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Viscaria

Viscaria

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Gruvaktiebolaget Viscaria is a Swedish mineral exploration company and its flagship project is re-opening the Viscaria copper mine in Kiruna in northern Sweden. The company is working on obtaining an environmental permit for the Viscaria mine, as well as making preparations for mining operations to commence. At full capacity, the plan is for Viscaria to produce 30,000 tonnes of copper per annum, making it Sweden's second-largest copper mine.

Sustainability information

Weaker demand for Cu in the global market. Protracted process of obtaining acceptance from the land- and environmental permit. Higher than expected costs.

Financials

SEKm 2025 2026e 2027e
Sales 0 30 732
Sales growth (%) N/A N/A 2319,4
EBITDA -51 -53 334
EBITDA margin (%) N/A -175,1 45,6
EBIT adj. -67 -143 214
EBIT adj. margin (%) N/A -472,6 29,2
Pretax profit -110 -207 150
EPS -0,73 -1,11 0,8
EPS growth (%) 64,1 51 N/A
EPS adj. -0,73 -1,11 0,8
DPS 0 0 N/A
EV/EBITDA (x) -42,9 -82,1 19,4
EV/EBIT adj. (x) -32,4 -30,4 30,3
P/E (x) N/A N/A 20,4
P/E adj. (x) N/A N/A 20,4
EV/sales (x) N/A 143,75 8,83
FCF yield (%) -41,2 -74,4 -69,4
Le. adj. FCF yld. (%) -41,2 -74,4 -69,4
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 5,1 -24,6 10,2
Le. adj. ND/EBITDA (x) 5,3 -24,4 10,2
SEKm 2025 2026e 2027e
Sales 0 30 732
COGS 0 0 0
Gross profit 0 30 732
Other operating items -51 -83 -399
EBITDA -51 -53 334
Depreciation and amortisation -17 -90 -120
of which leasing depreciation 0 0 0
EBITA -67 -143 214
EO Items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT -67 -143 214
Net financial items -43 -64 -64
Pretax profit -110 -207 150
Tax 0 0 0
Net profit -110 -207 150
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -110 -207 150
EPS -0,73 -1,11 0,8
EPS adj. -0,73 -1,11 0,8
Total extraordinary items after tax 0 0 0
Leasing payments 0 0 0
Tax rate (%) 0 0 0
Gross margin (%) N/A 100 100
EBITDA margin (%) N/A -175,1 45,6
EBITA margin (%) N/A -472,6 29,2
EBIT margin (%) N/A -472,6 29,2
Pre-tax margin (%) N/A -684,1 20,4
Net margin (%) N/A -684,1 20,4
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) N/A N/A 2319,4
EBITDA growth (%) 27,3 4,1 -729,4
EBITA growth (%) 28,4 112,2 -249,3
EBIT growth (%) 28,4 N/A -249,3
Net profit growth (%) 128 88 -172,2
EPS growth (%) 64,1 51 N/A
Profitability N/A N/A N/A
ROE (%) -5,7 -8,2 5,2
ROE adj. (%) -5,7 -8,2 5,2
ROCE (%) -2,8 -3,8 3,6
ROCE adj. (%) -2,8 -3,8 3,6
ROIC (%) -3,9 -4,7 4,1
ROIC adj. (%) -3,9 -4,7 4,1
Adj. earnings numbers N/A N/A N/A
EBITDA adj. -51 -53 334
EBITDA adj. margin (%) N/A -175,1 45,6
EBITDA lease adj. -51 -53 334
EBITDA lease adj. margin (%) N/A -175,1 45,6
EBITA adj. -67 -143 214
EBITA adj. margin (%) N/A -472,6 29,2
EBIT adj. -67 -143 214
EBIT adj. margin (%) N/A -472,6 29,2
Pretax profit Adj. -110 -207 150
Net profit Adj. -110 -207 150
Net profit to shareholders adj. -110 -207 150
Net adj. margin (%) N/A -684,1 20,4
SEKm 2025 2026e 2027e
EBITDA -51 -53 334
Goodwill N/A N/A N/A
Net financial items -43 -64 -64
Other intangible assets 1550 1790 2030
Paid tax 0 0 0
Tangible fixed assets 915 2727 4658
Non-cash items 5 0 0
Right-of-use asset 11 11 11
Cash flow before change in WC -89 -117 270
Total other fixed assets 6 6 6
Change in working capital 60 -6 -91
Fixed assets 2483 4535 6706
Operating cash flow -28 -123 178
Inventories 0 6 146
Capex tangible fixed assets -707 -1902 -2051
Receivables 8 9 44
Capex intangible fixed assets -273 -240 -240
Other current assets 3 3 3
Acquisitions and Disposals 0 0 0
Cash and liquid assets 757 691 578
Free cash flow -1008 -2266 -2113
Total assets 3250 5243 7477
Dividend paid 0 0 0
Shareholders equity 2288 2781 2931
Share issues and buybacks 801 700 0
Minority N/A N/A N/A
Leasing liability amortisation 0 0 0
Total equity 2288 2781 2931
Other non-cash items 259 0 0
Long-term debt 487 1987 3987
Pension debt N/A N/A N/A
Convertible debt N/A N/A N/A
Leasing liability 10 10 10
Total other long-term liabilities 61 61 61
Short-term debt 5 5 5
Accounts payable 32 32 117
Other current liabilities 367 367 367
Total liabilities and equity 3250 5243 7477
Net IB debt -261 1305 3418
Net IB debt excl. pension debt -261 1305 3418
Net IB debt excl. leasing -271 1294 3407
Capital employed 2791 4784 6933
Capital invested 2028 4086 6349
Working capital -388 -382 -290
EV breakdown N/A N/A N/A
Market cap. diluted (m) 2445 3045 3045
Net IB debt adj. -261 1305 3418
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 2184 4350 6463
Total assets turnover (%) 0 0,7 11,5
Working capital/sales (%) N/A -1271,6 -45,9
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -11,4 46,9 116,6
Net debt / market cap (%) -10,7 42,8 112,2
Equity ratio (%) 70,4 53 39,2
Net IB debt adj. / equity (%) -11,4 46,9 116,6
Current ratio 1,9 1,75 1,58
EBITDA/net interest 1,2 0,8 5,2
Net IB debt/EBITDA (x) 5,1 -24,6 10,2
Net IB debt/EBITDA lease adj. (x) 5,3 -24,4 10,2
Interest coverage 1,3 2,2 3,3
SEKm 2025 2026e 2027e
Shares outstanding adj. 150 187 187
Diluted shares adj. 150 187 187
EPS -0,73 -1,11 0,8
Dividend per share 0 0 N/A
EPS adj. -0,73 -1,11 0,8
BVPS 15,24 14,87 15,67
BVPS adj. 4,91 5,3 4,81
Net IB debt/share -1,74 6,98 18,27
Share price 16,28 16,28 16,28
Market cap. (m) 2445 3045 3045
Valuation N/A N/A N/A
P/E (x) N/A N/A 20,4
EV/sales (x) N/A 143,7 8,8
EV/EBITDA (x) -42,9 -82,1 19,4
EV/EBITA (x) -32,4 -30,4 30,3
EV/EBIT (x) -32,4 -30,4 30,3
Dividend yield (%) 0 0 0
FCF yield (%) -41,2 -74,4 -69,4
Le. adj. FCF yld. (%) -41,2 -74,4 -69,4
P/BVPS (x) 1,07 1,09 1,04
P/BVPS adj. (x) 1,07 1,09 1,04
P/E adj. (x) N/A N/A 20,4
EV/EBITDA adj. (x) -42,9 -82,1 19,4
EV/EBITA adj. (x) -32,4 -30,4 30,3
EV/EBIT adj. (x) -32,4 -30,4 30,3
EV/CE (x) 0,8 0,9 0,9
Investment ratios N/A N/A N/A
Capex/sales (%) N/A 7079,3 313
Capex/depreciation 59,4 23,8 19,1
Capex tangibles / tangible fixed assets 77,2 69,7 44
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 1,8 3,3 2,6

Equity research

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Media

Viscaria - Company presentation with Head of Geology Ross Armstrong
Viscaria - Company presentation with President & CEO Jörgen Olsson

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Main shareholders - Viscaria

Main shareholders Share capital % Voting shares % Verified
Thomas von Koch 13.8 % 13.8 % 23 Dec 2025
Swedbank Robur Fonder 4.7 % 4.7 % 31 Oct 2025
Fjärde AP-fonden 4.6 % 4.6 % 23 Dec 2025
Jan Ståhlberg 4.4 % 4.4 % 23 Dec 2025
Santhe Dahl 3.6 % 3.6 % 23 Dec 2025
Håkan Roos (RoosGruppen) 3.1 % 3.1 % 23 Dec 2025
Unionen 2.9 % 2.9 % 23 Dec 2025
Avanza Pension 2.6 % 2.6 % 23 Dec 2025
JRS Asset Management AB Client Account 2.5 % 2.5 % 23 Dec 2025
Tredje AP-fonden 2.5 % 2.5 % 23 Dec 2025
Source: Holdings by Modular Finance AB