Want to see SE:HOLM.B full AI Analyst Report?
Top Page
Holmen AB
(HOLM.B)
Select Model
Select Model
Rating:66Neutral
Price Target:
kr348.00
▲(11.97% Upside)
Action:Reiterated
Date:08/21/26
Overall score is driven primarily by solid financial resilience (strong balance sheet and continued profitability), offset by weaker earnings quality signals (negative TTM gross profit) and uneven cash conversion. Technicals are mildly positive but not decisively bullish (still below the 200-day average). Valuation is reasonable with a supportive dividend, while the earnings call indicates balanced conditions: operational improvements and capital discipline tempered by storm impacts, paper-market structural pressure, and a Q3 maintenance hit.
Positive Factors
Conservative balance sheet
Low leverage gives Holmen financial flexibility to withstand cyclical paper and wood markets, fund essential investment, and sustain shareholder distributions without relying heavily on external financing.
Negative Factors
Volatile earnings quality
The unusual gross-profit swing and uneven cash conversion reduce confidence that reported profitability will translate consistently into cash. Persistent volatility could constrain reinvestment capacity and make shareholder returns less predictable.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
Low leverage gives Holmen financial flexibility to withstand cyclical paper and wood markets, fund essential investment, and sustain shareholder distributions without relying heavily on external financing.
Read all positive factors
Holmen AB (HOLM.B) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr48.33B
Dividend Yield2.96%
Average Volume (3M)153.27K
Price to Earnings (P/E)18.5
Beta (1Y)0.63
Revenue Growth-4.74%
EPS Growth-0.17%
CountrySE
Employees3,298
SectorGeneral
Sector StrengthN/A
IndustryPaper, Lumber & Forest Products
Share Statistics
EPS (TTM)17.33
Shares Outstanding108,765,854
10 Day Avg. Volume185,424
30 Day Avg. Volume153,274
Financial Highlights & Ratios
PEG Ratio5.35
Price to Book (P/B)0.99
Price to Sales (P/S)2.48
P/FCF Ratio31.97
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
kr341.00Price Target Upside9.72% Upside
Rating ConsensusModerate Sell
Number of Analyst Covering3
EPS Forecast (FY)14.47
Revenue Forecast (FY)kr22.11B
Holmen AB Business Overview & Revenue Model
Company Description
Holmen AB (publ) engages in the forest, paperboard, paper, wood products, and renewable energy businesses in Sweden and internationally. The company operates through Forest, Renewable Energy, Wood Products, and Board and Paper segments. Its Forest...
How the Company Makes Money
Holmen makes money through multiple business areas that monetize its forest assets and industrial processing capacity. (1) Forestry: The company earns revenue by supplying timber (e.g., sawlogs and pulpwood) from its own managed forests and potent...
Holmen AB Earnings Call Summary
Earnings Call Date:Aug 20, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 22, 2026
Earnings Call Sentiment Neutral
The call presented a mix of encouraging operational and financial signs — solid Q2 performance, strong energy results, improved Board & Paper deliveries, and a narrower loss in Wood Products — alongside significant headwinds from storm-related forestry impacts (higher harvesting costs and reduced own harvest volumes), structural declines in paper markets and a Q3 maintenance hit. The positives (cash returns to shareholders, energy performance, divisions showing improvement) are meaningful but balanced by the material forestry storm effects and continued sectoral challenges.Positive Updates
Solid Q2 Financial Performance and Strong Balance Sheet
Company reported a solid second-quarter result broadly in line with previous quarters and emphasized a strong financial position; distributed roughly SEK 2.5 billion to shareholders in H1 through dividends and buybacks.
Negative Updates
Forest Division Impacted by Storm and Lower Prices
Company highlighted a regional storm (c.10 million m3 affected in the area) with Holmen's exposure of roughly 0.5 million m3 (about half a year's harvesting), contributing to lower realized wood prices and operational disruption; current wood prices are roughly 10% below earlier peaks.
Read all updates
Q2-2026 Updates
Positive
Negative
Solid Q2 Financial Performance and Strong Balance Sheet
Company reported a solid second-quarter result broadly in line with previous quarters and emphasized a strong financial position; distributed roughly SEK 2.5 billion to shareholders in H1 through dividends and buybacks.
Read all positive updates
Company Guidance
Guidance from the call highlighted several quantifiable points: Holmen has distributed roughly SEK 2.5 billion to shareholders in H1 and expects full‑year CapEx of a bit more than SEK 1 billion (similar for 2027), while Q3 maintenance shutdowns are expected to cost about SEK 150 million; forest harvest volumes were ~15% below plan in H1 and management expects to harvest some 300,000–400,000 m3 less on own land in 2026, with storm‑related higher harvesting costs of roughly SEK 10–15 million in Q2 and SEK 30–40 million for the full year; wood prices are down about 10% from peak and further modest (low single‑digit) unit cost declines are expected into Q3, though chemicals may be a small headwind; the energy market averaged around SEK 400/MWh in Q2 (historical cash flow ~SEK 330/MWh) and is sensitive to a ±20 TWh Nordic hydrological swing versus normal, and Board & Paper volumes/order books were “okay” with Holmen running significantly above the ~75% market operating rate (paper targeted ~85–90%).Holmen AB Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
82
Very Positive
Cash Flow
63
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 21.61B | 22.06B | 22.76B | 22.80B | 23.95B | 19.48B |
| Gross Profit | -5.26B | 366.00M | 10.24B | 12.12B | 13.75B | 9.83B |
| EBITDA | 3.98B | 4.76B | 5.15B | 6.16B | 8.85B | 5.00B |
| Net Income | 2.65B | 2.88B | 2.86B | 3.70B | 5.87B | 3.00B |
Balance Sheet | ||||||
| Total Assets | 81.07B | 80.86B | 81.55B | 79.72B | 81.44B | 68.10B |
| Cash, Cash Equivalents and Short-Term Investments | 182.00M | 390.00M | 234.00M | 1.20B | 1.94B | 507.00M |
| Total Debt | 6.92B | 5.10B | 3.68B | 3.17B | 3.15B | 4.34B |
| Total Liabilities | 26.89B | 25.46B | 24.18B | 22.80B | 24.49B | 21.11B |
| Stockholders Equity | 54.18B | 55.41B | 57.37B | 56.92B | 56.95B | 46.99B |
Cash Flow | ||||||
| Free Cash Flow | 1.89B | 1.71B | 1.20B | 4.10B | 4.09B | 1.52B |
| Operating Cash Flow | 3.44B | 3.85B | 3.32B | 5.80B | 5.48B | 3.23B |
| Investing Cash Flow | -1.53B | -2.12B | -2.07B | -1.65B | -1.35B | -1.31B |
| Financing Cash Flow | -2.05B | -1.58B | -2.22B | -4.89B | -2.71B | -1.76B |
Holmen AB Technical Analysis
Neutral
310.80
Price Trends
317.92
Positive
314.86
Positive
326.27
Negative
Market Momentum
0.88
Positive
48.69
Neutral
15.34
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:HOLM.B, the sentiment is Neutral. The current price of 310.8 is below the 20-day moving average (MA) of 322.45, below the 50-day MA of 317.92, and below the 200-day MA of 326.27, indicating a neutral trend. The MACD of 0.88 indicates Positive momentum. The RSI at 48.69 is Neutral, neither overbought nor oversold. The STOCH value of 15.34 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SE:HOLM.B.
Holmen AB Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
66 Neutral | kr48.33B | 18.55 | ― | 2.96% | -4.74% | -0.17% | |
60 Neutral | kr81.85B | 37.14 | 2.18% | 2.58% | -5.47% | -41.24% | |
56 Neutral | kr90.26B | 13.79 | 5.30% | 2.42% | -3.82% | ― | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
50 Neutral | kr20.26B | -479.12 | -0.15% | 2.46% | -11.64% | -102.28% | |
47 Neutral | kr786.32M | -2.51 | -20.14% | 14.38% | -14.21% | 12.49% |
* General Sector Average
SE:HOLM.B
Holmen AB
321.40
-29.25
-8.34%
SE:BILL
BillerudKorsnas AB
81.45
-1.98
-2.37%
SE:STE.A
Stora Enso Oyj
113.50
9.67
9.32%
SE:SCA.B
Svenska Cellulosa SCA AB
116.50
-3.95
-3.28%
SE:RROS
Rottneros AB
2.95
-0.48
-14.01%
Holmen AB Corporate Events
Holmen Balances Softer Industrial Earnings With Strong Forest and Energy Profits in H1 2026
Aug 20, 2026
Holmen reported operating profit of SEK 1,516 million for the first half of 2026, down from SEK 1,794 million a year earlier, with an operating margin of 14 percent as industrial profits fell but earnings from hydro and wind power rose sharply. Se...
Holmen Schedules Online Briefing for First-Half 2026 Interim Results
Jul 30, 2026
Holmen AB will publish its interim report for January–June 2026 at 07:30 CEST on Thursday, 20 August, and will follow the release with a press and analyst conference at 09:00 CEST the same day. The event will be streamed online, with Preside...
Holmen Reports Minimal 2025 Payments Linked to Extractive Operations
Jun 17, 2026
Holmen AB has issued its statutory report on payments to authorities related to its extractive operations for the 2025 financial year, covering gravel mining in its Renewable Energy unit and peat extraction in its Forest division. The company stat...
Holmen Cancels 8.5 Million Treasury Shares to Streamline Capital Structure
May 29, 2026
Holmen AB has reduced its total share capital by cancelling 8.5 million repurchased series B treasury shares, following approval at its Annual General Meeting on 30 March 2026. After the cancellation, the company now has 154,012,324 shares in tota...
Holmen Completes SEK 315-Per-Share Buyback, Trimming Free Float by 2%
May 28, 2026
Holmen AB has completed a previously announced share buyback programme, repurchasing 3 million Class B shares between 20 and 27 May 2026 at an average price of SEK 315, which reduces the number of outstanding shares by around 2 per cent. Following...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.