Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
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Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
Scandinavian Tobacco Group A/S is a leading global manufacturer of cigars and traditional pipe tobacco, headquartered in Copenhagen, Denmark. The company specializes in crafting premium handmade cigars, machine-rolled cigars, pipe tobacco, and fine-cut tobacco products, holding top market positions including number one in handmade cigars and online retail in the US, machine-made cigars in the US and Europe, pipe tobacco globally, and fine-cut tobacco in the US and Denmark. With approximately 10,000 employees worldwide, it operates 14 manufacturing sites strategically located near tobacco growers and consumers, such as the Dominican Republic, Honduras, Nicaragua, Europe, and Indonesia for cigars, and Denmark for pipe and fine-cut tobacco. Its portfolio features around 200 renowned brands like Macanudo, La Gloria Cubana, Panter, Captain Black, and Bugler, sold in about 100 markets through sales offices in North America and Europe, wholesalers, retailers, and eight US cigar superstores. Scandinavian Tobacco Group A/S maintains a global supply chain, sourcing raw tobacco from major growing countries and a 20% stake in Caribbean Cigar Holdings for cultivation, while committing to ethical standards and sustainability as a publicly listed entity. Through strategic acquisitions like General Cigar, Cigars International, and Royal Agio Cigars, it has solidified its role as an undisputed leader in the tobacco industry, focusing on smoking enjoyment and innovation.
DKK 66.10
DKK 0.80 (-1.20%)
EOD Jul 1, 2026
14.22% operating margin is respectable but not wide. ROIC at 6.84%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue declined 1.8% YoY. Margins deteriorated 3.3pp alongside, both lines moving the wrong way.
Free cash flow declined 37% versus the prior year, cash generation momentum has weakened. ROIC dropped from 8.88% to 6.84%, capital efficiency is deteriorating.
7.9x earnings, 9.6x FCF. The multiple is below average. Either the market is pricing in deterioration you should investigate, or there's genuine value here.
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
DKK 8.92B
▼ -1.8% YoY
Net Income (TTM)
DKK 661M
▼ -28.8% YoY
Op. Margin
14.04%
▼ -3.3pp YoY
ROIC
6.84%
▼ -2.0pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
DKK 542M
▼ -37.4% YoY
Op. Cash Flow (TTM)
DKK 1.20B
▼ -17.7% YoY
Net Debt
DKK 5.27B
Cash & Equiv.
DKK 198M
3Y CAGR: +1.0%
3Y CAGR: -17.0%
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At a P/E of 7.9 and a price-to-free-cash-flow of 9.6, Scandinavian Tobacco Group A/S (STG.XCSE) trades above a two-stage DCF intrinsic value of about DKK 52.23 per share, so at DKK 66.10 the stock looks overvalued (21.0% above estimated intrinsic value). A high multiple is not the same as overvalued: fast-growing, high-quality businesses can deserve a premium. See the general approach in how to tell if a stock is overvalued.
On quality, Scandinavian Tobacco Group A/S scores 35/100 on Intrinsiqq's quality scorecard (a lower-quality business on these measures), weighing growth, margins, returns on capital, share count, and balance-sheet strength. It currently yields about 12.8%; see dividend safety for coverage and history. All figures are computed from SEC filings; read the full methodology. This is analysis, not investment advice.
Intrinsiqq's two-stage DCF estimates an intrinsic value of about DKK 52.23 per share for STG.XCSE, projecting its recent free cash flow forward with a growth rate that fades toward a long-run rate and discounting it back to today. Applying a 25% margin of safety gives a more conservative fair-value entry around DKK 39.17. At today's DKK 66.10, that puts the stock about 21.0% above estimated intrinsic value. The result is sensitive to the growth and discount-rate inputs, so it is best to run conservative, base and optimistic cases. You can adjust all of them yourself with the sliders on the DCF tab.
Scandinavian Tobacco Group A/S scores 35 out of 100 on Intrinsiqq's quality score, a weighted blend of 8 metrics each scored 0 to 100, which makes it a lower-quality business on these measures. Recent fundamentals include a 14.0% operating margin and a 6.8% return on invested capital. The score weighs revenue and free-cash-flow growth, operating margins, return on invested capital, share-count change, and balance-sheet strength, all computed from SEC filings, not opinion. Because valuation only means something relative to quality, the full metric-by-metric breakdown is on the quality scorecard.
Yes, Scandinavian Tobacco Group A/S pays a regular dividend of about DKK 8.49 per share per year (typically in quarterly installments), a yield of roughly 12.8% at the current price. That is a payout ratio of about 101.2% of earnings, so the dividend is stretched at this level. Scandinavian Tobacco Group A/S has grown the dividend at roughly 1.7% a year over the past few years. A low headline yield is not the same as a weak dividend: what matters is how well earnings and free cash flow cover the payout and whether it is growing, not the percentage alone. For STG.XCSE's full payout history, growth streak and dividend-safety score, see the dividends tab.
That depends on valuation and quality together, not either alone. STG.XCSE currently trades above its estimated intrinsic value and scores 35/100 on quality (lower-quality). It also yields about 12.8%. A cheap price is only a bargain if the business is durable, and a premium can be justified by genuine quality, so the two questions, "is it cheap?" and "is it good?", only make sense side by side. Read the valuation against the quality scorecard, run the DCF on your own assumptions, and decide for yourself. This is analysis from SEC filings, not investment advice.