2026 Q2 -tulosraportti
11 päivää sitten
‧45 min
4,50 DKK/osake
Viimeisin osinko
5,94%Tuotto/v
Tarjoustasot
Määrä
Osto
-
Myynti
Määrä
-
Viimeisimmät kaupat
| Aika | Hinta | Määrä | Ostaja | Myyjä |
|---|---|---|---|---|
| 71 | - | - | ||
| 101 | - | - | ||
| 163 | - | - | ||
| 41 | - | - | ||
| 129 | - | - |
Huomioi, että vaikka osakkeisiin säästäminen on pitkällä aikavälillä tuottanut hyvin, tulevasta tuotosta ei ole takeita. On olemassa riski, että et saa sijoittamiasi varoja takaisin.
Rahastot ja ETF:t, joilla on osaketta
Mikään rahasto ei ilmoita osaketta kymmenen suurimman omistuksensa joukossa.
Asiakkaat katsoivat myös
Yhtiötapahtumat
Datan lähde: Quartr| Seuraava tapahtuma | |
|---|---|
2026 Q3 -tulosraportti 12.11. |
| Menneet tapahtumat | ||
|---|---|---|
2026 Q2 -tulosraportti 27.8. | ||
2026 Q1 -tulosraportti 21.5. | ||
2025 Q4 -tulosraportti 5.3. | ||
2025 Q3 -tulosraportti 12.11.2025 | ||
2025 Q2 -tulosraportti 28.8.2025 |
Uutiset
Tämän sivun uutiset ja/tai sijoitussuositukset tai otteet niistä sekä niihin liittyvät linkit ovat mainitun tahon tuottamia ja toimittamia. Nordnet ei ole osallistunut materiaalin laatimiseen, eikä ole tarkistanut sen sisältöä tai tehnyt sisältöön muutoksia. Lue lisää sijoitussuosituksista.
Foorumi
Liity keskusteluun Nordnet Socialissa
Kirjaudu
·2.9. · MuokattuSTG becomes more interesting: cleansed P/B is approx. 0.65x, while BREAK/Moro based on a simple flat estimate has just been sold for around 3.5x book. This does not prove that the entire STG is worth 3.5x, but it is strong external validation that the market is likely pricing the asset base too low. In comparison, British American Tobacco BATS P/B is 1.85- ·2.9. · MuokattuPrice is always relative to strategy, execution and results and market trends. I think the 4 are credibly linked. Analysts are now also giving 👍 The debate below is that 65-70 is a good buy today. I strongly agree with that. I'm not sure we'll see 65-70 again, that's where we came from in Feb 2026. We have better results and trends now. And based on technical EMA 200 support/resistance, there is support at 71-74. 74 is, in my opinion, a really good base and support today, with 90 as a temporary target and 6+% dividend. We could see a "pop" tomorrow or in the near future. The stock is relatively easy to move by volume. The case now has a constructive progressive nature, with stabilization and 2-3 growth engines: The two business engines can strengthen the multiple - which then becomes the 3rd engine. It doesn't require explosive growth, and magic, but management's continued progressive execution of the strategy, in line with the last two quarters and market trends. So if the base scenario plays out according to plan and potential over the next 2-4 quarters, the current 90-target will not be fixed, but will move with the progression, probably 100-120+. Therefore, the case, in my assessment, is better today than headlines and the debate currently indicate.
·29.8.Scandinavian Tobacco Group – Update after Q2 2026💨 I have now reviewed Q2/H1 2026 and updated my estimates. After Q1, my assessment was: stabilization – but not yet improvement. After Q2, I am a bit more positive. FCF before acquisitions has increased by 53.5 % to 422 mio. DKK, Handmade Cigars is growing 6 % organically, XQS is developing positively, and the delayed debtor payments from 2025 have been collected. In addition, STG is selling BREAK/Moro for approx. 1.3 mia. DKK, which could bring leverage down below 2.5x. But the problems are not gone. MRC & Smoking Tobacco continue to fall 4 %, adjusted EPS has fallen 6.4 %, leverage is still 3.0x, and ROIC is only 7.7 % against the Focus2030 target of over 11 %. My updated levels Fair Value (DCF): approx. 92 DKK Bear: 50 DKK / Base: 92 DKK / Bull: 130 DKK 12-month price target: 90 DKK Base case: 90–95 DKK Bull case: 115–120 DKK Bear case: approx. 60 DKK At approx. 77 DKK, STG trades around 7.3x adjusted EPS and 6.3x EV/EBITDA. The stock is still cheap – but cheap is not the same as risk-free. My preferred Buy Zone is 64–72 DKK, especially 67–70 DKK. Management is now crucial The most important thing for me in the coming quarters will actually be management. 2025-FCF was a serious misfire, and it cost credibility. Q2 gives management some credit back: receivables have come in, cash flow has improved, guidance is maintained, and BREAK/Moro shows real willingness to change the portfolio. But I am not ready to give management a free pass. ROIC has fallen to 7.7 %. MRC continues to lose ground. It is now the task of the CEO, CFO, and the board to prove that Focus2030 can create economic value – not just impressive strategic objectives. I therefore see the development as follows: Q4 2025: low point → Q1: stabilization → Q2: first signs of improvement → next test: management's execution. My assessment remains: BUY – MODERATE / ACCUMULATE ON WEAKNESS 12-month price target: 90 DKK The strategy is in place. Now the burden of proof lies with management. They must deliver higher FCF, EPS, and especially ROIC. And as always: I am a happy amateur investor who has gotten a bit too much time on my hands in my old age – so take it all with a grain of salt 😉Price is, after all, relative to strategy, execution, and results, and market trends. I think the 4 credibly align now. 70 is clearly a buy today. Not sure we will see 70 again based on technical EMA 200 support/resistance. 74 is in my opinion a really good base today too, with 90 as target and 6+% dividend based on what we know today. The case now has a constructive progressive nature with both stabilization and 2-3 growth engines. The two business engines can strengthen the multiple - the 3rd engine - in the base case of the progression. It does not require explosive growth, and magic, but management's continued execution of the strategy, in line with the last two quarters…- ·27.8.STG delivered a solid Q2 with clear signs of stabilization. Handmade Cigars continues to grow, XQS is developing positively, and Focus2030 is starting to be visible in the numbers: stabilize legacy, grow Handmade Cigars and accelerate nicotine pouches. Expectations for 2026 are maintained, including FCF of DKK 950–1,200 million and an EBIT margin of 13.0–14.5%. On a tariff one-off adjusted, more normalized cash flow basis, I estimate STG at around DKK 0.85–0.95 billion in recurring FCF. This means that the stock continues to trade at approximately 6–7x FCF, while a more normalized fair price at 10x FCF is around DKK 105–115 per share. And with 6% in dividend😎👍 Lets go!
Those who have held the stock for a longer time probably bought it because of the dividend, and one must pay tax at some point, unless one is only interested in how high the level is in the cash reserves😎
Yllä olevat kommentit ovat peräisin Nordnetin sosiaalisen verkoston Nordnet Socialin käyttäjiltä, eikä niitä ole muokattu eikä Nordnet ole tarkastanut niitä etukäteen. Ne eivät tarkoita, että Nordnet tarjoaisi sijoitusneuvoja tai sijoitussuosituksia. Nordnet ei ota vastuuta kommenteista.
Välittäjätilasto
Dataa ei löytynyt
2026 Q2 -tulosraportti
11 päivää sitten
‧45 min
4,50 DKK/osake
Viimeisin osinko
5,94%Tuotto/v
Uutiset
Tämän sivun uutiset ja/tai sijoitussuositukset tai otteet niistä sekä niihin liittyvät linkit ovat mainitun tahon tuottamia ja toimittamia. Nordnet ei ole osallistunut materiaalin laatimiseen, eikä ole tarkistanut sen sisältöä tai tehnyt sisältöön muutoksia. Lue lisää sijoitussuosituksista.
Foorumi
Liity keskusteluun Nordnet Socialissa
Kirjaudu
- ·2.9. · MuokattuSTG becomes more interesting: cleansed P/B is approx. 0.65x, while BREAK/Moro based on a simple flat estimate has just been sold for around 3.5x book. This does not prove that the entire STG is worth 3.5x, but it is strong external validation that the market is likely pricing the asset base too low. In comparison, British American Tobacco BATS P/B is 1.85
- ·2.9. · MuokattuPrice is always relative to strategy, execution and results and market trends. I think the 4 are credibly linked. Analysts are now also giving 👍 The debate below is that 65-70 is a good buy today. I strongly agree with that. I'm not sure we'll see 65-70 again, that's where we came from in Feb 2026. We have better results and trends now. And based on technical EMA 200 support/resistance, there is support at 71-74. 74 is, in my opinion, a really good base and support today, with 90 as a temporary target and 6+% dividend. We could see a "pop" tomorrow or in the near future. The stock is relatively easy to move by volume. The case now has a constructive progressive nature, with stabilization and 2-3 growth engines: The two business engines can strengthen the multiple - which then becomes the 3rd engine. It doesn't require explosive growth, and magic, but management's continued progressive execution of the strategy, in line with the last two quarters and market trends. So if the base scenario plays out according to plan and potential over the next 2-4 quarters, the current 90-target will not be fixed, but will move with the progression, probably 100-120+. Therefore, the case, in my assessment, is better today than headlines and the debate currently indicate.
- ·29.8.Scandinavian Tobacco Group – Update after Q2 2026💨 I have now reviewed Q2/H1 2026 and updated my estimates. After Q1, my assessment was: stabilization – but not yet improvement. After Q2, I am a bit more positive. FCF before acquisitions has increased by 53.5 % to 422 mio. DKK, Handmade Cigars is growing 6 % organically, XQS is developing positively, and the delayed debtor payments from 2025 have been collected. In addition, STG is selling BREAK/Moro for approx. 1.3 mia. DKK, which could bring leverage down below 2.5x. But the problems are not gone. MRC & Smoking Tobacco continue to fall 4 %, adjusted EPS has fallen 6.4 %, leverage is still 3.0x, and ROIC is only 7.7 % against the Focus2030 target of over 11 %. My updated levels Fair Value (DCF): approx. 92 DKK Bear: 50 DKK / Base: 92 DKK / Bull: 130 DKK 12-month price target: 90 DKK Base case: 90–95 DKK Bull case: 115–120 DKK Bear case: approx. 60 DKK At approx. 77 DKK, STG trades around 7.3x adjusted EPS and 6.3x EV/EBITDA. The stock is still cheap – but cheap is not the same as risk-free. My preferred Buy Zone is 64–72 DKK, especially 67–70 DKK. Management is now crucial The most important thing for me in the coming quarters will actually be management. 2025-FCF was a serious misfire, and it cost credibility. Q2 gives management some credit back: receivables have come in, cash flow has improved, guidance is maintained, and BREAK/Moro shows real willingness to change the portfolio. But I am not ready to give management a free pass. ROIC has fallen to 7.7 %. MRC continues to lose ground. It is now the task of the CEO, CFO, and the board to prove that Focus2030 can create economic value – not just impressive strategic objectives. I therefore see the development as follows: Q4 2025: low point → Q1: stabilization → Q2: first signs of improvement → next test: management's execution. My assessment remains: BUY – MODERATE / ACCUMULATE ON WEAKNESS 12-month price target: 90 DKK The strategy is in place. Now the burden of proof lies with management. They must deliver higher FCF, EPS, and especially ROIC. And as always: I am a happy amateur investor who has gotten a bit too much time on my hands in my old age – so take it all with a grain of salt 😉Price is, after all, relative to strategy, execution, and results, and market trends. I think the 4 credibly align now. 70 is clearly a buy today. Not sure we will see 70 again based on technical EMA 200 support/resistance. 74 is in my opinion a really good base today too, with 90 as target and 6+% dividend based on what we know today. The case now has a constructive progressive nature with both stabilization and 2-3 growth engines. The two business engines can strengthen the multiple - the 3rd engine - in the base case of the progression. It does not require explosive growth, and magic, but management's continued execution of the strategy, in line with the last two quarters…
- ·27.8.STG delivered a solid Q2 with clear signs of stabilization. Handmade Cigars continues to grow, XQS is developing positively, and Focus2030 is starting to be visible in the numbers: stabilize legacy, grow Handmade Cigars and accelerate nicotine pouches. Expectations for 2026 are maintained, including FCF of DKK 950–1,200 million and an EBIT margin of 13.0–14.5%. On a tariff one-off adjusted, more normalized cash flow basis, I estimate STG at around DKK 0.85–0.95 billion in recurring FCF. This means that the stock continues to trade at approximately 6–7x FCF, while a more normalized fair price at 10x FCF is around DKK 105–115 per share. And with 6% in dividend😎👍 Lets go!Those who have held the stock for a longer time probably bought it because of the dividend, and one must pay tax at some point, unless one is only interested in how high the level is in the cash reserves😎
Yllä olevat kommentit ovat peräisin Nordnetin sosiaalisen verkoston Nordnet Socialin käyttäjiltä, eikä niitä ole muokattu eikä Nordnet ole tarkastanut niitä etukäteen. Ne eivät tarkoita, että Nordnet tarjoaisi sijoitusneuvoja tai sijoitussuosituksia. Nordnet ei ota vastuuta kommenteista.
Tarjoustasot
Määrä
Osto
-
Myynti
Määrä
-
Viimeisimmät kaupat
| Aika | Hinta | Määrä | Ostaja | Myyjä |
|---|---|---|---|---|
| 71 | - | - | ||
| 101 | - | - | ||
| 163 | - | - | ||
| 41 | - | - | ||
| 129 | - | - |
Huomioi, että vaikka osakkeisiin säästäminen on pitkällä aikavälillä tuottanut hyvin, tulevasta tuotosta ei ole takeita. On olemassa riski, että et saa sijoittamiasi varoja takaisin.
Rahastot ja ETF:t, joilla on osaketta
Mikään rahasto ei ilmoita osaketta kymmenen suurimman omistuksensa joukossa.
Asiakkaat katsoivat myös
Yhtiötapahtumat
Datan lähde: Quartr| Seuraava tapahtuma | |
|---|---|
2026 Q3 -tulosraportti 12.11. |
| Menneet tapahtumat | ||
|---|---|---|
2026 Q2 -tulosraportti 27.8. | ||
2026 Q1 -tulosraportti 21.5. | ||
2025 Q4 -tulosraportti 5.3. | ||
2025 Q3 -tulosraportti 12.11.2025 | ||
2025 Q2 -tulosraportti 28.8.2025 |
Välittäjätilasto
Dataa ei löytynyt
2026 Q2 -tulosraportti
11 päivää sitten
‧45 min
Uutiset
Tämän sivun uutiset ja/tai sijoitussuositukset tai otteet niistä sekä niihin liittyvät linkit ovat mainitun tahon tuottamia ja toimittamia. Nordnet ei ole osallistunut materiaalin laatimiseen, eikä ole tarkistanut sen sisältöä tai tehnyt sisältöön muutoksia. Lue lisää sijoitussuosituksista.
Yhtiötapahtumat
Datan lähde: Quartr| Seuraava tapahtuma | |
|---|---|
2026 Q3 -tulosraportti 12.11. |
| Menneet tapahtumat | ||
|---|---|---|
2026 Q2 -tulosraportti 27.8. | ||
2026 Q1 -tulosraportti 21.5. | ||
2025 Q4 -tulosraportti 5.3. | ||
2025 Q3 -tulosraportti 12.11.2025 | ||
2025 Q2 -tulosraportti 28.8.2025 |
4,50 DKK/osake
Viimeisin osinko
5,94%Tuotto/v
Foorumi
Liity keskusteluun Nordnet Socialissa
Kirjaudu
- ·2.9. · MuokattuSTG becomes more interesting: cleansed P/B is approx. 0.65x, while BREAK/Moro based on a simple flat estimate has just been sold for around 3.5x book. This does not prove that the entire STG is worth 3.5x, but it is strong external validation that the market is likely pricing the asset base too low. In comparison, British American Tobacco BATS P/B is 1.85
- ·2.9. · MuokattuPrice is always relative to strategy, execution and results and market trends. I think the 4 are credibly linked. Analysts are now also giving 👍 The debate below is that 65-70 is a good buy today. I strongly agree with that. I'm not sure we'll see 65-70 again, that's where we came from in Feb 2026. We have better results and trends now. And based on technical EMA 200 support/resistance, there is support at 71-74. 74 is, in my opinion, a really good base and support today, with 90 as a temporary target and 6+% dividend. We could see a "pop" tomorrow or in the near future. The stock is relatively easy to move by volume. The case now has a constructive progressive nature, with stabilization and 2-3 growth engines: The two business engines can strengthen the multiple - which then becomes the 3rd engine. It doesn't require explosive growth, and magic, but management's continued progressive execution of the strategy, in line with the last two quarters and market trends. So if the base scenario plays out according to plan and potential over the next 2-4 quarters, the current 90-target will not be fixed, but will move with the progression, probably 100-120+. Therefore, the case, in my assessment, is better today than headlines and the debate currently indicate.
- ·29.8.Scandinavian Tobacco Group – Update after Q2 2026💨 I have now reviewed Q2/H1 2026 and updated my estimates. After Q1, my assessment was: stabilization – but not yet improvement. After Q2, I am a bit more positive. FCF before acquisitions has increased by 53.5 % to 422 mio. DKK, Handmade Cigars is growing 6 % organically, XQS is developing positively, and the delayed debtor payments from 2025 have been collected. In addition, STG is selling BREAK/Moro for approx. 1.3 mia. DKK, which could bring leverage down below 2.5x. But the problems are not gone. MRC & Smoking Tobacco continue to fall 4 %, adjusted EPS has fallen 6.4 %, leverage is still 3.0x, and ROIC is only 7.7 % against the Focus2030 target of over 11 %. My updated levels Fair Value (DCF): approx. 92 DKK Bear: 50 DKK / Base: 92 DKK / Bull: 130 DKK 12-month price target: 90 DKK Base case: 90–95 DKK Bull case: 115–120 DKK Bear case: approx. 60 DKK At approx. 77 DKK, STG trades around 7.3x adjusted EPS and 6.3x EV/EBITDA. The stock is still cheap – but cheap is not the same as risk-free. My preferred Buy Zone is 64–72 DKK, especially 67–70 DKK. Management is now crucial The most important thing for me in the coming quarters will actually be management. 2025-FCF was a serious misfire, and it cost credibility. Q2 gives management some credit back: receivables have come in, cash flow has improved, guidance is maintained, and BREAK/Moro shows real willingness to change the portfolio. But I am not ready to give management a free pass. ROIC has fallen to 7.7 %. MRC continues to lose ground. It is now the task of the CEO, CFO, and the board to prove that Focus2030 can create economic value – not just impressive strategic objectives. I therefore see the development as follows: Q4 2025: low point → Q1: stabilization → Q2: first signs of improvement → next test: management's execution. My assessment remains: BUY – MODERATE / ACCUMULATE ON WEAKNESS 12-month price target: 90 DKK The strategy is in place. Now the burden of proof lies with management. They must deliver higher FCF, EPS, and especially ROIC. And as always: I am a happy amateur investor who has gotten a bit too much time on my hands in my old age – so take it all with a grain of salt 😉Price is, after all, relative to strategy, execution, and results, and market trends. I think the 4 credibly align now. 70 is clearly a buy today. Not sure we will see 70 again based on technical EMA 200 support/resistance. 74 is in my opinion a really good base today too, with 90 as target and 6+% dividend based on what we know today. The case now has a constructive progressive nature with both stabilization and 2-3 growth engines. The two business engines can strengthen the multiple - the 3rd engine - in the base case of the progression. It does not require explosive growth, and magic, but management's continued execution of the strategy, in line with the last two quarters…
- ·27.8.STG delivered a solid Q2 with clear signs of stabilization. Handmade Cigars continues to grow, XQS is developing positively, and Focus2030 is starting to be visible in the numbers: stabilize legacy, grow Handmade Cigars and accelerate nicotine pouches. Expectations for 2026 are maintained, including FCF of DKK 950–1,200 million and an EBIT margin of 13.0–14.5%. On a tariff one-off adjusted, more normalized cash flow basis, I estimate STG at around DKK 0.85–0.95 billion in recurring FCF. This means that the stock continues to trade at approximately 6–7x FCF, while a more normalized fair price at 10x FCF is around DKK 105–115 per share. And with 6% in dividend😎👍 Lets go!Those who have held the stock for a longer time probably bought it because of the dividend, and one must pay tax at some point, unless one is only interested in how high the level is in the cash reserves😎
Yllä olevat kommentit ovat peräisin Nordnetin sosiaalisen verkoston Nordnet Socialin käyttäjiltä, eikä niitä ole muokattu eikä Nordnet ole tarkastanut niitä etukäteen. Ne eivät tarkoita, että Nordnet tarjoaisi sijoitusneuvoja tai sijoitussuosituksia. Nordnet ei ota vastuuta kommenteista.
Tarjoustasot
Määrä
Osto
-
Myynti
Määrä
-
Viimeisimmät kaupat
| Aika | Hinta | Määrä | Ostaja | Myyjä |
|---|---|---|---|---|
| 71 | - | - | ||
| 101 | - | - | ||
| 163 | - | - | ||
| 41 | - | - | ||
| 129 | - | - |
Huomioi, että vaikka osakkeisiin säästäminen on pitkällä aikavälillä tuottanut hyvin, tulevasta tuotosta ei ole takeita. On olemassa riski, että et saa sijoittamiasi varoja takaisin.
Rahastot ja ETF:t, joilla on osaketta
Mikään rahasto ei ilmoita osaketta kymmenen suurimman omistuksensa joukossa.
Asiakkaat katsoivat myös
Välittäjätilasto
Dataa ei löytynyt