NCAB Group AB (publ)

OM:NCAB Stock Report

Market Cap: SEK 9.3b

NCAB Group Valuation

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

Valuation Score

1/6

Valuation Score 1/6

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

Discounted Cash Flow
Simply Wall St
SEK 57.82
Fair Value
13.8% undervalued intrinsic discount
4
Number of Analysts

Below Fair Value: NCAB (SEK49.84) is trading below our estimate of fair value (SEK57.82)

Significantly Below Fair Value: NCAB is trading below fair value, but not by a significant amount.

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for NCAB. This is calculated by dividing NCAB's market cap by their current earnings.
What is NCAB's PE Ratio?
PE Ratio50.6x
EarningsSEK 184.07m
Market CapSEK 9.32b

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for NCAB vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average43.9x
NOTE NOTE
21.2x13.14%SEK 5.4b
EPEN Ependion
33.5x35.16%SEK 4.3b
HANZA Hanza
35x34.08%SEK 5.7b
DYVOX Dynavox Group
86x49.50%SEK 13.0b
NCAB NCAB Group
50.6x29.94%SEK 9.3b

Price-To-Earnings vs Peers: NCAB is expensive based on its Price-To-Earnings Ratio (50.6x) compared to the peer average (43.9x).

Price to Earnings Ratio vs Industry

How does NCAB's PE Ratio compare vs other companies in the European Electronic Industry?

3 CompaniesPrice / EarningsEstimated GrowthMarket Cap
NCAB 50.6xIndustry Avg. 24.2xNo. of Companies20PE01632486480+
3 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: NCAB is expensive based on its Price-To-Earnings Ratio (50.6x) compared to the European Electronic industry average (24.2x).

Price to Earnings Ratio vs Fair Ratio

What is NCAB'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.

NCAB PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio50.6x
Fair PE Ratio35.2x

Price-To-Earnings vs Fair Ratio: NCAB is expensive based on its Price-To-Earnings Ratio (50.6x) compared to the estimated Fair Price-To-Earnings Ratio (35.2x).

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 NCAB forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentSEK 49.84
SEK 55.75
+11.86%
7.75%SEK 61.00SEK 51.00n/a4
Sep ’26SEK 49.98
SEK 55.75
+11.54%
7.75%SEK 61.00SEK 51.00n/a4
Aug ’26SEK 52.45
SEK 55.75
+6.29%
7.75%SEK 61.00SEK 51.00n/a4
Jul ’26SEK 48.34
SEK 60.40
+24.95%
10.40%SEK 69.00SEK 50.00n/a5
Jun ’26SEK 43.92
SEK 61.00
+38.89%
9.56%SEK 69.00SEK 51.00n/a5
May ’26SEK 42.52
SEK 61.00
+43.46%
9.56%SEK 69.00SEK 51.00n/a5
Apr ’26SEK 52.40
SEK 68.40
+30.53%
6.71%SEK 74.00SEK 60.00n/a5
Mar ’26SEK 48.38
SEK 68.60
+41.79%
6.16%SEK 74.00SEK 61.00n/a5
Feb ’26SEK 66.70
SEK 73.20
+9.75%
5.21%SEK 79.00SEK 69.00n/a5
Jan ’26SEK 64.50
SEK 73.20
+13.49%
5.21%SEK 79.00SEK 69.00n/a5
Dec ’25SEK 57.05
SEK 74.20
+30.06%
6.34%SEK 80.00SEK 69.00n/a5
Nov ’25SEK 64.60
SEK 78.25
+21.13%
4.81%SEK 82.00SEK 72.00n/a4
Oct ’25SEK 63.10
SEK 83.75
+32.73%
4.50%SEK 90.00SEK 80.00n/a4
Sep ’25SEK 74.80
SEK 83.75
+11.97%
4.50%SEK 90.00SEK 80.00SEK 49.984
Aug ’25SEK 75.95
SEK 85.75
+12.90%
5.11%SEK 90.00SEK 80.00SEK 52.454
Jul ’25SEK 80.30
SEK 77.50
-3.49%
7.21%SEK 86.00SEK 72.00SEK 48.344
Jun ’25SEK 80.55
SEK 75.50
-6.27%
5.34%SEK 80.00SEK 71.00SEK 43.924
May ’25SEK 72.55
SEK 75.50
+4.07%
5.34%SEK 80.00SEK 71.00SEK 42.524
Apr ’25SEK 70.15
SEK 73.67
+5.01%
3.39%SEK 77.00SEK 71.00SEK 52.403
Mar ’25SEK 76.75
SEK 73.67
-4.02%
3.39%SEK 77.00SEK 71.00SEK 48.383
Feb ’25SEK 69.15
SEK 72.00
+4.12%
1.13%SEK 73.00SEK 71.00SEK 66.703
Jan ’25SEK 73.25
SEK 69.00
-5.80%
4.27%SEK 72.00SEK 65.00SEK 64.503
Dec ’24SEK 65.90
SEK 69.00
+4.70%
4.27%SEK 72.00SEK 65.00SEK 57.053
Nov ’24SEK 53.85
SEK 79.33
+47.32%
7.23%SEK 86.00SEK 72.00SEK 64.603
Oct ’24SEK 53.85
SEK 82.00
+52.27%
3.45%SEK 86.00SEK 80.00SEK 63.103
Sep ’24SEK 59.75
SEK 82.00
+37.24%
3.45%SEK 86.00SEK 80.00SEK 74.803
AnalystConsensusTarget
Consensus Narrative from 4 Analysts
SEK 55.75
Fair Value
10.6% undervalued intrinsic discount
4
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 Analysis2025/09/14 16:02
End of Day Share Price 2025/09/12 00:00
Earnings2025/06/30
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

NCAB Group AB (publ) is covered by 8 analysts. 4 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Robert RedinCarnegie Investment Bank AB
Jacob EdlerDanske Bank
Johan SkoglundDNB Carnegie