Specialists in pulp

Rottneros

Rottneros produces mechanical and chemical pulp, which is used in a wide range of applications, i.e. packaging (27%), paper (26%), filters (18%), special applications (13%), electrotechnical applications (10%) and tissue (6%). Most of the group’s products are sold on the European market, which accounts for ~75% of its revenues. Through its Agenda 500 strategic plan, Rottneros has invested ~SEK 700m to increase its capacity from an annual production of 345,000 tonnes pulp in 2014 to a long-term capacity of 460,000-500,000 tonnes. In 2016, Rottneros also initiated the development of a new business area, Rottneros Packaging.

Financials

ROTTNEROS

SEKm 2018 2019 2020
Sales 2373 2608 2237
Sales growth (%) 19,8 9,9 -14,2
EBITDA 424 455 N/A
EBITDA margin (%) 12,5 17,9 17,5
EBIT adj 166 331 362
EBIT adj margin (%) 8,4 13,9 13,9
Pretax profit 313 348 150
EPS rep 1,62 1,78 0,76
EPS growth (%) 116,3 10,1 -57,1
EPS adj 1,62 1,78 0,76
DPS 0,37 0,81 0,89
EV/EBITDA (x) 3,7 3,2 5,4
EV/EBIT adj (x) 4,8 4 8,4
P/E (x) 5,5 5 11,6
P/E adj (x) 5,5 5 11,6
EV/sales (x) 0,7 0,6 0,6
FCF yield (%) -7,7 19,3 14,1
Dividend yield (%) 4,1 9,1 10
Net IB debt/EBITDA 0,5 0,2 0,1

Main shareholders

Rottneros

Main shareholders Share capital % Voting shares % Verified
Arctic Paper SA 51.0 % 51.0 % 31 Dec 2018
Proad AB 5.3 % 5.3 % 31 Dec 2018
Avanza Pension 3.1 % 3.1 % 31 Dec 2018
Dimensional Fund Advisors 1.7 % 1.7 % 30 Nov 2018
Henrik Lind (Lind Invest) 1.3 % 1.3 % 31 Dec 2018
Staffan Bolinder 1.2 % 1.2 % 31 Dec 2018
SEB Fonder 1.1 % 1.1 % 31 Dec 2018
Magallanes Value Investors SGIIC 1.0 % 1.0 % 30 Sep 2018
WisdomTree Asset Management Inc 0.9 % 0.9 % 31 Dec 2018
Joakim Borell 0.9 % 0.9 % 31 Dec 2018
Source: Holdings by Modular Finance AB

Insider list

Rottneros

Name
MONICA STILL PASANEN
Ingemar Eliasson
Fiduciam Ekonomi AB
Karlsson, Dan
ELIASSON, INGEMAR
Lundberg, Ragnar
Wasberg, Thomas
ELIASSON, INGEMAR
LUNDEEN, PER
LINDGREN, KRISTER
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