SkiStar AB Class B (SKIS.B) AI Stock Analysis

• Market Cap: kr12.54B
• Dividend Yield: 1.79%
• Average Volume (3M): 56.27K
• Price to Earnings (P/E): 3.5
• Beta (1Y): 0.53
• Revenue Growth: 1.80%
• EPS Growth: 28.19%
• Country: SE
• Employees: 1,870
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Gambling, Resorts & Casinos
• EPS (TTM): 12.50
• Shares Outstanding: 74,728,060
• 10 Day Avg. Volume: 54,776
• 30 Day Avg. Volume: 56,269
• PEG Ratio: 1.34
• Price to Book (P/B): 3.13
• Price to Sales (P/S): 2.68
• P/FCF Ratio: 21.38
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 9.31
• Revenue Forecast (FY): kr5.11B

• Rating: 70 Outperform
• Price Target: kr176.00 ▲(4.95% Upside)
• Action: Upgraded Date: 03/20/26
• Date: Action: Upgraded 03/20/26

The score is driven mainly by solid financial performance (profitability and improved leverage) and a very attractive valuation (low P/E). These positives are tempered by weak technicals, with the stock trading below key moving averages and negative MACD despite oversold readings.

Positive Factors

High profitability margins

SkiStar’s elevated TTM EBITDA and net margins indicate durable operating profitability versus many leisure peers. Strong margins provide a persistent cash buffer against seasonal revenue swings, support reinvestment in resort upkeep and expansion, and help sustain returns across multi-year cycles.

Improved leverage and healthy ROE

Material deleveraging alongside a ~15.5% ROE signals stronger financial resilience and efficient capital use. Lower leverage reduces refinancing and interest-rate vulnerability, giving management flexibility to fund destination projects and navigate slower seasons without immediately compromising balance sheet health.

Integrated destination business model

A multi-product resort model creates diversified, recurring revenue streams and strengthens cross-sell economics. Lift tickets, accommodation and onsite services boost spend-per-guest and length-of-stay, forming a structural moat through branded destination experiences and resilient revenue mix over several seasons.

Negative Factors

High absolute debt level

Even with improved ratios, a nominal debt load near 2.99B is sizable for a seasonally exposed operator. Large absolute obligations amplify refinancing and interest-rate risk, can force cash conservation in downturns, and may constrain discretionary capex or dividend policy during weak demand periods.

Inconsistent cash conversion

Free cash flow conversion is uneven: FCF is only ~44% of net income and 2023 experienced negative FCF. This volatility undermines reliable debt repayment and reinvestment capacity, complicates multi-period planning, and increases vulnerability if operating cash drops during poor winter seasons.

Uneven revenue growth and margin volatility

Modest TTM growth combined with gross-margin swings and a slight 2025 revenue decline point to sensitivity to mix, seasonality and cost variability. This reduces earnings predictability, complicates capital planning for resort upgrades and staffing, and raises execution risk over multiple seasons.

SkiStar AB Class B Business Overview & Revenue Model

Company Description

SkiStar AB (publ) owns and operates Alpine mountain resorts in Sweden, Norway, and Austria. The company operates in three segments: Operation of Mountain Resorts; Property Development & Exploitation; and Operation of Hotels. It offers skiing/ski lifts/ski passes, accommodation, ski rental, and property services. The company also operates ski schools; and sporting goods in stores and Skistarshop.com, an online store. In addition, it organizes events, as well as engages in advertising sales, kiosks, and Ski Direct card businesses; and offers climbing parks, trail cycling, padel courts, and crazy golf facilities. Further, the company is involved in the investment, development, and sale of lands and other properties; sale of unit weeks in Vacation Club; rental of accommodation; and invests in snow parks. Additionally, it operates hotels under the SkiStar brand name that provides accommodation, restaurants, and other goods and services. The company operates a network of 29 ski rental outlets, including nine in Sälen, nine in Åre, six in Vemdalen, two in Hemsedal, and three in Trysil; and two sporting goods stores in Sälen and Vemdalen, as well as owns and operates SkiStarShop Concept Stores in Åre and Hemseda. SkiStar AB (publ) is headquartered in Sälen, Sweden.

How the Company Makes Money

SkiStar makes money primarily by operating integrated ski destinations and monetizing visitor volume across several complementary revenue streams. A core stream is the sale of lift access (e.g., ski passes) tied to its lift and slope operations. The company also generates revenue from lodging and destination stays through accommodation offerings and related booking/services. In addition, SkiStar earns from on-site ancillary sales connected to the resort experience, such as ski school/activities and equipment rental, as well as retail and food & beverage operations where applicable. The model is driven by destination footfall and length of stay: guests attracted to the resorts purchase passes and then spend across multiple add-on services during their visit, making revenue sensitive to seasonality and winter conditions. Specific partnership details are null.

SkiStar AB Class B Financial Statement Overview

Summary

Overall financial profile is solid: TTM revenue grew 4.3% with strong profitability (~29.6% EBITDA margin, ~12.8% net margin) and improved leverage (debt-to-equity down to ~0.69x) with healthy ROE (~15.5%). Offsetting this, gross margin has been volatile and cash-flow conversion is mixed (FCF ~44% of net income; past negative FCF in 2023), reducing confidence in consistency.

Income Statement

TTM (Trailing-Twelve-Months) revenue grew 4.3% and profitability remains solid with ~29.6% EBITDA margin and ~12.8% net margin. Earnings have improved versus 2023–2024 as operating profit and net income rose, but growth has been uneven (including a slight revenue decline in 2025 annual). A notable weakness is volatility in gross margin across periods, suggesting mix/seasonality or cost swings that can pressure year-to-year consistency.

Balance Sheet

Leverage has improved meaningfully: debt-to-equity moved down from ~1.24x (2023 annual) to ~0.69x in TTM (Trailing-Twelve-Months), alongside rising equity. Returns are healthy (TTM return on equity ~15.5%), indicating good capital productivity. The key drawback is that absolute debt remains sizable (~2.99B) for a cyclical leisure business, which can amplify risk if demand softens.

Cash Flow

Cash generation is positive with TTM (Trailing-Twelve-Months) operating cash flow of ~1.17B and free cash flow of ~513M, and free cash flow growth is strong versus the prior period. However, cash conversion is mixed: free cash flow is only ~44% of net income in TTM, and operating cash flow coverage is moderate (~0.56x), indicating earnings are not consistently translating into cash. The 2023 annual period also showed negative free cash flow, highlighting volatility.

Breakdown	TTM	Aug 2025	Aug 2024	Aug 2023	Aug 2022	Aug 2021
Income Statement
Total Revenue	4.85B	4.63B	4.69B	4.28B	4.09B	2.75B
Gross Profit	1.56B	2.45B	3.62B	3.11B	3.09B	1.85B
EBITDA	1.44B	1.34B	1.25B	1.08B	1.23B	832.24M
Net Income	620.90M	552.61M	473.25M	402.37M	666.52M	238.12M
Balance Sheet
Total Assets	9.42B	8.76B	8.68B	8.76B	7.97B	6.87B
Cash, Cash Equivalents and Short-Term Investments	406.00M	20.08M	24.63M	31.07M	24.61M	26.56M
Total Debt	2.99B	3.73B	4.02B	4.30B	3.61B	3.18B
Total Liabilities	5.09B	4.80B	5.03B	5.28B	4.61B	4.10B
Stockholders Equity	4.33B	3.96B	3.66B	3.48B	3.36B	2.76B
Cash Flow
Free Cash Flow	513.17M	579.82M	564.48M	-97.96M	445.09M	104.41M
Operating Cash Flow	1.17B	1.11B	1.08B	669.36M	1.24B	698.50M
Investing Cash Flow	-627.75M	-473.76M	-375.00M	-852.72M	-799.76M	-630.23M
Financing Cash Flow	-157.66M	-638.40M	-714.36M	190.87M	-441.53M	-74.39M

SkiStar AB Class B Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 167.70
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:SKIS.B, the sentiment is Negative. The current price of 167.7 is below the 20-day moving average (MA) of 171.26, below the 50-day MA of 169.96, and above the 200-day MA of 160.23, indicating a bearish trend. The MACD of -1.50 indicates Positive momentum. The RSI at 32.31 is Neutral, neither overbought nor oversold. The STOCH value of 20.54 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:SKIS.B.

SkiStar AB Class B Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SKIS.B	70 Outperform	kr12.54B	3.51	16.20%	1.79%	1.80%	28.19%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
MIPS	59 Neutral	kr5.86B	78.02	23.68%	1.85%	23.02%	32.69%
BILI.A	58 Neutral	kr11.06B	13.69	15.46%	4.43%	3.59%	0.80%
FOI.B	54 Neutral	kr5.97B	123.28	2.04%	6.24%	-2.98%	-30.48%
SHOT	53 Neutral	kr17.64B	33.57	21.87%	5.28%	1.45%	34.85%
NEWA.B	52 Neutral	kr12.01B	19.42	12.33%	3.12%	2.80%	-8.84%

SkiStar AB Class B Corporate Events

SkiStar Lifts Earnings as Mountain Holiday Demand Stays Strong

SkiStar AB reported a strong second quarter for its 2025/26 financial year, with net sales up 8 percent to SEK 2,986 million and operating profit up 6 percent to SEK 1,277 million, while earnings per share rose 5 percent. For the first half-year, net sales increased 8 percent and operating profit climbed 11 percent, supported by higher cash flow and improved customer satisfaction and skier days, even as booking volumes for the ongoing winter season dipped 2.7 percent and next season’s bookings remained flat.

The company’s performance was achieved without capital gains from exploitation assets, underscoring strength in its core operations and demand for mountain holidays. SkiStar’s recent move of its class B share to Nasdaq Stockholm’s Large Cap segment signals its growing market stature and may enhance visibility among institutional investors, although near-term softness in bookings highlights some demand normalization after previous strong seasons.

The most recent analyst rating on ($SE:SKIS.B) stock is a Buy with a SEK190.00 price target. To see the full list of analyst forecasts on SkiStar AB Class B stock, see the SE:SKIS.B Stock Forecast page.

SkiStar Sets March Date for Half-Year Report and Investor Webcast

SkiStar AB has scheduled the release of its half-year report for the 2025/26 financial year on 18 March 2026, covering the period from 1 September 2025 to 28 February 2026. The company will host an English-language conference call and web presentation the same day, led by CEO Stefan Sjöstrand and CFO Sara Jinnerot Uggelberg, with opportunities for investors and analysts to ask questions by phone or online.

The live webcast and conference call aim to provide deeper insight into SkiStar’s operational and financial performance midway through the fiscal year, reinforcing its transparency toward the market and key stakeholders. A replay and presentation materials will be made available online after the event, supporting continued access to the company’s disclosures for investors following the Nordic leisure and mountain resort sector.

The most recent analyst rating on ($SE:SKIS.B) stock is a Buy with a SEK190.00 price target. To see the full list of analyst forecasts on SkiStar AB Class B stock, see the SE:SKIS.B Stock Forecast page.