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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 0 0
Sales growth (%) N/A N/A N/A
EBITDA -59 -73 -78
EBITDA margin (%) N/A N/A N/A
EBIT adj. -67 -87 -118
EBIT adj. margin (%) N/A N/A N/A
Pretax profit -109 -147 -182
EPS -0,45 -0,38 -0,47
EPS growth (%) 1,7 -16 24,1
EPS adj. -0,45 -0,38 -0,47
DPS N/A N/A N/A
Dividend per share 0 0 N/A
EV/EBITDA (x) -62,8 -99,4 -130,8
EV/EBIT adj. (x) -55 -83,2 -86,4
P/E (x) N/A N/A N/A
P/E adj. (x) N/A N/A N/A
EV/sales (x) N/A N/A N/A
FCF yield (%) -20,6 -26,3 -36,9
Le. adj. FCF yld. (%) -20,6 -26,3 -36,9
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 23,6 12,5 -26,7
Le. adj. ND/EBITDA (x) 23,7 12,6 -26,6
SEKm 2025 2026e 2027e
Sales 0 0 0
COGS 0 0 0
Gross profit 0 0 0
Other operating items -59 -73 -78
EBITDA -59 -73 -78
Depreciation and amortisation -8 -14 -40
of which leasing depreciation N/A N/A N/A
Depreciation on leased assets 0 0 0
EBITA -67,1 -86,7 -118
EO Items N/A N/A N/A
Operating EO items 0 0 0
Impairment and PPA amortisation N/A N/A N/A
Impairment and amortisation charges 0 0 0
EBIT -67,1 -86,7 -118
Net financial items -42 -60 -64
Pretax profit -109 -147 -182
Tax 0 0 0
Net profit -109 -147 -182
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -109 -147 -182
EPS -0,45 -0,38 -0,47
EPS adj. -0,45 -0,38 -0,47
Total extraordinary items after tax 0 0 0
Leasing payments 0 0 0
Tax rate (%) -0,1 0 0
Gross margin (%) N/A N/A N/A
EBITDA margin (%) N/A N/A N/A
EBITA margin (%) N/A N/A N/A
EBIT margin (%) N/A N/A N/A
Pre-tax margin (%) N/A N/A N/A
Net margin (%) N/A N/A N/A
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) N/A N/A N/A
EBITDA growth (%) 46,8 23,5 7,6
EBITA growth (%) 27,8 29,2 36,1
EBIT growth (%) 27,8 29,2 36,1
Net profit growth (%) 126,1 34,3 24,1
EPS growth (%) 1,7 -16 24,1
Profitability N/A N/A N/A
Year N/A N/A N/A
ROE (%) -4,7 -3,8 -4
ROE adj. (%) -4,7 -3,8 -4
ROCE (%) -2,5 -1,8 -1,8
ROCE adj. (%) -2,5 -1,8 -1,8
ROIC (%) -4,3 -3,2 -2,3
ROIC adj. (%) -4,3 -3,2 -2,3
Adj. earnings numbers N/A N/A N/A
EBITDA adj. -59 -73 -78
EBITDA adj. margin (%) N/A N/A N/A
EBITDA lease adj. -59 -73 -78
EBITDA lease adj. margin (%) N/A N/A N/A
EBITA adj. -67 -87 -118
EBITA adj. margin (%) N/A N/A N/A
EBIT adj. -67 -87 -118
EBIT adj. margin (%) N/A N/A N/A
Pretax profit Adj. -109 -147 -182
Net profit Adj. -109 -147 -182
Net profit to shareholders adj. -109 -147 -182
Net adj. margin (%) N/A N/A N/A
SEKm 2025 2026e 2027e
EBITDA -59 -73 -78
Goodwill N/A N/A N/A
Net financial items -42 -60 -64
Other intangible assets 1649 1979 2219
Paid tax 0 0 0
Tangible fixed assets 967 2625 5185
Non-cash items 25 0 0
Right-of-use asset 8 8 8
Cash flow before change in WC -76 -133 -142
Total other fixed assets N/A N/A N/A
Other Fixed Assets All 0 1 1
Change in working capital 83 1 -8
Fixed assets 2624 4613 7413
Operating cash flow 8 -132 -150
Inventories 5 0 0
Capex tangible fixed assets -769 -1672 -2600
Receivables 51 10 7
Capex intangible fixed assets -284 -332 -240
Other current assets 6 6 6
Acquisitions and Disposals 0 0 0
Cash and liquid assets 1407 1925 935
Free cash flow -1045 -2135 -2990
Total assets 4093 6554 8361
Dividend paid 0 0 0
Shareholders equity 3095 4603 4421
Share issues and buybacks 1488 1655 0
Minority N/A N/A N/A
Leasing liability amortisation 0 0 0
Total equity 3095 4603 4421
Other non-cash items N/A N/A N/A
Other changes in net debt 651 1 0
Long-term debt 11 1009 3009
Pension debt N/A N/A N/A
Convertible debt N/A N/A N/A
Leasing liability 8 8 8
Total other long-term liabilities 141 141 141
Short-term debt 5 5 5
Accounts payable 85 40 29
Other current liabilities 748 748 748
Total liabilities and equity 4093 6554 8361
Net IB debt -1384 -904 2086
Net IB debt excl. pension debt -1384 -904 2086
Net IB debt excl. leasing -1391 -912 2078
Capital employed 3118 5625 7443
Capital invested 1711 3699 6507
Working capital -771 -772 -763
EV breakdown N/A N/A N/A
Market cap. diluted (m) 5071 8114 8114
Net IB debt adj. -1384 -904 2086
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 3687 7210 10200
Total assets turnover (%) 0 0 0
Working capital/sales (%) N/A N/A N/A
Year N/A N/A N/A
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -44,7 -19,6 47,2
Net debt / market cap (%) -27,3 -11,1 25,7
Equity ratio (%) 75,6 70,2 52,9
Net IB debt adj. / equity (%) -44,7 -19,6 47,2
Current ratio 1,75 2,45 1,21
EBITDA/net interest 1,4 1,2 1,2
Net IB debt/EBITDA (x) 23,6 12,5 -26,7
Net IB debt/EBITDA lease adj. (x) 23,7 12,6 -26,6
Interest coverage 1,2 1,1 1,8
SEKm 2025 2026e 2027e
Shares outstanding adj. 240 385 385
Diluted shares adj. 240 385 385
EPS -0,45 -0,38 -0,47
Dividend per share 0 0 N/A
EPS adj. -0,45 -0,38 -0,47
BVPS 12,88 11,97 11,5
BVPS adj. 6,02 6,82 5,73
Net IB debt/share -5,76 -2,35 5,42
Share price 21,1 21,1 21,1
Market cap. (m) 5071 8114 8114
Valuation N/A N/A N/A
P/E (x) N/A N/A N/A
EV/sales (x) N/A N/A N/A
EV/EBITDA (x) -62,8 -99,4 -130,8
EV/EBITA (x) -55 -83,2 -86,4
EV/EBIT (x) -55 -83,2 -86,4
Dividend yield (%) 0 0 0
FCF yield (%) -20,6 -26,3 -36,9
Le. adj. FCF yld. (%) -20,6 -26,3 -36,9
P/BVPS (x) 1,64 1,76 1,84
P/BVPS adj. (x) 1,64 1,76 1,84
P/E adj. (x) N/A N/A N/A
EV/EBITDA adj. (x) -62,8 -99,4 -130,8
EV/EBITA adj. (x) -55 -83,2 -86,4
EV/EBIT adj. (x) -55 -83,2 -86,4
EV/CE (x) 1,2 1,3 1,4
Year N/A N/A N/A
Investment ratios N/A N/A N/A
Capex/sales (%) N/A N/A N/A
Capex/depreciation 125,3 141,1 71
Capex tangibles / tangible fixed assets 79,5 63,7 50,1
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 0,87 0,54 0,77

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 20.0 % 20.0 % 27 Jul 2026
Infravia Capital Partners 6.6 % 6.6 % 24 Jul 2026
Jan Ståhlberg 6.0 % 6.0 % 27 Jul 2026
Swedbank Robur Fonder 4.6 % 4.6 % 31 Aug 2026
Fjärde AP-fonden 3.9 % 3.9 % 7 Aug 2026
Santhe Dahl 3.6 % 3.6 % 7 Aug 2026
Unionen 3.1 % 3.1 % 26 Jun 2026
Tredje AP-fonden 2.5 % 2.5 % 7 Aug 2026
Handelsbanken Fonder 2.0 % 2.0 % 31 Aug 2026
Pentwater Capital Management LP 1.9 % 1.9 % 7 Aug 2026
Source: Holdings by Modular Finance AB