Recent Insider Transactions • May 20
President & CEO recently bought €820k worth of stock On the 13th of May, Tomas Carlsson bought around 46k shares on-market at roughly €17.70 per share. This transaction amounted to 27% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Tomas has been a buyer over the last 12 months, purchasing a net total of €2.0m worth in shares. Announcement • May 07
NCC AB (publ) Approves Board and Committee Appointments NCC AB (publ) at the Annual General Meeting (AGM), the shareholders held on May 5, 2026 Niklas Persson was elected as a new member. Nomination Committee: Trond Stabekk (CFO, OBOS), Mats Hellström (Governance Adviser, Nordea Fonder) and Oskar Börjesson (Senior ESG Analyst, Livförsäkringsbolaget Skandia, ömsesidigt) were appointed as members of the Nomination Committee for the period up to the close of the next AGM, with Trond Stabekk as Chair. Announcement • Apr 29
NCC AB (publ) to Report Q4, 2026 Results on Feb 03, 2027 NCC AB (publ) announced that they will report Q4, 2026 results on Feb 03, 2027 Announcement • Apr 19
NCC Announces Executive Changes NCC has appointed Mattias Andersson as its new General Counsel. He will take office in October 2026 at the latest and will become a member of NCC's Senior Management Team. Mattias Andersson succeeds Ann-Marie Hedbeck, who will take office as Head of Business Development for the Green Industry Transformation business area. Born in 1976, Mattias Andersson is currently General Counsel for the steel company Stegra. His previous positions include General Counsel at Kinnevik, Legal Director at SKF and Legal Associate at Setterwalls Advokatbyrå och Mannheimer Swartling Advokatbyrå. He holds a Master of Law (LL.M.) from the University of Gothenburg. Ann-Marie Hedbeck will continue to serve as General Counsel until Mattias Andersson has taken office. Announcement • Mar 05
NCC AB (publ) to Report Q3, 2026 Results on Nov 03, 2026 NCC AB (publ) announced that they will report Q3, 2026 results on Nov 03, 2026 Announcement • Feb 26
NCC AB (Publ) Announces Simon De Château Declines Re-Election as Board of Directors NCC AB (publ) announced Simon de Château has declined re-election as Board of Directors. Announcement • Jan 27
NCC Announces Executive Changes NCC has appointed Tomas Brannemo as the new Head of the NCC Infrastructure business area. He will take office on March 2, 2026 and will become a member of NCC's Senior Management Team. Tomas will succeed Kenneth Nilsson, who will retire in due course. Tomas Brannemo, born in 1971, has a proven long track record from serving in senior management roles at international companies, including Johnson Controls, Xylem, Volvo Construction Equipment and ABB. Tomas has led large organizations with extensive project activities in global companies. He holds an M.Sc. in Electrical Engineering from KTH Royal Institute of Technology and an MBA from Uppsala University. Tomas is currently Senior Advisor for McKinsey. When Tomas Brannemo takes office, the current head of the business area Kenneth Nilsson will continue to manage specific projects within NCC for a period of time. Announcement • Jan 22
NCC AB (Publ) Provides Earnings Guidance for the Fourth Quarter of 2025 NCC AB (publ) provided earnings guidance for the fourth quarter of 2025. For the quarter, the company net sales are expected to amount to SEK 15,929 million, and operating profit (EBIT) to SEK 692 million, excluding items affecting comparability. Announcement • Dec 02
NCC Announces Chief Financial Officer changes NCC has appointed Katarina Wilson as new Chief Financial Officer (CFO). She will succeed Susanne Lithander, who will retire. Katarina will take over the role on June 1, 2026 at the latest and will join NCC's Senior Management Team. Katarina Wilson, born 1971, is currently Deputy CEO and COO of AcadeMedia, where she previously held the roles of CFO and Head of Group Finance and Business Control. Prior to this, she served in such roles as Director of Group business control at Husqvarna, as well as various controller and finance roles at Johnson & Johnson and Electrolux. Katarina holds an MSc in Materials Science from the Royal Institute of Technology and an MBA from Warwick Business School. Susanne Lithander will hold the CFO role until NCC publishes the interim report for the second quarter of 2026, and will thereafter continue to be responsible for development and IT. Announcement • Oct 23
NCC AB (publ) to Report Q2, 2026 Results on Jul 17, 2026 NCC AB (publ) announced that they will report Q2, 2026 results on Jul 17, 2026 Announcement • Sep 06
CRH and Heidelberg Materials Reportedly Among Suitors for A Business Being Sold by NCC CRH plc (NYSE:CRH) and Heidelberg Materials AG (XTRA:HEI) are among suitors for a business being sold by NCC AB (publ) (OM:NCC B), according to people familiar with the matter. NCC's industry business which makes aggregates, asphalt and asphalt paving has also attracted interest from Bouygues's Colas unit as well as several private equity firms, the people said. NCC announced a strategic review of the business in February and hired SEB Corporate Finance to advise on a potential divestment, which is now heading into the next round of bidding. The unit, which accounts for about 20% of NCC's sales, could fetch as much as $1 billion (EUR 850 million) in a transaction, some of the people said, asking not to be identified because talks are private. Deliberations are ongoing and the suitors could decide against proceeding with their bids, the people said. NCC could also opt to keep the business for longer, they added. A representative for NCC said the company is still hoping to reach a conclusion of the strategic review before the end of the year, declining to comment on the bidders. Representatives for CRH, Colas and Heidelberg Materials also declined to comment. Announcement • May 08
Ncc AB (Publ) Approves Dividend for the Fiscal Year 2024, Payable on May 14, 2025 and November 12, 2025 NCC AB (publ) announced that at the AGM held on May 7, 2025, approved the dividend of SEK 9.00 per share, be paid for the 2024 fiscal year divided between two payment occasions, with the extra dividend being included in the first payment occasion. May 9, 2025 is the record date for the first payment of SEK 6.50 and November 7, 2025 for the second payment of SEK 4.50 per share. Payment is expected to be made on May 14, 2025 and November 12, 2025, respectively. Announcement • Feb 11
NCC AB (publ), Annual General Meeting, May 07, 2025 NCC AB (publ), Annual General Meeting, May 07, 2025. Location: on the premises of at six in stockholm, Sweden Upcoming Dividend • Oct 30
Upcoming dividend of kr4.00 per share Eligible shareholders must have bought the stock before 06 November 2024. Payment date: 12 November 2024. Payout ratio is a comfortable 63% but the company is not cash flow positive. Trailing yield: 5.0%. Within top quartile of German dividend payers (4.8%). Higher than average of industry peers (3.8%). Reported Earnings • Oct 25
Third quarter 2024 earnings released: EPS: kr4.83 (vs kr6.36 in 3Q 2023) Third quarter 2024 results: EPS: kr4.83 (down from kr6.36 in 3Q 2023). Revenue: kr14.3b (up 1.8% from 3Q 2023). Net income: kr472.0m (down 24% from 3Q 2023). Profit margin: 3.3% (down from 4.4% in 3Q 2023). Revenue is forecast to grow 2.6% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Construction industry in Europe. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has remained flat. Buy Or Sell Opportunity • Sep 21
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 16% to €14.18. The fair value is estimated to be €11.65, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 3.5% over the last 3 years. Earnings per share has grown by 6.9%. Revenue is forecast to grow by 4.4% in 2 years. Earnings are forecast to grow by 0.4% in the next 2 years. Recent Insider Transactions • Aug 25
Independent Director recently sold €276k worth of stock On the 21st of August, Simon de Château sold around 20k shares on-market at roughly €13.78 per share. This transaction amounted to 22% 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 €164k more than they bought in the last 12 months. New Risk • Jul 17
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 49% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (49% net debt to equity). Dividend is not well covered by cash flows (104% cash payout ratio). Large one-off items impacting financial results. Reported Earnings • Jul 17
Second quarter 2024 earnings released: EPS: kr4.83 (vs kr4.17 in 2Q 2023) Second quarter 2024 results: EPS: kr4.83 (up from kr4.17 in 2Q 2023). Revenue: kr15.4b (up 4.0% from 2Q 2023). Net income: kr472.0m (up 16% from 2Q 2023). Profit margin: 3.1% (up from 2.7% in 2Q 2023). Revenue is forecast to grow 2.1% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Construction industry in Europe. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Announcement • May 15
NCC AB (publ) Announces Executive Changes NCC AB (publ) has appointed Andreas Koch as new Head of Communications and member of the Senior Management Team. He joins NCC from a similar position at the Nordic care services company Attendo and will take up his new duties not later than in November 2024. Over the past 20 years, Andreas Koch has held various senior positions in the field of communication. He is currently Head of Communications and IR at Attendo. Previous experience includes Head of Communications at the investment bank Carnegie and Head of Investor Relations at the steel manufacturer SSAB and the consumer products company Essity. Andreas Koch will replace Maria Grimberg who has, as previously announced, decided to leave NCC for other assignments. New Risk • May 04
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 14% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (14% operating cash flow to total debt). Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Reported Earnings • May 04
First quarter 2024 earnings released: kr0.95 loss per share (vs kr1.57 profit in 1Q 2023) First quarter 2024 results: kr0.95 loss per share (down from kr1.57 profit in 1Q 2023). Revenue: kr11.6b (down 7.2% from 1Q 2023). Net loss: kr93.0m (down 161% from profit in 1Q 2023). Revenue is forecast to grow 2.7% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Construction industry in Europe. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Declared Dividend • Apr 11
Dividend of kr4.00 announced Shareholders will receive a dividend of kr4.00. Ex-date: 6th November 2024 Payment date: 12th November 2024 Dividend yield will be 36%, which is higher than the industry average of 2.9%. Sustainability & Growth Dividend is covered by earnings (50% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to decline by 8.4% over the next 3 years. However, it would need to fall by 45% to increase the payout ratio to a potentially unsustainable range. Upcoming Dividend • Apr 03
Upcoming dividend of kr4.00 per share Eligible shareholders must have bought the stock before 10 April 2024. Payment date: 16 April 2024. Payout ratio is a comfortable 50% but the company is not cash flow positive. Trailing yield: 5.5%. Within top quartile of German dividend payers (4.7%). Higher than average of industry peers (3.9%). Reported Earnings • Mar 20
Full year 2023 earnings released: EPS: kr16.12 (vs kr10.29 in FY 2022) Full year 2023 results: EPS: kr16.12 (up from kr10.29 in FY 2022). Revenue: kr56.9b (up 5.0% from FY 2022). Net income: kr1.57b (up 47% from FY 2022). Profit margin: 2.8% (up from 2.0% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.1% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Construction industry in Europe. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Announcement • Mar 07
Maria Grimberg, Head of Communications, Decides to Leave NCC AB (publ) Maria Grimberg, Head of Communications, has decided to leave NCC for other opportunities. She has been in the role since March 2019. Maria Grimberg will leave NCC after the summer. A recruitment process has been initiated. Declared Dividend • Feb 02
Final dividend of kr4.00 announced Shareholders will receive a dividend of kr4.00. Ex-date: 10th April 2024 Payment date: 16th April 2024 Dividend yield will be 36%, which is higher than the industry average of 2.9%. Sustainability & Growth Dividend is covered by earnings (50% earnings payout ratio) but not covered by cash flows (dividend approximately 7x free cash flows). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to decline by 11% over the next 3 years. However, it would need to fall by 45% to increase the payout ratio to a potentially unsustainable range. Reported Earnings • Jan 31
Full year 2023 earnings released: EPS: kr16.12 (vs kr10.29 in FY 2022) Full year 2023 results: EPS: kr16.12 (up from kr10.29 in FY 2022). Revenue: kr56.9b (up 5.0% from FY 2022). Net income: kr1.57b (up 47% from FY 2022). Profit margin: 2.8% (up from 2.0% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 1.7% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Construction industry in Europe. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Announcement • Jan 30
Ncc AB (Publ) Proposes A Dividend for 2023 The Board of NCC AB (publ) proposed a dividend of SEK 8 per share for 2023, and this is driven by a couple of developments. Announcement • Dec 06
NCC Group AB (publ) Appoints Two New Heads of Business Areas NCC has appointed new leaders for two business areas. Niklas Sparw will become new Head of NCC Building Sweden. He is currently division manager within NCC. Helena Hed will become Head of the new business area NCC Green Industry Transformation. She is currently CEO of the listed consulting group Projektengagemang. Both will join NCC's Senior Management Team. Niklas Sparw has worked at NCC for more than 25 years, including as head of NCC Engineering and Sustainability, and is currently Head of division within NCC Building Sweden. He has a master's degree in civil engineering from Chalmers University of Technology. He assumes his new role on 1 February 2024, succeeding Henrik Landelius who, as previously announced, will leave NCC for a role outside the company. Since 2020, Helena Hed has been president and CEO of the consulting group Projektengagemang. She has previously worked for 19 years within Sweco, including as CEO of Sweco Management and as regional manager for Sweco Rail and Sweco Environment. She has a master's degree in civil engineering from Luleå University of Technology. She will assume her new role at NCC no later than in June 2024. Announcement • Nov 01
NCC AB (publ) to Report Q3, 2024 Results on Oct 25, 2024 NCC AB (publ) announced that they will report Q3, 2024 results on Oct 25, 2024 Reported Earnings • Nov 01
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: kr14.0b (flat on 3Q 2022). Net income: kr621.0m (up 46% from 3Q 2022). Profit margin: 4.4% (up from 3.0% in 3Q 2022). Revenue is forecast to stay flat during the next 3 years compared to a 6.6% growth forecast for the Construction industry in Germany. Announcement • Oct 31
NCC AB (publ), Annual General Meeting, Apr 09, 2024 NCC AB (publ), Annual General Meeting, Apr 09, 2024. Upcoming Dividend • Oct 27
Upcoming dividend of kr3.00 per share at 5.2% yield Eligible shareholders must have bought the stock before 03 November 2023. Payment date: 09 November 2023. Payout ratio is a comfortable 43% but the company is paying out more than the cash it is generating. Trailing yield: 5.2%. Within top quartile of German dividend payers (5.1%). Higher than average of industry peers (4.1%). Announcement • Sep 25
NCC Announces Resignation of Henrik Landelius as Head of Business Area Building Sweden NCC announced Henrik Landelius, Head of business area Building Sweden, has decided to leave the company for another position. He has been Head of the business area since 2018. Henrik Landelius will remain in his position during his notice period. He will leave NCC no later than in March 2024, and will at that time resume a position as CEO of Areim AB, an independent Nordic fund manager and property owner. New Risk • Jul 19
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 3.4% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 3.4% per year for the foreseeable future. Minor Risks High level of debt (69% net debt to equity). Dividend is not well covered by cash flows (dividend per share is over 66x cash flows per share). Share price has been volatile over the past 3 months (6.7% average weekly change). Reported Earnings • Jul 19
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: kr14.9b (up 6.1% from 2Q 2022). Net income: kr407.0m (up 6.3% from 2Q 2022). Profit margin: 2.7% (in line with 2Q 2022). Revenue is forecast to stay flat during the next 3 years compared to a 2.3% growth forecast for the Construction industry in Germany. Announcement • Jun 27
REMONDIS Sweden AB agreed to acquire Bergnaset Stallningsmontage Ab from NCC AB (publ) (OM:NCC B). REMONDIS Sweden AB agreed to acquire Bergnaset Stallningsmontage Ab from NCC AB (publ) (OM:NCC B) on June 26, 2023. Closing is expected in the third quarter of 2023. The completion of the transaction is subject to approval from the competition authorities. Board Change • Apr 06
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 6 non-independent directors. Independent Director Simon de Château was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Mar 27
Upcoming dividend of kr3.00 per share at 7.0% yield Eligible shareholders must have bought the stock before 03 April 2023. Payment date: 11 April 2023. Payout ratio is a comfortable 58% but the company is not cash flow positive. Trailing yield: 7.0%. Within top quartile of German dividend payers (4.8%). Higher than average of industry peers (4.0%). Reported Earnings • Mar 13
Full year 2022 earnings released: EPS: kr10.29 (vs kr14.02 in FY 2021) Full year 2022 results: EPS: kr10.29 (down from kr14.02 in FY 2021). Revenue: kr54.2b (up 1.5% from FY 2021). Net income: kr1.07b (down 29% from FY 2021). Profit margin: 2.0% (down from 2.8% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 1.7% p.a. on average during the next 3 years, compared to a 2.2% growth forecast for the Construction industry in Europe. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Reported Earnings • Feb 02
Full year 2022 earnings released: EPS: kr10.29 (vs kr14.02 in FY 2021) Full year 2022 results: EPS: kr10.29 (down from kr14.02 in FY 2021). Revenue: kr54.2b (up 1.5% from FY 2021). Net income: kr1.07b (down 29% from FY 2021). Profit margin: 2.0% (down from 2.8% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to stay flat during the next 2 years compared to a 3.0% growth forecast for the Construction industry in Europe. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. Announcement • Feb 01
NCC AB (publ) Proposes Dividend for the Fiscal Year 2022, Payable on April 4, 2023 and November 6, 2023 NCC AB (publ)'s board of directors has proposed a dividend of SEK 6.00 (SEK 6.00) per share for the 2022 fiscal year to be paid on two occasions. This corresponds to 55% of after-tax profit for the year. The proposed record date for the first payment of SEK 3.00 per share is April 4, 2023, with payment occurring on April 11, 2023. For the second payment of SEK 3.00 per share, November 6, 2023, is the proposed record date with payment occurring on November 9, 2023. Announcement • Dec 10
NCC AB (Publ) Announces Board Changes NCC AB (publ) announced that Due to OBOS' recently announced acquisition of shares in NCC, Trond Stabekk, Chief Financial Officer of OBOS, becomes a new member of NCC's Nomination Committee. At the same time, Tobias Kaj, representing Lannebo Fonder, and Sussi Kvart, representing Handelsbanken Fonder, leaves the Nomination Committee due to previous ownership changes. The composition of the Nomination Committee thereby reflects the ownership in NCC. Announcement • Dec 09
OBOS Forsikring AS acquired a 6.5% stake in NCC AB (publ) from Nordstjernan AB for SEK 770 million. OBOS Forsikring AS acquired a 6.5% stake in NCC AB (publ) from Nordstjernan AB for SEK 770 million on December 7, 2022. Following the transaction, Nordstjernan owns approximately 8.9% of the capital in NCC AB (publ).OBOS Forsikring AS completed the acquisition of a 6.5% stake in NCC AB (publ) from Nordstjernan AB on December 7, 2022. Reported Earnings • Nov 02
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: kr14.1b (down 3.2% from 3Q 2021). Net income: kr425.0m (down 40% from 3Q 2021). Profit margin: 3.0% (down from 4.9% in 3Q 2021). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 1.3% p.a. on average during the next 3 years, compared to a 3.2% growth forecast for the Construction industry in Europe. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Upcoming Dividend • Oct 31
Upcoming dividend of kr3.00 per share Eligible shareholders must have bought the stock before 07 November 2022. Payment date: 11 November 2022. Payout ratio is a comfortable 44% but the company is not cash flow positive. Trailing yield: 6.5%. Within top quartile of German dividend payers (5.2%). Higher than average of industry peers (4.1%). Announcement • Sep 27
NCC AB (publ) Provides Earnings Guidance for the Full Year 2023 NCC AB (publ) provided earnings guidance for the full year 2023. For the period, the company expects EPS SEK 16 for the full year next year. Reported Earnings • Jul 20
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: kr14.0b (up 9.9% from 2Q 2021). Net income: kr383.0m (down 1.3% from 2Q 2021). Profit margin: 2.7% (down from 3.0% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to stay flat compared to a 10% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Announcement • Jul 19
NCC AB (publ) to Report Q2, 2023 Results on Jul 18, 2023 NCC AB (publ) announced that they will report Q2, 2023 results on Jul 18, 2023 Announcement • Jul 09
No Dig Alliance agreed to acquire NCC NoDig from NCC AB (publ) (OM:NCC B). No Dig Alliance agreed to acquire NCC NoDig from NCC AB (publ) (OM:NCC B) on July 8, 2022. NCC NoDig is based in Jönköping, Arlöv and Stockholm in Sweden, and in Oslo in Norway and the operations have approximately 90 employees. The transaction is subject to customary notification to the Swedish Competition Authority and is expected to be completed in the third quarter of 2022. Announcement • Jul 07
NCC Develops New Office Project at Masthuggskajen in Gothenburg NCC announced that it will commence work on the Habitat 7 property development project in central Gothenburg. The project encompasses approximately 8,000 square meters of office space at Masthuggskajen and will be constructed adjacent to NCC's Våghuset and Brick Studios projects. The project has a lettable area of approximately 8,000 square meters, distributed across eight stories. Restaurants with a good sun aspect and other services are planned at street level. The property is centrally located at Järntorget, close to good communication links, culture and restaurants and bars. The letting rate is 30% at the start of construction. The building is being constructed using solid wood technology with a hybrid frame of climate-smart concrete and wood, and is designed to produce the least possible environmental impact. The building will receive sustainability certifications at the BREEAM Excellent level, NollCO2 and Citylab for sustainable urban development. Masthuggskajen is Gothenburg's new inner-city location where NCC is already developing Våghuset and Brick Studios. Habitat 7 is scheduled to be completed in the first quarter of 2025. The project will be carried out in the NCC Property Development business area and the contract will be conducted by NCC Building Sweden and registered in the order book in the second quarter of 2022. Announcement • May 12
NCC AB (publ) Hires Grete Aspelund as New Head of NCC Industry Business Area, Effective No Later Than November 1, 2022 NCC announced that Grete Aspelund will become the new Head of the NCC Industry business area. Grete Aspelund is currently President of Sweco Norway and will assume her new role no later than November 1, 2022. Ylva Lagesson, who has been Head of the business area since November 2020, has chosen to return to a more operational role as Head of the Asphalt Division. She will remain in her current position until Grete Aspelund joins the Group. Recent Insider Transactions • May 04
Independent Director recently bought €356k worth of stock On the 29th of April, Simon de Château bought around 30k shares on-market at roughly €11.86 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought €1.2m more in shares than they have sold in the last 12 months. Reported Earnings • Apr 29
First quarter 2022 earnings released First quarter 2022 results: Revenue: kr10.1b (flat on 1Q 2021). Net loss: kr147.0m (loss widened 19% from 1Q 2021). Over the next year, revenue is forecast to grow 2.0%, compared to a 6.0% growth forecast for the industry in Germany. Upcoming Dividend • Mar 30
Upcoming dividend of kr3.00 per share Eligible shareholders must have bought the stock before 06 April 2022. Payment date: 12 April 2022. Payout ratio is a comfortable 43% and this is well supported by cash flows. Trailing yield: 4.4%. Within top quartile of German dividend payers (3.7%). Higher than average of industry peers (3.8%). Recent Insider Transactions • Mar 23
President & CEO recently bought €191k worth of stock On the 18th of March, Tomas Carlsson bought around 15k shares on-market at roughly €12.88 per share. In the last 3 months, there was an even bigger purchase from another insider worth €275k. Tomas has been a buyer over the last 12 months, purchasing a net total of €390k worth in shares. Reported Earnings • Mar 17
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: kr14.02 (up from kr11.68 in FY 2020). Revenue: kr53.4b (flat on FY 2020). Net income: kr1.51b (up 20% from FY 2020). Profit margin: 2.8% (up from 2.3% in FY 2020). Revenue exceeded analyst estimates by 1.2%. Over the next year, revenue is forecast to stay flat compared to a 5.4% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 72% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Recent Insider Transactions • Feb 09
President & CEO recently bought €105k worth of stock On the 7th of February, Tomas Carlsson bought around 8k shares on-market at roughly €13.61 per share. This was the largest purchase by an insider in the last 3 months. Tomas has been a buyer over the last 12 months, purchasing a net total of €199k worth in shares. Reported Earnings • Feb 04
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: kr14.02 (up from kr11.68 in FY 2020). Revenue: kr53.4b (flat on FY 2020). Net income: kr1.51b (up 20% from FY 2020). Profit margin: 2.8% (up from 2.3% in FY 2020). Revenue exceeded analyst estimates by 1.2%. Over the next year, revenue is forecast to stay flat compared to a 9.9% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 72% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Announcement • Feb 02
NCC AB (publ) Proposes Dividend for the Year 2021 The board of directors of NCC AB (publ) proposed a dividend of SEK 6.00 against SEK 5.00 per share, for 2021, to be paid on two occasions. Buying Opportunity • Jan 19
Now 21% undervalued Over the last 90 days, the stock is up 8.4%. The fair value is estimated to be kr19.42, 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% per annum over the last 3 years. The company has become profitable over the last 3 years. Announcement • Dec 31
Asfalttikallio Oy completed the acquisition of Asphalt business of NCC AB (publ). Asfalttikallio Oy acquired Asphalt business from NCC AB (publ) (OM:NCC B) on October 4, 2021. Asfalttikallio is acquiring the assets and take over staff and ongoing contracts relating to the asphalt business. The stone materials business is not part of the transaction. As a result of the transactions, 200 people working in NCC’s asphalt business in Finland will be transferred to Asfalttikallio as former employees. The transaction is not expected to require approval from the Finnish competition authorities and is expected to close at year-end 2021. The transaction is expected to have a negative impact of approximately SEK 180 million on the NCC's earnings in business area Industry in the fourth quarter 2021. Jani Ylä-Autio, Erkko Ruohoniemi and Jussi Koivu of Merilampi Oy acted as legal advisors to Asfalttikallio.
Asfalttikallio Oy completed the acquisition of Asphalt business of NCC AB (publ) on December 30, 2021. Reported Earnings • Nov 06
Third quarter 2021 earnings released The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: kr14.5b (up 13% from 3Q 2020). Net income: kr706.0m (up 45% from 3Q 2020). Profit margin: 4.9% (up from 3.8% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 95% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Nov 01
Upcoming dividend of kr2.50 per share Eligible shareholders must have bought the stock before 08 November 2021. Payment date: 12 November 2021. Trailing yield: 3.4%. Within top quartile of German dividend payers (3.2%). Higher than average of industry peers (2.9%). Reported Earnings • Jul 22
Second quarter 2021 earnings released: EPS kr3.61 (vs kr4.04 in 2Q 2020) The company reported a poor second quarter result with weaker earnings and revenues, although profit margins were flat. Second quarter 2021 results: Revenue: kr12.7b (down 12% from 2Q 2020). Net income: kr388.0m (down 11% from 2Q 2020). Profit margin: 3.0% (in line with 2Q 2020). Over the last 3 years on average, earnings per share has increased by 80% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Announcement • Jun 25
PensionDanmark Ejendomme A/S agreed to acquire Omega Company House Office Building in Skejby Area of Aarhus from NCC AB (publ) (OM:NCC B) for approximately SEK 260 million. PensionDanmark Ejendomme A/S agreed to acquire Omega Company House Office Building in Skejby Area of Aarhus from NCC AB (publ) (OM:NCC B) for approximately SEK 260 million on June 24, 2021. The transaction is expected to close on September 1, 2021. Recent Insider Transactions • Jun 18
President & CEO recently bought €95k worth of stock On the 15th of June, Tomas Carlsson bought around 6k shares on-market at roughly €15.27 per share. This was the largest purchase by an insider in the last 3 months. Tomas has been a buyer over the last 12 months, purchasing a net total of €454k worth in shares. Announcement • Jun 01
Mutares SE & Co. KGaA (XTRA:MUX) completed the acquisition of Ncc Road Services A/S from NCC AB (publ) (OM:NCC B). Mutares SE & Co. KGaA (XTRA:MUX) signed an agreement to acquire Ncc Road Services A/S from NCC AB (publ) (OM:NCC B) on May 17, 2021. The transaction is an add on acquisition. As of December 31, 2021 Ncc Road Services A/S reported revenue of €40 million. The transaction is not expected to require approval from the Danish competition authorities. The closing of the transaction is expected in Q2 2021.
Mutares SE & Co. KGaA (XTRA:MUX) completed the acquisition of Ncc Road Services A/S from NCC AB (publ) (OM:NCC B) on May 31, 2021. The company will from now on operate under the new name Terranor A/S. Reported Earnings • May 01
First quarter 2021 earnings released: kr1.15 loss per share (vs kr0.78 loss in 1Q 2020) The company reported a poor first quarter result with increased losses, weaker revenues and weaker control over costs. First quarter 2021 results: Revenue: kr10.1b (down 14% from 1Q 2020). Net loss: kr124.0m (loss widened 48% from 1Q 2020). Over the last 3 years on average, earnings per share has increased by 74% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Announcement • Apr 29
NCC AB (publ) Resolves Dividend NCC AB (publ) announced that on March 30, the Annual General Meeting resolved on a dividend in accordance with the Board of Directors’ proposal of SEK 5.00 per share (SEK 2.50) for 2020, to be paid on two occasions. Upcoming Dividend • Mar 24
Upcoming dividend of kr2.50 per share Eligible shareholders must have bought the stock before 31 March 2021. Payment date: 08 April 2021. Trailing yield: 3.3%. Within top quartile of German dividend payers (3.3%). In line with average of industry peers (3.3%). Announcement • Mar 10
NCC to Build Seven Apartment Buildings for the City of Helsinki NCC has been commissioned by the City of Helsinki to build seven apartment buildings with in total 187 apartments in the Herttoniemi area in eastern Helsinki. The combined order value is approximately EUR 35 million. According to the city's strategy, the buildings will offer different types of housing: one building with 47 right of occupancy apartments, three buildings with 77 rental apartments and the remaining three with 63 owner occupied apartments. The project will commence in March 2021 with the demolition of an existing building. The new buildings are estimated to be completed in early summer 2023. The order will be registered in the NCC Building Nordics business area in the first quarter of 2021. Reported Earnings • Mar 10
Full year 2020 earnings released: EPS kr11.68 (vs kr8.08 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: kr53.9b (down 7.4% from FY 2019). Net income: kr1.26b (up 44% from FY 2019). Profit margin: 2.3% (up from 1.5% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings.