Scandinavian Tobacco Group Valuation

Q: What is the Fair Price of 0RES when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

0RES (DKK99.7) is trading below our estimate of [[fair value]] (DKK432.05)

Is 0RES undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

Below Fair Value
Significantly Below Fair Value
Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of 0RES when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Discounted Cash Flow

Simply Wall St

DKK 432.05

Fair Value

76.9% undervalued

Number of Analysts

Below Fair Value: 0RES (DKK99.7) is trading below our estimate of fair value (DKK432.05)

Significantly Below Fair Value: 0RES is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 0RES?

Key metric: As 0RES is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for 0RES. This is calculated by dividing 0RES's market cap by their current earnings.
What is 0RES's PE Ratio?
PE Ratio	8x
Earnings	DKK 986.70m
Market Cap	DKK 7.81b

0RES key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	1.5x
Enterprise Value/EBITDA	7.2x
PEG Ratio	2.1x

Price to Earnings Ratio vs Peers

How does 0RES's PE Ratio compare to its peers?

The above table shows the PE ratio for 0RES vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	18x
IMB Imperial Brands	8.2x	-4.8%	UK£21.5b
BAKK Bakkavor Group	12.1x	10.2%	UK£792.3m
HFG Hilton Food Group	16.7x	9.4%	UK£786.9m
FEVR Fevertree Drinks	35x	29.2%	UK£769.9m
0RES Scandinavian Tobacco Group	7.9x	3.8%	DKK 7.9b

Price-To-Earnings vs Peers: 0RES is good value based on its Price-To-Earnings Ratio (7.9x) compared to the peer average (18x).

Price to Earnings Ratio vs Industry

How does 0RES's PE Ratio compare vs other companies in the Global Tobacco Industry?

1 Company	Price / Earnings	Estimated Growth	Market Cap

1 Company		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: 0RES is good value based on its Price-To-Earnings Ratio (7.9x) compared to the Global Tobacco industry average (11.4x).

Price to Earnings Ratio vs Fair Ratio

What is 0RES's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

0RES PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	8x
Fair PE Ratio	13.9x

Price-To-Earnings vs Fair Ratio: 0RES is good value based on its Price-To-Earnings Ratio (7.9x) compared to the estimated Fair Price-To-Earnings Ratio (13.9x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst 0RES forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	DKK 99.45	DKK 108.50 +9.1%	6.0%	DKK 115.00	DKK 102.00	n/a	2
Jan ’26	DKK 95.57	DKK 108.50 +13.5%	6.0%	DKK 115.00	DKK 102.00	n/a	2
Dec ’25	DKK 95.89	DKK 108.50 +13.2%	6.0%	DKK 115.00	DKK 102.00	n/a	2
Nov ’25	DKK 104.40	DKK 110.67 +6.0%	6.7%	DKK 120.00	DKK 102.00	n/a	3
Oct ’25	DKK 103.60	DKK 110.67 +6.8%	6.7%	DKK 120.00	DKK 102.00	n/a	3
Sep ’25	DKK 106.80	DKK 109.00 +2.1%	4.9%	DKK 115.00	DKK 102.00	n/a	3
Aug ’25	DKK 101.80	DKK 109.00 +7.1%	4.9%	DKK 115.00	DKK 102.00	n/a	3
Jul ’25	DKK 98.40	DKK 110.67 +12.5%	6.7%	DKK 120.00	DKK 102.00	n/a	3
Jun ’25	DKK 97.10	DKK 114.00 +17.4%	10.3%	DKK 130.00	DKK 102.00	n/a	3
Mar ’25	DKK 127.57	DKK 132.50 +3.9%	1.9%	DKK 135.00	DKK 130.00	n/a	2
Feb ’25	DKK 122.43	DKK 132.50 +8.2%	1.9%	DKK 135.00	DKK 130.00	n/a	2
Jan ’25	DKK 117.68	DKK 127.50 +8.3%	2.0%	DKK 130.00	DKK 125.00	DKK 95.57	2
Dec ’24	DKK 121.60	DKK 127.50 +4.9%	2.0%	DKK 130.00	DKK 125.00	DKK 95.89	2
Nov ’24	DKK 104.91	DKK 127.50 +21.5%	2.0%	DKK 130.00	DKK 125.00	DKK 104.40	2
Oct ’24	DKK 107.10	DKK 123.33 +15.2%	5.1%	DKK 130.00	DKK 115.00	DKK 103.60	3
Sep ’24	DKK 106.10	DKK 126.67 +19.4%	6.7%	DKK 135.00	DKK 115.00	DKK 106.80	3
Aug ’24	DKK 119.68	DKK 136.25 +13.8%	13.3%	DKK 165.00	DKK 115.00	DKK 101.80	4
Jul ’24	DKK 113.41	DKK 136.25 +20.1%	13.3%	DKK 165.00	DKK 115.00	DKK 98.40	4
Jun ’24	DKK 114.33	DKK 136.25 +19.2%	13.3%	DKK 165.00	DKK 115.00	DKK 97.10	4
May ’24	DKK 131.51	DKK 138.33 +5.2%	14.9%	DKK 165.00	DKK 115.00	DKK 113.40	3
Apr ’24	DKK 135.43	DKK 138.33 +2.1%	14.9%	DKK 165.00	DKK 115.00	DKK 123.80	3
Mar ’24	DKK 120.38	DKK 130.00 +8.0%	20.6%	DKK 165.00	DKK 100.00	DKK 127.57	3
Feb ’24	DKK 120.24	DKK 133.75 +11.2%	18.0%	DKK 165.00	DKK 100.00	DKK 122.43	4
Jan ’24	DKK 122.40	DKK 140.00 +14.4%	11.8%	DKK 165.00	DKK 125.00	DKK 117.68	4

Analyst Price Target

Consensus Narrative from 2 Analysts

DKK 109.27

Fair Value

8.8% undervalued

Number of Analysts

Analyst Forecast: Target price is less than 20% higher than the current share price.

Discover undervalued companies

Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2025/01/23 18:20
End of Day Share Price	2025/01/23 00:00
Earnings	2024/09/30
Annual Earnings	2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Scandinavian Tobacco Group A/S is covered by 7 analysts. 3 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

Analyst	Institution
Andreas Lundberg	ABG Sundal Collier
Niklas Ekman	Carnegie Investment Bank AB
Gerry Gallagher	Deutsche Bank