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SkiStar AB (publ)

SKIS-B.ST

Gambling, Resorts & Casinos · Consumer Cyclical

Price

kr 148.80

+1.40 (+0.95%)

Market Cap

kr 11.12B

Exchange

Stockholm Stock Exchange

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

Winston Score above 70. The stock passes most of our quality checks.

SkiStar is a Swedish company that owns and operates ski resorts. It runs some of the largest alpine ski destinations in Scandinavia, including Sälen, Åre, and Vemdalen in Sweden, plus Hemsedal and Trysil in Norway. The company sells lift passes, ski rentals, ski school lessons, and accommodation to winter sports vacationers, mostly families and recreational skiers.

SkiStar earns money through a mix of lift ticket sales, lodging rentals, equipment hire, and ski instruction fees, with most revenue concentrated in the November-to-April ski season. It operates almost entirely in Sweden and Norway, making it heavily exposed to Scandinavian weather patterns and consumer spending. The company holds a strong regional position because it owns the physical mountain infrastructure, which is difficult and expensive for competitors to replicate. The main risk is climate change, which threatens reliable snowfall and could shorten or disrupt ski seasons over the long term, even with artificial snowmaking investments.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+7.1% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+5.5% YoY

YoY Growth Rate

Slow EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

76.6%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$406M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

SkiStar AB (publ) is growing revenue at 7% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

42.4%

Healthy — 42.4% gross margin

Operating Margin

42.4%

Excellent — 42.4% operating margin

ROCE

22.9%

Exceptional — 22.9% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales YoY

+61.1%

Fast-growing sales (61.1% YoY)

EPS YoY

+321.1%

Earnings growing fast (321.1% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

120%

Turns 120% of profit into real cash

FCF Margin

25.4%

Converts sales into free cash efficiently (25.4%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

0.28

Conservative — low debt load (0.28)

Interest Cover

30.19x

Comfortably covers interest (30.2x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio

20.5x

Growth-priced — P/E 20.5

P/E above the market average. People are paying up for expected growth.

P/E vs Forward

+4.9

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (20.5 → 15.6)

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Dividends

Dividend Yield

2.05%

Moderate income — 2.05% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend Growth

-34.9%

Dividend cut (-34.9% YoY) — warning sign

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