) -33,4 -22,4 -9,4
P/BVPS (x) 0,44 0,45 0,44
P/BVPS adj. (x) 0,44 0,45 0,44
P/E adj. (x) N/A N/A 15,4
EV/EBITDA adj. (x) 26,6 8,8 5,5
EV/EBITA adj. (x) -7,4 -208,8 14,8
EV/EBIT adj. (x) -7,4 -208,8 14,8
EV/CE (x) 0,6 0,6 0,6
Investment ratios N/A N/A N/A
Capex/sales (%) 9,4 5,2 4,9
Capex/depreciation 1,6 1,1 1,2
Capex tangibles / tangible fixed assets 19,9 10,7 10,5
Capex intangibles / definite intangibles N/A N/A N/A
Depreciation on intang / def. intang N/A N/A N/A
Depreciation on tangibles / tangibles 12,5 9,4 9

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Media

Arctic Paper - Company presentation with CFO Katarzyna Wojtkowiak
Arctic Paper - Fireside chat with President & CEO Michal Jarczyński

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Main shareholders - Arctic Paper

Main shareholders Share capital % Voting shares % Verified
Thomas Onstad 68.1 % 68.1 % 31 Dec 2023
Norges Bank Investment Management 1.8 % 1.8 % 31 Dec 2025
Dimensional Fund Advisors 0.3 % 0.3 % 30 Jan 2026
Handelsbanken Fonder 0.2 % 0.2 % 31 Jan 2026
SEB Funds 0.2 % 0.2 % 31 Jan 2026
Storebrand Asset Management 0.1 % 0.1 % 31 Jan 2026
Per Lundeen 0.1 % 0.1 % 31 Dec 2023
New York City Employee Retirement System Group (NYCERS) 0.0 % 0.0 % 30 Jun 2024
Kärnavfallsfonden 0.0 % 0.0 % 31 Dec 2024
Skandia Fonder 0.0 % 0.0 % 31 Jan 2026
Source: Holdings by Modular Finance AB