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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 3196,92 3027,08 3269,02
Sales growth (%) -6,9 -5,3 8
EBITDA 28 66 214
EBITDA margin (%) 0,9 2,2 6,5
EBIT adj. -152 -86 67
EBIT adj. margin (%) -4,8 -2,8 2,1
Pretax profit -204 -99 40
EPS -1,44 -1,07 0,33
EPS growth (%) N/A -25,8 N/A
EPS adj. -1,44 -1,07 0,33
Dividend per share 0 0 0,1
EV/EBITDA (x) 32 16,2 5,1
EV/EBIT adj. (x) -6 -12,5 16,1
P/E (x) N/A N/A 21,08
P/E adj. (x) N/A N/A 21,1
EV/sales (x) 0,28 0,35 0,33
FCF yield (%) -38,5 -39,5 -9,7
Le. adj. FCF yld. (%) -39,7 -41,2 -11,5
Dividend yield (%) 0 0 1,4
Net IB debt/EBITDA (x) 4,1 4,5 1,5
Le. adj. ND/EBITDA (x) 4 5,4 1,6
PLNm 2025 2026e 2027e
Sales 3196,92 3027,08 3269,02
COGS -2966 -2658 -2912
Gross profit 231 369 357
Other operating items -202 -303 -143
EBITDA 28 66 214
Depreciation and amortisation -190 -152 -146
Depreciation on leased assets 0 0 0
EBITA -166,01 -85,6 67,42
Operating EO items -14 0 0
Impairment and amortisation charges 0 0 0
EBIT -166,01 -85,6 67,42
Net financial items -38 -13 -28
Pretax profit -204 -99 40
Tax 40 6 -8
Net profit -163 -93 32
Minority interest -75 -19 9
Net profit discontinued 0 0 0
Net profit to shareholders -238 -111 41
EPS -1,44 -1,07 0,33
EPS adj. -1,44 -1,07 0,33
Total extraordinary items after tax -14 0 0
Leasing payments -6 -8 -8
Tax rate (%) 19,8 6,3 19,2
Gross margin (%) 7,2 12,2 10,9
EBITDA margin (%) 0,9 2,2 6,5
EBITA margin (%) -5,2 -2,8 2,1
EBIT margin (%) -5,2 -2,8 2,1
Pre-tax margin (%) -6,4 -3,3 1,2
Net margin (%) -5,1 -3,1 1
Sales growth (%) -6,9 -5,3 8
EBITDA growth (%) -90,5 133,2 223,8
EBITA growth (%) -189,7 -48,4 -178,8
EBIT growth (%) -189,7 -48,4 -178,8
Net profit growth (%) -200,8 -43,3 -134,6
EPS growth (%) N/A -25,8 N/A
Profitability N/A N/A N/A
Year N/A N/A N/A
ROE (%) -16 -7,8 3,1
ROE adj. (%) -15,1 -7,8 3,1
ROCE (%) -7,8 -3,9 3,6
ROCE adj. (%) -7,2 -3,9 3,6
ROIC (%) -7,3 -4,2 2,8
ROIC adj. (%) -6,7 -4,2 2,8
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 42 66 214
EBITDA adj. margin (%) 1,3 2,2 6,5
EBITDA lease adj. 36 58 205
EBITDA lease adj. margin (%) 1,1 1,9 6,3
EBITA adj. -152 -86 67
EBITA adj. margin (%) -4,8 -2,8 2,1
EBIT adj. -152 -86 67
EBIT adj. margin (%) -4,8 -2,8 2,1
Pretax profit Adj. -190 -99 40
Net profit Adj. -149 -93 32
Net profit to shareholders adj. -224 -111 41
Net adj. margin (%) -4,7 -3,1 1
PLNm 2025 2026e 2027e
EBITDA 28 66 214
Goodwill 8 8 8
Net financial items -38 -13 -28
Other intangible assets 85 86 86
Paid tax -37 -1 -8
Tangible fixed assets 1528 1540 1559
Non-cash items 118 18 -28
Right-of-use asset 0 0 0
Cash flow before change in WC 72 70 150
Other Fixed Assets All 22 19 19
Change in working capital 46 -84 -32
Fixed assets 1643 1652 1671
Operating cash flow 118 -14 119
Inventories 444 468 502
Capex tangible fixed assets -302 -174 -165
Receivables 368 367 422
Capex intangible fixed assets 0 0 0
Other current assets 173 88 95
Acquisitions and Disposals 0 0 0
Cash and liquid assets 152 44 25
Free cash flow -184 -188 -46
Total assets 2779 2621 2715
Dividend paid 0 0 0
Shareholders equity 1518 1347 1361
Share issues and buybacks 0 0 0
Minority 282 274 272
Leasing liability amortisation -6 -8 -8
Total equity 1800 1621 1633
Other changes in net debt 92 12 35
Long-term debt 93 181 181
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 0 0 0
Total other long-term liabilities 110 113 113
Short-term debt 195 179 179
Accounts payable 455 397 463
Other current liabilities 127 130 147
Total liabilities and equity 2779 2621 2715
Net IB debt 116 297 317
Net IB debt excl. pension debt 116 297 317
Net IB debt excl. leasing 116 297 317
Capital employed 2087 1980 1993
Capital invested 1916 1918 1950
Working capital 403 396 409
Market cap. diluted (m) 477 477 477
Net IB debt adj. 147 316 335
Market value of minority 282 274 272
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 905 1066 1084
Total assets turnover (%) 115,5 112,1 122,5
Working capital/sales (%) 13 13,2 12,3
Year N/A N/A N/A
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 6,4 18,3 19,4
Net debt / market cap (%) 24,3 62,4 66,4
Equity ratio (%) 64,8 61,8 60,1
Net IB debt adj. / equity (%) 8,2 19,5 20,5
Current ratio 1,46 1,37 1,32
EBITDA/net interest 0,8 5 7,7
Net IB debt/EBITDA (x) 4,1 4,5 1,5
Net IB debt/EBITDA lease adj. (x) 4 5,4 1,6
Interest coverage 3,9 4,1 2,2
PLNm 2025 2026e 2027e
Shares outstanding adj. 69 69 69
Diluted shares adj. 69 69 69
EPS -1,44 -1,07 0,33
Dividend per share 0 0 0,1
EPS adj. -1,44 -1,07 0,33
BVPS 20,43 19,44 19,64
BVPS adj. 19,08 18,09 18,29
Net IB debt/share 2,12 4,56 4,83
Share price 17,6 17,6 17,6
Market cap. (m) 477 477 477
P/E (x) N/A N/A 21,08
EV/sales (x) 0,28 0,35 0,33
EV/EBITDA (x) 32 16,2 5,1
EV/EBITA (x) -5,5 -12,5 16,1
EV/EBIT (x) -5,5 -12,5 16,1
Dividend yield (%) 0 0 1,4
FCF yield (%) -38,5 -39,5 -9,7
Le. adj. FCF yld. (%) -39,7 -41,2 -11,5
P/BVPS (x) 0,34 0,35 0,35
P/BVPS adj. (x) 0,32 0,36 0,35
P/E adj. (x) N/A N/A 21,1
EV/EBITDA adj. (x) 21,5 16,2 5,1
EV/EBITA adj. (x) -6 -12,5 16,1
EV/EBIT adj. (x) -6 -12,5 16,1
EV/CE (x) 0,4 0,5 0,5
Year N/A N/A N/A
Investment ratios N/A N/A N/A
Capex/sales (%) -9,4 -5,8 -5
Capex/depreciation 1,6 1,2 1,1
Capex tangibles / tangible fixed assets 19,8 11,3 10,6
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 12,46 9,84 9,37

Equity research

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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 68.3 % 68.3 % 16 Jun 2026
Norges Bank Investment Management 1.7 % 1.7 % 30 Jun 2026
Dimensional Fund Advisors 0.2 % 0.2 % 31 Jul 2026
Handelsbanken Fonder 0.2 % 0.2 % 31 Jul 2026
SEB Funds 0.2 % 0.2 % 30 Jun 2026
Storebrand Asset Management 0.1 % 0.1 % 31 Jul 2026
Per Lundeen 0.1 % 0.1 % 31 Dec 2025
New York City Employee Retirement System Group (NYCERS) 0.0 % 0.0 % 30 Jun 2024
Kärnavfallsfonden 0.0 % 0.0 % 31 Dec 2025
Skandia Fonder 0.0 % 0.0 % 31 Jul 2026
Source: Holdings by Modular Finance AB