Valuation Update With 7 Day Price Move • Jul 30
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to €5.99, the stock trades at a forward P/E ratio of 28x. Average forward P/E is 20x in the Electronic industry in Germany. Total returns to shareholders of 18% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €8.54 per share. Buy Or Sell Opportunity • Jul 24
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 2.8% to €6.83. The fair value is estimated to be €8.57, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.5% over the last 3 years. Earnings per share has declined by 27%. Revenue is forecast to grow by 42% in 2 years. Earnings are forecast to grow by 99% in the next 2 years. Reported Earnings • Jul 22
Second quarter 2026 earnings released: EPS: kr0.45 (vs kr0.22 in 2Q 2025) Second quarter 2026 results: EPS: kr0.45 (up from kr0.22 in 2Q 2025). Revenue: kr1.17b (up 25% from 2Q 2025). Net income: kr84.3m (up 109% from 2Q 2025). Profit margin: 7.2% (up from 4.3% in 2Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 9.5% growth forecast for the Electronic industry in Germany. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Aankondiging • Jun 25
NCAB Group AB (publ) (OM : NCAB) acquired Board Shark Llc from Carl and Rachelle Moehring for $26 million. NCAB Group AB (publ) (OM : NCAB) acquired Board Shark Llc from Carl and Rachelle Moehring for $26 million on June 24, 2026. The consideration consists of $15 million in cash and $11 million based on financial performance during the next 24 months.
NCAB Group AB (publ) (OM : NCAB) completed the acquisition of Board Shark Llc from Carl and Rachelle Moehring on June 24, 2026. Aankondiging • Feb 16
NCAB Group AB (publ) Proposes a Dividend to Be Paid in May The Board of Directors of NCAB Group AB (publ) proposed a dividend of SEK 1.10 (0.00) per share to be paid in May. Aankondiging • Oct 24
NCAB Group AB (publ) to Report Fiscal Year 2025 Final Results on Apr 10, 2026 NCAB Group AB (publ) announced that they will report fiscal year 2025 final results at 9:00 AM, Central European Standard Time on Apr 10, 2026 Aankondiging • Oct 15
NCAB Group AB (publ), Annual General Meeting, May 07, 2026 NCAB Group AB (publ), Annual General Meeting, May 07, 2026. Aankondiging • Jun 04
NCAB Group AB (publ) (OM:NCAB) completed the acquisition of B & B Leiterplattenservice Gmbh. NCAB Group AB (publ) (OM:NCAB) signed an agreement to acquire B & B Leiterplattenservice Gmbh for approximately SEK 160 million on April 23, 2025. The purchase price amounts to SEK 135 million with a possible further earnout of a maximum of SEK 28 million.
For the period ending December 31, 2024, B & B Leiterplattenservice Gmbh reported total revenue of SEK 150 million.
The deal is expected to close in the beginning of May and the sellers will stay during a transition period securing a smooth integration.
NCAB Group AB (publ) (OM:NCAB) completed the acquisition of B & B Leiterplattenservice Gmbh on June 3, 2025. Aankondiging • May 08
NCAB Group AB (publ) Announces Board Appointments NCAB Group AB (publ) at the AGM held on May 8, 2025, the shareholders approved election of Marlene Forsell and Helen Blomqvist as new directors of the board. Aankondiging • Apr 24
NCAB Group AB (publ) (OM:NCAB) signed an agreement to acquire B & B Leiterplattenservice Gmbh for approximately SEK 160 million. NCAB Group AB (publ) (OM:NCAB) signed an agreement to acquire B & B Leiterplattenservice Gmbh for approximately SEK 160 million on April 23, 2025. The purchase price amounts to SEK 135 million with a possible further earnout of a maximum of SEK 28 million.
For the period ending December 31, 2024, B & B Leiterplattenservice Gmbh reported total revenue of SEK 150 million.
The deal is expected to close in the beginning of May and the sellers will stay during a transition period securing a smooth integration. Buy Or Sell Opportunity • Nov 13
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 14% to €5.16. The fair value is estimated to be €6.45, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.6% over the last 3 years. Earnings per share has grown by 4.9%. Revenue is forecast to grow by 27% in 2 years. Earnings are forecast to grow by 65% in the next 2 years. Recent Insider Transactions • Nov 12
Independent Director recently sold €172k worth of stock On the 7th of November, Gunilla Rudebjer sold around 30k shares on-market at roughly €5.73 per share. This transaction amounted to 45% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth €6.0m. Insiders have been net sellers, collectively disposing of €6.1m more than they bought in the last 12 months. Aankondiging • Nov 07
NCAB Group AB (publ) to Report Fiscal Year 2024 Final Results on Apr 10, 2025 NCAB Group AB (publ) announced that they will report fiscal year 2024 final results at 9:00 AM, Central European Standard Time on Apr 10, 2025 Reported Earnings • Nov 05
Third quarter 2024 earnings released: EPS: kr0.27 (vs kr0.59 in 3Q 2023) Third quarter 2024 results: EPS: kr0.27 (down from kr0.59 in 3Q 2023). Revenue: kr898.9m (down 11% from 3Q 2023). Net income: kr50.2m (down 55% from 3Q 2023). Profit margin: 5.6% (down from 11% in 3Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Electronic industry in Germany. Valuation Update With 7 Day Price Move • Sep 21
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €5.58, the stock trades at a forward P/E ratio of 31x. Average forward P/E is 15x in the Electronic industry in Germany. Total returns to shareholders of 30% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €5.83 per share. Recent Insider Transactions • Sep 13
Director recently sold €6.0m worth of stock On the 9th of September, Hans Ståhl sold around 900k shares on-market at roughly €6.68 per share. This transaction amounted to 31% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €5.9m more than they bought in the last 12 months. Reported Earnings • Jul 24
Second quarter 2024 earnings released: EPS: kr0.39 (vs kr0.54 in 2Q 2023) Second quarter 2024 results: EPS: kr0.39 (down from kr0.54 in 2Q 2023). Revenue: kr935.1m (down 12% from 2Q 2023). Net income: kr73.4m (down 28% from 2Q 2023). Profit margin: 7.8% (down from 9.6% in 2Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Electronic industry in Germany. Aankondiging • Jul 23
NCAB Group AB (publ) to Report Fiscal Year 2024 Results on Feb 13, 2025 NCAB Group AB (publ) announced that they will report fiscal year 2024 results on Feb 13, 2025 Buy Or Sell Opportunity • Apr 26
Now 27% overvalued after recent price rise Over the last 90 days, the stock has risen 4.7% to €5.89. The fair value is estimated to be €4.63, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 26%. Revenue is forecast to grow by 17% in 2 years. Earnings are forecast to grow by 29% in the next 2 years. Reported Earnings • Apr 25
First quarter 2024 earnings released: EPS: kr0.48 (vs kr0.67 in 1Q 2023) First quarter 2024 results: EPS: kr0.48 (down from kr0.67 in 1Q 2023). Revenue: kr955.3m (down 17% from 1Q 2023). Net income: kr89.8m (down 28% from 1Q 2023). Profit margin: 9.4% (down from 11% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 8.2% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Electronic industry in Germany. Aankondiging • Apr 11
NCAB Group AB (publ) Appoints Tim Benjamin as CFO NCAB Group AB (publ) has appointed Tim Benjamin as its new CFO. Tim has a long and broad experience of managerial business finance roles, including M&A and IT. He succeeds Anders Forsén who announced in early February that he plans to retire in 2024. Tim will assume his new role no later than October 2024. Tim Benjamin has had a successful career of almost 20 years within the Sandvik Group, most recently in the role of Business Area CFO for Sandvik Mining & Rock Solutions. Prior to that, he held various roles both in the US and Sweden as Controller and VP Finance in different parts of the group, from production to sales. In these different roles Tim has contributed to a positive profitable development, and in addition to the pure Finance responsibility, has also been active in the M&A field. Tim holds a Bachelor of Science in Accounting, as well as an MBA from Clemson University, South Carolina, USA. After Anders Forsén announced that he wished to leave his position after 16 years as CFO to have more free time, the company has carried out a recruitment process. Reported Earnings • Apr 11
Full year 2023 earnings released: EPS: kr2.16 (vs kr2.23 in FY 2022) Full year 2023 results: EPS: kr2.16 (down from kr2.23 in FY 2022). Revenue: kr4.12b (down 7.5% from FY 2022). Net income: kr403.7m (down 3.2% from FY 2022). Profit margin: 9.8% (in line with FY 2022). Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Electronic industry in Germany. Valuation Update With 7 Day Price Move • Mar 12
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €5.45, the stock trades at a forward P/E ratio of 31x. Average forward P/E is 17x in the Electronic industry in Germany. Total returns to shareholders of 15% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €3.78 per share. Aankondiging • Feb 27
NCAB Group AB (publ) Appoints Arjan Sinoo as Vice President for Global Sales Arjan Sinoo, currently Managing Director of NCAB Group Benelux, has been promoted to the position of VP Global Sales and member of the Group Management of NCAB when he takes over the position from Howard Goff, who has recently been appointed VP and president North America. NCAB is servicing multiple global industries and is providing local service to customers globally and with the growth and continued expansion new global synergies emerges. Declared Dividend • Feb 22
Dividend of kr1.10 announced Shareholders will receive a dividend of kr1.10. Ex-date: 10th May 2024 Payment date: 16th May 2024 Dividend yield will be 18%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is covered by both earnings (51% earnings payout ratio) and cash flows (32% cash payout ratio). The dividend has increased by an average of 20% per year over the past 5 years. However, payments have been volatile during that time. EPS is expected to grow by 30% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 18
Full year 2023 earnings released: EPS: kr2.16 (vs kr2.23 in FY 2022) Full year 2023 results: EPS: kr2.16 (down from kr2.23 in FY 2022). Revenue: kr4.12b (down 7.5% from FY 2022). Net income: kr403.7m (down 3.2% from FY 2022). Profit margin: 9.8% (in line with FY 2022). Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Electronic industry in Germany. Aankondiging • Feb 09
NCAB Group AB (publ) Announces Anders Forsén to Leave as CFO NCAB Group AB (publ) announced that Anders Forsén, CFO of NCAB, has announced that he wishes to leave his position at NCAB after the summer of 2024. A recruitment process will therefore be initiated so that a successor can be appointed before the summer. Aankondiging • Dec 19
NCAB Group AB (publ) Announces Change in the Nomination Committee The Belgian Asset Manager Anicom has increased its holding in NCAB during the autumn and owned 5.99% of the shares in NCAB at the end of November, thereby becoming the 4th largest shareholder. Upon request of the Nomination Committee, they have chosen to participate in its work. The Nomination Committee is thereby increased by one member and will consists of the following members: Jan Dworsky, Swedbank Robur, chairman. Jan Särlvik, AP4, Simon Peterson, Didner o Gerge, Alexandre Weinberg, Anicom Gestion, Hjalmar Ek, Lannebo Fonder, and Christian Salamon, Chairman of NCAB Group. Aankondiging • Dec 05
NCAB Appoints Howard Goff as President of NCAB North America NCAB announced that Howard Goff, currently VP Sales for the NCAB Group and earlier President of the Europe segment, has been appointed President of NCAB North America. NCAB has been present in the US since 2012 and over the years have grown through a series of acquisitions to become a significant player in this important region. market share is still considerably lower than in the Nordic and Europe segments and thus continued strong growth in the Americas is a priority for the group. With Howard’s transition will inject long term experience from the NCAB model and will leverage his network within NCAB to accelerate growth in the US. Robert Balson, currently President of NCAB North America, has decided to explore opportunities outside NCAB. Aankondiging • Nov 29
Ncab Group AB (Publ) Announces Change in the Nomination Committee 2024 NCAB Group AB (publ) has increased the holding in NCAB och is now the fourth larger shareholder and has chosen, in accordance with the possibility from the AGM decision, to participate in the Nomination Committee. The Nomination will thereafter be constituted of the following members: Jan Dworsky, Swedbank Robur, chairman. Jan Särlvik, AP4, Simon Peterson, Didner o Gerge; Hjalmar Ek, Lannebo Fonder and Christian Salamon, Chairman of NCAB Group. Valuation Update With 7 Day Price Move • Nov 15
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to €5.62, the stock trades at a forward P/E ratio of 27x. Average forward P/E is 11x in the Electronic industry in Germany. Total returns to shareholders of 15% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €3.30 per share. Reported Earnings • Nov 09
Third quarter 2023 earnings released: EPS: kr0.59 (vs kr0.74 in 3Q 2022) Third quarter 2023 results: EPS: kr0.59 (down from kr0.74 in 3Q 2022). Revenue: kr1.03b (down 12% from 3Q 2022). Net income: kr110.4m (down 20% from 3Q 2022). Profit margin: 11% (down from 12% in 3Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 8.8% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Electronic industry in Germany. Aankondiging • Nov 02
NCAB Group AB (publ) (OM : NCAB) signed an agreement to acquire Electronic Advanced Circuits S.L. for SEK 18 million. NCAB Group AB (publ) (OM : NCAB) signed an agreement to acquire Electronic Advanced Circuits S.L. for SEK 18 million on October 31, 2023. The purchase price is SEK 14 million with a potential earn-out capped at a maximum amount of SEK 4 million. The transaction is estimated to close in November 2023. The acquisition is expected to be earnings accretive for NCAB Group in 2024. Synergies are expected in the areas of suppliers, payment terms and logistics. Aankondiging • Oct 12
NCAB Group AB (publ), Annual General Meeting, May 08, 2024 NCAB Group AB (publ), Annual General Meeting, May 08, 2024. Recent Insider Transactions • Sep 15
Independent Director recently bought €11m worth of stock On the 13th of September, Hans Ramel bought around 2m shares on-market at roughly €4.82 per share. This transaction increased Hans' direct individual holding by 5x at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought €8.5m more in shares than they have sold in the last 12 months. Aankondiging • Sep 14
Per Hesselmark Leaves the Board of Directors of NCAB Per Hesselmark has informed NCAB that he wishes to leave his seat on the company's Board of Directors. This is a consequence of R12 Kapital having sold its shares in NCAB. Board Change • Sep 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 3 highly experienced directors. President, CEO & Director Peter Kruk was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Jul 26
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 3 highly experienced directors. President, CEO & Director Peter Kruk was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. 
