Nordic Waterproofing Holding AB (publ)

DB:9ZQ Stock Report

Market Cap: €380.0m

Nordic Waterproofing Holding Valuation

Is 9ZQ undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

  • 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 9ZQ when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 9ZQ (€14.88) is trading below our estimate of fair value (€28.81)

Significantly Below Fair Value: 9ZQ is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 9ZQ?

Key metric: As 9ZQ is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for 9ZQ. This is calculated by dividing 9ZQ's market cap by their current earnings.
What is 9ZQ's PE Ratio?
PE Ratio21.6x
EarningsSEK 201.40m
Market CapSEK 4.35b

Price to Earnings Ratio vs Peers

How does 9ZQ's PE Ratio compare to its peers?

The above table shows the PE ratio for 9ZQ vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average14.5x
VIB3 Villeroy & Boch
14.2x43.5%€399.2m
ST5 STEICO
9.3x-7.2%€257.7m
WUG Westag
24.6xn/a€119.0m
TSS InnoTec TSS
10.1xn/a€58.9m
9ZQ Nordic Waterproofing Holding
21.6x23.6%€4.4b

Price-To-Earnings vs Peers: 9ZQ is expensive based on its Price-To-Earnings Ratio (21.6x) compared to the peer average (14.5x).

Price to Earnings Ratio vs Industry

How does 9ZQ's PE Ratio compare vs other companies in the European Building Industry?

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
9ZQ 21.6xIndustry Avg. 20.9xNo. of Companies10PE01224364860+
0 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: 9ZQ is expensive based on its Price-To-Earnings Ratio (21.6x) compared to the European Building industry average (20.5x).

Price to Earnings Ratio vs Fair Ratio

What is 9ZQ'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.

9ZQ PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio21.6x
Fair PE Ratio14.5x

Price-To-Earnings vs Fair Ratio: 9ZQ is expensive based on its Price-To-Earnings Ratio (21.6x) compared to the estimated Fair Price-To-Earnings Ratio (14.5x).

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 9ZQ forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€14.88
€14.54
-2.3%
0.4%€14.61€14.48n/a2
Dec ’25€14.82
€14.54
-1.9%
0.4%€14.61€14.48n/a2
Nov ’25€14.80
€14.54
-1.7%
0.8%€14.65€14.43n/a2
Oct ’25€14.66
€14.09
-3.9%
0.8%€14.20€13.98n/a2
Sep ’25€14.18
€14.09
-0.6%
0.8%€14.20€13.98n/a2
Aug ’25€13.78
€14.09
+2.3%
0.8%€14.20€13.98n/a2
Jul ’25€14.06
€14.87
+5.8%
0.1%€14.89€14.85n/a2
Jun ’25€14.10
€14.66
+4.0%
2.2%€14.98€14.34n/a2
May ’25€13.60
€14.66
+7.8%
2.2%€14.98€14.34n/a2
Apr ’25€14.16
€15.17
+7.2%
2.2%€15.51€14.84n/a2
Mar ’25€15.18
€15.17
-0.04%
2.2%€15.51€14.84n/a2
Feb ’25€14.84
€14.87
+0.2%
2.2%€15.20€14.55n/a2
Jan ’25€14.74
€14.87
+0.9%
2.2%€15.20€14.55€14.862
Dec ’24€14.22
€14.87
+4.6%
2.2%€15.20€14.55€14.822
Nov ’24€13.54
€14.12
+4.3%
2.3%€14.44€13.79€14.802
Oct ’24€14.00
€14.53
+3.8%
4.5%€15.19€13.88€14.662
Sep ’24€12.80
€14.53
+13.6%
4.5%€15.19€13.88€14.182
Aug ’24€12.46
€14.53
+16.7%
4.5%€15.19€13.88€13.782
Jul ’24€11.34
€15.08
+33.0%
2.3%€15.43€14.73€14.062
Jun ’24€12.16
€15.08
+24.0%
2.3%€15.43€14.73€14.102
May ’24€12.16
€15.82
+30.1%
2.5%€16.22€15.43€13.602
Apr ’24€14.20
€16.80
+18.3%
0.9%€16.96€16.64€14.162
Mar ’24€15.08
€16.80
+11.4%
0.9%€16.96€16.64€15.182
Feb ’24€14.14
€17.78
+25.7%
7.2%€19.05€16.50€14.842
Jan ’24€12.42
€17.30
+39.3%
12.6%€19.47€15.12€14.742

Analyst Forecast: Target price is lower than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/01/02 17:34
End of Day Share Price 2025/01/02 00:00
Earnings2024/09/30
Annual Earnings2023/12/31

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 here.

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 .

Analyst Sources

Nordic Waterproofing Holding AB (publ) is covered by 3 analysts. 2 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Carl RagnerstamABG Sundal Collier Sponsored
null nullABG Sundal Collier Sponsored
Kristofer Liljeberg-SvenssonCarnegie Investment Bank AB