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Swedish maker of specialty stainless steel and advanced alloys used in demanding industrial applications, spun off from Sandvik.
Swedish maker of specialty stainless steel and advanced alloys used in demanding industrial applications, spun off from Sandvik.
Sells made-to-order tubes, strip and wire to customers in energy, chemicals and aerospace, typically qualified for each application. Heating alloys under the Kanthal brand are a separate business. It was spun off from Sandvik in 2022 and trades independently.
In one line: A specialty-alloy steel maker like a smaller Carpenter Technology.
Moat: narrow (process know-how, IP / patents, customer qualification). Metallurgical expertise from decades under Sandvik gives differentiated high-performance alloy products, though it's a cyclical materials business.
Headquarters: Sandviken, Sweden · Founded: 2022 · Employees: 6,380
Size Alleima (ALLEI.ST) is a Sweden Materials company (Steel) with a market value of $2.32B, the 73rd largest of 221 Sweden companies the cockpit tracks. Shares closed at SEK 90.80 on 6 Nov 2026.
Performance Over six months the shares gained 9.2%, against -31.3% for the median peer and +8.2% for the Sweden market (cap-weighted) — 2nd highest of 20 in its peer set.
Growth Revenue fell 5.2% over the last twelve months (peer median -0.1%); the operating margin is 7.5% (peer median 2.6%).
Valuation It trades at 21.5× forward earnings against a peer median of 17.1× (7th most expensive of 17).
Price implies For today's price to make sense, revenue must grow about 13% a year for seven years (Req g). Recent delivered growth is 0%, so the hurdle is +12 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 3.8 points below its cost of capital (10.3% WACC).
Next results Next results expected around 27 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | SEK 18.2B | SEK 18.6B | SEK 19.7B | SEK 20.7B | SEK 18.4B |
| Revenue growth | — | -5% | -5% | +12% | — |
| Gross profit | SEK 3.88B | SEK 3.32B | SEK 3.84B | SEK 4.47B | SEK 4.62B |
| EBITDA | SEK 2.39B | SEK 1.88B | SEK 2.35B | SEK 2.97B | SEK 3.25B |
| Net income | SEK 1.03B | SEK 671M | SEK 1.22B | SEK 1.57B | SEK 1.47B |
| Free cash flow | SEK 814M | SEK 899M | SEK 976M | SEK 1.51B | SEK 91.0M |
| Capital expenditure | SEK 994M | SEK 1.15B | SEK 1.20B | SEK 827M | SEK 680M |
| Total debt | SEK 1.01B | SEK 437M | SEK 461M | SEK 509M | SEK 401M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Alleima ALLEI.ST | $2.32B | +9% | -5% | 7% | 21.5× | 12.9% |
| Carpenter Technology CRS | $13.8B | -35% | +10% | 23% | 20.0× | 17.4% |
| Outokumpu OUT1V.HE | $1.99B | -31% | -7% | -1% | 20.3× | 14.0% |
| Aperam APAM.AS | $2.63B | -32% | -4% | 2% | 13.6× | 12.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | ALLEI.ST | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -19.6% | -7.2% | 3rd lowest of 21 |
| 6-month return | +9.2% | -31.3% | 2nd highest of 20 |
| Distance from 52-week high | -26.1% | -42.3% | 4th highest of 21 |
| Revenue growth (TTM) | -5.2% | -0.1% | 6th lowest of 21 |
| Operating margin | 7.5% | 2.6% | 6th highest of 20 |
| Forward P/E | 21.5× | 17.1× | 7th most expensive of 17 |
| Growth the price implies (Req g, 7 yrs) | 12.9% | 10.9% | 10th least demanding of 19 |
| Growth delivered (Del g) | +0.4% | +6.2% | 7th lowest of 19 |
| Hurdle (Req g minus delivered) | +12.4 pp | +1.9 pp | 5th most demanding of 19 |
| ROIC minus cost of capital | -3.8 pp | -2.9 pp | 10th lowest of 20 |
| EV / EBITDA | 9.3× | 8.2× | 3rd most expensive of 7 |
| Net debt / EBITDA | -0.2× | 1.2× | 3rd least indebted of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Alleima ALLEI.ST | Sweden | $2.32B | +9% | -5% | 7% | 21.5× | 12.9% | +0.4% |
| Maanshan Iron & Steel 600808.SS | China | $2.32B | -41% | -4% | 0% | 38.0× | 0.3% | -1.0% |
| Daido Steel 5471.T | Japan | $2.29B | -4% | +8% | 7% | 10.8× | 8.8% | +7.0% |
| Advanced Technology & Materials 000969.SZ | China | $2.28B | -32% | +37% | 5% | 40.2× | 16.2% | +9.8% |
| Hainan Mining 601969.SS | China | $2.44B | -33% | +29% | 17% | 13.9× | 0.8% | +9.9% |
| Angang Steel 0347.HK | Hong Kong | $2.48B | -32% | -1% | -7% | n/a | n/a | n/a |
| KIOCL KIOCL.NS | India | $2.15B | -18% | +27% | -6% | n/a | n/a | n/a |
| Sims SGM.AX | Australia | $2.62B | -11% | +7% | 4% | 10.5× | 14.6% | +6.2% |
| Xinxing Ductile Iron Pipes 000778.SZ | China | $2.05B | -24% | +15% | 2% | 20.5× | -6.9% | -2.8% |
| Aperam APAM.AS | Netherlands | $2.63B | -32% | -4% | 2% | 13.6× | 12.9% | +10.9% |
| Outokumpu OUT1V.HE | Finland | $1.99B | -31% | -7% | -1% | 20.3× | 14.0% | -0.7% |
| Hyundai Steel 004020.KS | South Korea | $2.73B | -34% | +2% | 1% | 74.3× | -1.2% | +4.8% |
| Shandong Iron and Steel 600022.SS | China | $1.98B | -12% | -10% | n/a | 12.6× | 1.3% | -5.1% |
| Hangzhou Iron & Steel 600126.SS | China | $2.73B | -38% | -58% | -1% | n/a | 19.3% | +9.8% |
| Zhejiang Jiuli Hi-Tech Metals 002318.SZ | China | $2.75B | -37% | -38% | 4% | 25.9× | 15.4% | +19.5% |
| Fujian Makeng Mining 601123.SS | China | $2.76B | n/a | -3% | 41% | n/a | 29.1% | -1.0% |
| Shanxi Taigang Stainless Steel 000825.SZ | China | $2.78B | -24% | +1% | -1% | 65.0× | 7.4% | +6.1% |
| Worthington Steel WS | United States | $1.88B | -9% | +69% | 3% | 9.7× | 26.5% | -1.5% |
| Yongxing Special Materials Technology 002756.SZ | China | $2.88B | -59% | +30% | 16% | 11.2× | -2.3% | +8.4% |
| Tung Ho Steel Enterprise 2006.TW | Taiwan | $1.86B | +26% | -4% | 12% | 11.2× | -10.3% | +6.2% |
| Ratnamani Metals & Tubes RATNAMANI.NS | India | $1.83B | -13% | -16% | 14% | 31.8× | 27.4% | +14.4% |