Billerud AB (publ)

BATS-CHIXE:BILLS Stock Report

Market Cap: SEK 22.5b

Billerud Valuation

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

Valuation Score

3/6

Valuation Score 3/6

  • 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 BILLS when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: BILLS (SEK89.93) is trading below our estimate of fair value (SEK308.78)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for BILLS. This is calculated by dividing BILLS's market cap by their current earnings.
What is BILLS's PE Ratio?
PE Ratio18.5x
EarningsSEK 1.21b
Market CapSEK 22.47b

Price to Earnings Ratio vs Peers

How does BILLS's PE Ratio compare to its peers?

The above table shows the PE ratio for BILLS vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average22.9x
HILS Hill & Smith
21.8x9.76%UK£1.8b
PAF Pan African Resources
20.7x26.76%UK£2.2b
HOC Hochschild Mining
19.7x37.53%UK£2.2b
RHIM RHI Magnesita
29.4x41.53%UK£1.2b
BILLS Billerud
18.5x39.60%SEK 22.5b

Price-To-Earnings vs Peers: BILLS is good value based on its Price-To-Earnings Ratio (18.5x) compared to the peer average (23.1x).

Price to Earnings Ratio vs Industry

How does BILLS's PE Ratio compare vs other companies in the European Packaging Industry?

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
No. of Companies5PE0816243240+
0 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: BILLS is expensive based on its Price-To-Earnings Ratio (18.5x) compared to the European Packaging industry average (14.7x).

Price to Earnings Ratio vs Fair Ratio

What is BILLS'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.

BILLS PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio18.5x
Fair PE Ration/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate BILLS's Price-To-Earnings Fair Ratio for valuation analysis.

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 BILLS forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Currentn/a
SEK 105.20
0%
9.38%SEK 119.00SEK 92.00n/a5
Dec ’26n/a
SEK 105.20
0%
9.38%SEK 119.00SEK 92.00n/a5
Nov ’26SEK 89.65
SEK 102.80
+14.67%
13.19%SEK 119.00SEK 80.00n/a5
Oct ’26n/a
SEK 103.00
0%
12.55%SEK 119.00SEK 84.00n/a5
Sep ’26n/a
SEK 103.00
0%
12.55%SEK 119.00SEK 84.00n/a5
Aug ’26n/a
SEK 103.00
0%
12.55%SEK 119.00SEK 84.00n/a5
Jul ’26SEK 96.95
SEK 124.00
+27.90%
6.03%SEK 130.00SEK 110.00n/a6
Jun ’26n/a
SEK 125.67
0%
7.54%SEK 140.00SEK 110.00n/a6
May ’26SEK 101.10
SEK 125.17
+23.80%
7.53%SEK 140.00SEK 110.00n/a6
Apr ’26n/a
SEK 132.67
0%
11.11%SEK 152.00SEK 113.00n/a6
Mar ’26n/a
SEK 131.50
0%
11.66%SEK 152.00SEK 113.00n/a6
Feb ’26n/a
SEK 127.00
0%
11.54%SEK 152.00SEK 108.00n/a6
Jan ’26n/a
SEK 126.67
0%
12.24%SEK 152.00SEK 104.00n/a6
Dec ’25SEK 99.20
SEK 126.33
+27.35%
11.85%SEK 150.00SEK 104.00n/a6
Nov ’25SEK 97.90
SEK 127.17
+29.89%
11.81%SEK 150.00SEK 104.00SEK 89.656
Oct ’25SEK 116.20
SEK 129.00
+11.02%
10.00%SEK 150.00SEK 112.00n/a6
Sep ’25n/a
SEK 122.86
0%
13.73%SEK 145.00SEK 91.00n/a7
Aug ’25n/a
SEK 118.57
0%
15.41%SEK 145.00SEK 91.00n/a7
Jul ’25SEK 100.75
SEK 116.33
+15.47%
14.66%SEK 140.00SEK 91.00SEK 96.956
Jun ’25SEK 106.40
SEK 111.83
+5.11%
18.14%SEK 140.00SEK 87.00n/a6
May ’25n/a
SEK 104.33
0%
13.95%SEK 130.00SEK 87.00SEK 101.106
Apr ’25n/a
SEK 103.17
0%
12.93%SEK 126.00SEK 88.00n/a6
Mar ’25n/a
SEK 102.00
0%
14.50%SEK 126.00SEK 83.00n/a7
Feb ’25n/a
SEK 102.71
0%
14.36%SEK 126.00SEK 83.00n/a7
Jan ’25n/a
SEK 103.57
0%
13.86%SEK 126.00SEK 84.00n/a7
Dec ’24n/a
SEK 103.57
0%
13.86%SEK 126.00SEK 84.00SEK 99.207
SEK 104.71
Fair Value
14.1% undervalued intrinsic discount
5
Number of Analysts

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

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/12/10 01:36
End of Day Share Price 2025/11/13 00:00
Earnings2025/09/30
Annual Earnings2024/12/31

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.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* 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.

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 Github.

Analyst Sources

Billerud AB (publ) is covered by 13 analysts. 6 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
null nullABG Sundal Collier
Patrick LangstromABG Sundal Collier Sponsored
Justin JordanBNP Paribas