DB:NI8

Stock Analysis Report

Executive Summary

Nobia AB (publ) develops, manufactures, and sells kitchen solutions to consumer and professional customers.

Rewards

Trading at 29.9% below its fair value

Earnings are forecast to grow 12.25% per year

Earnings grew by 7.6% over the past year

Risk Analysis

Unstable dividend track record



Snowflake Analysis

Solid track record, good value and pays a dividend.

Share Price & News

How has Nobia's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: NI8 has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

-1.6%

NI8

0.7%

DE Consumer Durables

0.1%

DE Market


1 Year Return

28.1%

NI8

0.3%

DE Consumer Durables

14.1%

DE Market

Return vs Industry: NI8 exceeded the German Consumer Durables industry which returned 0.3% over the past year.

Return vs Market: NI8 exceeded the German Market which returned 14.1% over the past year.


Shareholder returns

NI8IndustryMarket
7 Day-1.6%0.7%0.1%
30 Day-6.7%0.8%0.2%
90 Day8.2%3.4%3.3%
1 Year37.2%28.1%2.8%0.3%17.6%14.1%
3 Yearn/a-1.9%-10.1%14.8%4.8%
5 Yearn/a25.0%8.0%22.2%5.4%

Price Volatility Vs. Market

How volatile is Nobia's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is Nobia undervalued compared to its fair value and its price relative to the market?

29.8%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: NI8 (€6.58) is trading below our estimate of fair value (€9.39)

Significantly Below Fair Value: NI8 is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: NI8 is good value based on its PE Ratio (14.6x) compared to the Consumer Durables industry average (17.3x).

PE vs Market: NI8 is good value based on its PE Ratio (14.6x) compared to the German market (20.9x).


Price to Earnings Growth Ratio

PEG Ratio: NI8 is poor value based on its PEG Ratio (1.2x)


Price to Book Ratio

PB vs Industry: NI8 is overvalued based on its PB Ratio (2.8x) compared to the DE Consumer Durables industry average (1.7x).


Next Steps

Future Growth

How is Nobia forecast to perform in the next 1 to 3 years based on estimates from 3 analysts?

12.2%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: NI8's forecast earnings growth (12.2% per year) is above the savings rate (-0.4%).

Earnings vs Market: NI8's earnings (12.2% per year) are forecast to grow slower than the German market (13.3% per year).

High Growth Earnings: NI8's earnings are forecast to grow, but not significantly.

Revenue vs Market: NI8's revenue (2.5% per year) is forecast to grow slower than the German market (5% per year).

High Growth Revenue: NI8's revenue (2.5% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: NI8's Return on Equity is forecast to be high in 3 years time (23.2%)


Next Steps

Past Performance

How has Nobia performed over the past 5 years?

1.5%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: NI8 has high quality earnings.

Growing Profit Margin: NI8's current net profit margins (5.8%) are higher than last year (5.7%).


Past Earnings Growth Analysis

Earnings Trend: NI8's earnings have grown by 1.5% per year over the past 5 years.

Accelerating Growth: NI8's earnings growth over the past year (7.6%) exceeds its 5-year average (1.5% per year).

Earnings vs Industry: NI8 earnings growth over the past year (7.6%) exceeded the Consumer Durables industry -15.9%.


Return on Equity

High ROE: NI8's Return on Equity (18.9%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Nobia's financial position?


Financial Position Analysis

Short Term Liabilities: NI8's short term assets (SEK3.2B) exceed its short term liabilities (SEK2.7B).

Long Term Liabilities: NI8's short term assets (SEK3.2B) do not cover its long term liabilities (SEK3.8B).


Debt to Equity History and Analysis

Debt Level: NI8's debt to equity ratio (26.5%) is considered satisfactory.

Reducing Debt: NI8's debt to equity ratio has increased from 25.2% to 26.5% over the past 5 years.

Debt Coverage: NI8's debt is well covered by operating cash flow (144%).

Interest Coverage: NI8's interest payments on its debt are well covered by EBIT (15.4x coverage).


Balance Sheet

Inventory Level: NI8 has a high level of physical assets or inventory.

Debt Coverage by Assets: NI8's debt is covered by short term assets (assets are 2.8x debt).


Next Steps

Dividend

What is Nobia's current dividend yield, its reliability and sustainability?

5.71%

Current Dividend Yield


Upcoming Dividend Payment

Purchase Nobia before the 'Buy Limit' to receive their next dividend payment.


Dividend Yield vs Market

company5.7%marketbottom25%1.3%markettop25%3.6%industryaverage3.0%forecastin3Years6.0%

Current dividend yield vs market & industry

Notable Dividend: NI8's dividend (5.72%) is higher than the bottom 25% of dividend payers in the German market (1.31%).

High Dividend: NI8's dividend (5.72%) is in the top 25% of dividend payers in the German market (3.57%)


Stability and Growth of Payments

Stable Dividend: Whilst dividend payments have been stable, NI8 has been paying a dividend for less than 10 years.

Growing Dividend: NI8's dividend payments have increased, but the company has only paid a dividend for 7 years.


Current Payout to Shareholders

Dividend Coverage: At its current payout ratio (83.3%), NI8's payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: NI8's dividends in 3 years are forecast to be covered by earnings (59.3% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

3.3yrs

Average management tenure


CEO

Jon Sintorn 0

0.4yrs

Tenure

0

Mr. Jon Sintorn has been President and Chief Executive Officer of Nobia AB (publ) since September 1, 2019. Mr. Sintorn was the President and Chief Executive Officer of Permobil AB and Permobil, Inc. till A ...


Leadership Team

NamePositionTenureCompensationOwnership
Jon Sintorn
President & CEO0.4yrsno datano data
Kristoffer Ljungfelt
Chief Financial Officer3.3yrsno data0.012% SEK135.0k
David Thorne
Chief Information Officer3.3yrsno data0.0014% SEK16.1k
Tobias Norrby
Head of Investor Relations0yrsno datano data
Dan Josefsberg
Executive VP and Chief Marketing0.9yrsno data0.014% SEK157.0k
Thomas Myringer
Executive VP & Human Resources Director0yrsno data0.018% SEK204.2k
Peter Kane
Head of Magnet & Executive VP of UK Region0yrsno data0.044% SEK488.6k
Rune Stephansen
Executive VP & Head of Commercial Denmark4yrsno data0.023% SEK252.9k
Ole Dalsbø
Executive VP & Head of Commercial Norway0yrsno data0.016% SEK174.1k
Amanda Jackson
Head of Sustainability0yrsno datano data

3.3yrs

Average Tenure

54yo

Average Age

Experienced Management: NI8's management team is considered experienced (3.3 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Hans Eckerström
Chairman of the Board1.8yrskr900.00k0.030% SEK331.2k
Nora Larssen
Independent Director9.1yrskr520.00k0.0030% SEK33.1k
George M. Adams
Independent Director3yrskr400.00kno data
Jill Little
Non-Executive Director3yrskr400.00kno data
Stefan Jacobsson
Independent Director5.8yrskr400.00k0.0059% SEK66.2k
Marléne Forsell
Director0.8yrsno datano data
Terese Asthede
Board Member1.1yrsno datano data
Susanna Levinsson
Deputy Director3.1yrsno datano data
Mats Karlsson
Deputy Board Member1.1yrsno datano data

3.0yrs

Average Tenure

48yo

Average Age

Experienced Board: NI8's board of directors are considered experienced (3 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Nobia AB (publ)'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Nobia AB (publ)
  • Ticker: NI8
  • Exchange: DB
  • Founded: 1996
  • Industry: Home Furnishings
  • Sector: Consumer Durables
  • Market Cap: kr11.828b
  • Listing Market Cap: kr1.118b
  • Shares outstanding: 168.85m
  • Website: https://www.nobia.com

Number of Employees


Location

  • Nobia AB (publ)
  • Klarabergsviadukten 70 A5
  • Stockholm
  • Stockholm County
  • 107 24
  • Sweden

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
NOBIOM (OMX Nordic Exchange Stockholm)YesOrdinary SharesSESEKJun 2002
0GW0LSE (London Stock Exchange)YesOrdinary SharesGBSEKJun 2002
NOBISBATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBSEKJun 2002
NI8DB (Deutsche Boerse AG)YesOrdinary SharesDEEURJun 2002
NBIA.YOTCPK (Pink Sheets LLC)ADRUSUSDDec 2008

Biography

Nobia AB (publ) develops, manufactures, and sells kitchen solutions to consumer and professional customers. It offers cabinets, drawers, fronts, panels, bases, cabinet fixtures, worktops, sinks, mixer taps, appliances, kitchen fans, and handles. The company sells its products under various brands, including HTH, Marbodal, Sigdal, Invita, Norema, Petra, À la carte, uno form, Magnet, Commodore and CIE, bribus, Rixonway Kitchens, Gower, ewe, FM, and Intuo brands. It sells its products through approximately 248 own stores; and a network of 156 franchise stores and 1,500 retail stores, including furniture stores, builders’ merchants, DIY stores, and independent kitchen specialists. It also provides installation services for kitchen products. In addition, the company exports its products. It serves in Sweden, Denmark, Norway, Finland, the United Kingdom, France, Germany, the Netherlands, Austria, and internationally. Nobia AB (publ) was founded in 1996 and is headquartered in Stockholm, Sweden. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/02/19 22:37
End of Day Share Price2020/02/19 00:00
Earnings2019/12/31
Annual Earnings2019/12/31


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.