Northern Data (NB2) Stock Overview
Develops and operates high-performance computing (HPC) and artificial intelligence (AI) solutions in Europe and North America. More details
| Snowflake Score | |
|---|---|
| Valuation | 0/6 |
| Future Growth | 5/6 |
| Past Performance | 0/6 |
| Financial Health | 1/6 |
| Dividends | 0/6 |
NB2 Community Fair Values
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Analyst Price Targets
Northern Data AG Competitors
Price History & Performance
| Historical stock prices | |
|---|---|
| Current Share Price | €16.40 |
| 52 Week High | €29.40 |
| 52 Week Low | €8.11 |
| Beta | 0.96 |
| 1 Month Change | 33.44% |
| 3 Month Change | 63.84% |
| 1 Year Change | -38.21% |
| 3 Year Change | -13.78% |
| 5 Year Change | -81.15% |
| Change since IPO | -9.39% |
Recent News & Updates
Narrative Update • May 26
NB2: Rumble Combination Will Reshape AI Infrastructure Exposure And Support Reappraisal
Analysts have kept their €26.33 price target on Northern Data unchanged, citing a slightly lower discount rate, modestly different revenue growth assumptions, a small uplift in profit margin expectations, and a somewhat lower future P/E as the key drivers within their models. What's in the News Rumble and Northern Data have obtained final regulatory approval for their proposed business combination from the United Arab Emirates Ministry of Economy, with no further regulatory approvals required (Key Developments).Narrative Update • Apr 22
NB2: Improved 2026 Revenue Guidance And GPU Utilization Will Support Reappraisal Of Undervalued AI Infrastructure
Narrative Update on Northern Data The analyst price target for Northern Data is now set at €26.33, with analysts citing a lower discount rate, adjusted profit margin expectations, and a higher assumed future P/E as key drivers of this revised view. What's in the News Northern Data issued earnings guidance for the first quarter of 2026, with expected revenue in a range of €40 million to €42 million, compared with reported revenue of €40 million for Q1 2025 (company guidance).Narrative Update • Apr 08
NB2: Strong 2026 Revenue Guidance Will Support Reappraisal Of Undervalued AI Infrastructure
Analysts have kept their €26.33 price target for Northern Data unchanged, citing essentially steady assumptions for the discount rate, revenue growth, profit margin and future P/E as the basis for maintaining their view. What's in the News Northern Data issued group revenue guidance for the first quarter of fiscal 2026, noting strong revenue momentum supported by its customer allocation strategy, utilization rate and contract pricing (Key Developments).Recent updates
Narrative Update • May 26
NB2: Rumble Combination Will Reshape AI Infrastructure Exposure And Support Reappraisal
Analysts have kept their €26.33 price target on Northern Data unchanged, citing a slightly lower discount rate, modestly different revenue growth assumptions, a small uplift in profit margin expectations, and a somewhat lower future P/E as the key drivers within their models. What's in the News Rumble and Northern Data have obtained final regulatory approval for their proposed business combination from the United Arab Emirates Ministry of Economy, with no further regulatory approvals required (Key Developments).Narrative Update • Apr 22
NB2: Improved 2026 Revenue Guidance And GPU Utilization Will Support Reappraisal Of Undervalued AI Infrastructure
Narrative Update on Northern Data The analyst price target for Northern Data is now set at €26.33, with analysts citing a lower discount rate, adjusted profit margin expectations, and a higher assumed future P/E as key drivers of this revised view. What's in the News Northern Data issued earnings guidance for the first quarter of 2026, with expected revenue in a range of €40 million to €42 million, compared with reported revenue of €40 million for Q1 2025 (company guidance).Narrative Update • Apr 08
NB2: Strong 2026 Revenue Guidance Will Support Reappraisal Of Undervalued AI Infrastructure
Analysts have kept their €26.33 price target for Northern Data unchanged, citing essentially steady assumptions for the discount rate, revenue growth, profit margin and future P/E as the basis for maintaining their view. What's in the News Northern Data issued group revenue guidance for the first quarter of fiscal 2026, noting strong revenue momentum supported by its customer allocation strategy, utilization rate and contract pricing (Key Developments).Narrative Update • Mar 25
NB2: Higher Revenue Guidance Will Support Reappraisal Of Undervalued AI Infrastructure
Analysts have raised their Northern Data price target to €26.33 per share, supported by updated assumptions that include a higher discount rate, a significantly higher expected revenue growth rate and a lower future P/E multiple. What's in the News Northern Data issued new group revenue guidance for the first quarter of fiscal 2026, citing revenue momentum supported by its customer allocation strategy, utilization rate and contract pricing (Key Developments).Narrative Update • Mar 10
NB2: Higher Discount Rate Will Still Support Reappraisal Of Undervalued AI Infrastructure
Analysts have kept their €26.33 price target for Northern Data unchanged, pointing to a higher assumed discount rate and a slightly lower profit margin outlook, which is partly balanced by expectations for strong revenue growth and a richer future P/E multiple. Valuation Changes Fair Value: The €26.33 fair value estimate is unchanged, with no adjustment to the headline target level.Narrative Update • Feb 23
NB2: Steady Core Assumptions Will Support Reappraisal Of Undervalued AI Infrastructure
Analysts have maintained their €26.33 price target on Northern Data, making only minor adjustments to assumptions around the discount rate, profit margin and future P/E, without indicating any change in their core view of the company. Valuation Changes Fair Value: Unchanged at €26.33 per share, indicating no adjustment to the core valuation estimate.Narrative Update • Feb 09
NB2: Refined Discount Assumptions Will Clarify Undervalued AI Infrastructure Upside Potential
Analysts have maintained their overall fair value estimate for Northern Data at €26.33, while making adjustments to inputs such as a slightly higher discount rate and marginally revised future P/E and margin assumptions. These changes result in a more refined, yet directionally unchanged, price target narrative.Narrative Update • Jan 25
NB2: Hold Reset Will Clarify Undervalued AI Infrastructure Upside Potential
Analysts have reduced their view on Northern Data, with a headline price target moving to €15 from €27. This reflects updated assumptions around discount rate, growth, margins and future P/E, which keep fair value broadly in line with prior estimates.Narrative Update • Jan 11
NB2: Reset Expectations Will Highlight Undervalued AI Infrastructure Upside Over Time
Northern Data's analyst price target has been cut to €15 from €27, as analysts factor in a lower profit margin outlook and a higher future P/E assumption while leaving their fair value estimate broadly unchanged. Analyst Commentary Recent research has shifted the stance on Northern Data to a more neutral position, with the 12 month price target cut to €15 from €27.Narrative Update • Dec 25
NB2: New Leadership Will Unlock Undervalued AI Infrastructure Upside Despite Guidance Withdrawal
Analysts have lowered their price target for Northern Data from EUR 27 to EUR 15. This reflects a more cautious stance on the shares despite only modest updates to discount rate and long term growth and profitability assumptions.Narrative Update • Dec 11
NB2 Will Rely On New Leadership To Unlock AI Infrastructure Upside
Analysts have lowered their price target on Northern Data from EUR 27 to EUR 15. This reflects expectations for slightly slower revenue growth and a lower future earnings multiple that together reduce the company’s assessed fair value.Narrative Update • Nov 27
NB2: Further Management Changes And Upgrades Will Drive Resilience In Uncertain Markets
Northern Data's analyst price target has shifted significantly lower, with recent updates reflecting a new target around EUR 15 to EUR 27, down from previous highs near EUR 40, as analysts cite revised expectations for company growth and profitability. Analyst Commentary Recent analyst updates for Northern Data reflect a nuanced outlook that balances optimism with caution.Narrative Update • Nov 12
NB2: Improved Profit Margin Will Drive Confidence Amid Market Volatility
Analyst price targets for Northern Data have decreased notably, with the consensus fair value estimate dropping from EUR 34 to EUR 31.60. Analysts cite reduced revenue growth projections and an uptick in the discount rate as key factors.Narrative Update • Sep 08
Taiga Cloud And NVIDIA Partnership Will Drive Market Transformation
The consensus price target for Northern Data has been lowered to €34.00, primarily reflecting a modest decline in the company's forward P/E multiple. What's in the News Northern Data AG announced a strategic partnership with Core42 to provide large-scale European sovereign AI Cloud capacity, leveraging up to 10,000 GPUs from Taiga Cloud and Core42's global deployment capabilities.Narrative Update • Aug 15
Taiga Cloud And NVIDIA Partnership Will Drive Market Transformation
With the discount rate steady at 7.81% and net profit margin unchanged at 12.22%, there has been no effective change to Northern Data’s consensus analyst price target, which remains at €36.60. What's in the News Rumble Inc.Analysis Article • Jul 21
Investors Appear Satisfied With Northern Data AG's (FRA:NB2) Prospects
When you see that almost half of the companies in the Software industry in Germany have price-to-sales ratios (or...Analysis Article • Jun 24
Does This Valuation Of Northern Data AG (FRA:NB2) Imply Investors Are Overpaying?
Key Insights Using the 2 Stage Free Cash Flow to Equity, Northern Data fair value estimate is €19.16 Northern Data is...New Narrative • May 09
Taiga Cloud And NVIDIA Partnership Will Drive Market Transformation
Strategic expansion into AI and HPC, boosted by partnerships and technology, positions Northern Data to capture revenue growth in the generative AI market.Analysis Article • Apr 02
Analysts Are Updating Their Northern Data AG (FRA:NB2) Estimates After Its Annual Results
The analysts might have been a bit too bullish on Northern Data AG ( FRA:NB2 ), given that the company fell short of...Analysis Article • Mar 31
Northern Data AG's (FRA:NB2) Share Price Is Still Matching Investor Opinion Despite 37% Slump
To the annoyance of some shareholders, Northern Data AG ( FRA:NB2 ) shares are down a considerable 37% in the last...Analysis Article • Dec 22
Is Northern Data AG (FRA:NB2) Potentially Undervalued?
While Northern Data AG ( FRA:NB2 ) might not be the most widely known stock at the moment, it saw significant share...Analysis Article • Sep 07
Statutory Earnings May Not Be The Best Way To Understand Northern Data's (FRA:NB2) True Position
Despite posting strong earnings, Northern Data AG's ( FRA:NB2 ) stock didn't move much over the last week. We looked...Analysis Article • May 07
Northern Data AG (FRA:NB2) Is About To Turn The Corner
We feel now is a pretty good time to analyse Northern Data AG's ( FRA:NB2 ) business as it appears the company may be...Analysis Article • Jan 14
We Might See A Profit From Northern Data AG (FRA:NB2) Soon
Northern Data AG ( FRA:NB2 ) is possibly approaching a major achievement in its business, so we would like to shine...Shareholder Returns
| NB2 | DE Software | DE Market | |
|---|---|---|---|
| 7D | 7.7% | 0.4% | -0.8% |
| 1Y | -38.2% | -41.1% | 2.3% |
Return vs Industry: NB2 exceeded the German Software industry which returned -41.1% over the past year.
Return vs Market: NB2 underperformed the German Market which returned 2.3% over the past year.
Price Volatility
| NB2 volatility | |
|---|---|
| NB2 Average Weekly Movement | 12.2% |
| Software Industry Average Movement | 6.4% |
| Market Average Movement | 6.1% |
| 10% most volatile stocks in DE Market | 13.2% |
| 10% least volatile stocks in DE Market | 2.7% |
Stable Share Price: NB2's share price has been volatile over the past 3 months compared to the German market.
Volatility Over Time: NB2's weekly volatility (12%) has been stable over the past year, but is still higher than 75% of German stocks.
About the Company
| Founded | Employees | CEO | Website |
|---|---|---|---|
| 2008 | 157 | Aroosh Thillainathan | northerndata.de |
Northern Data AG develops and operates high-performance computing (HPC) and artificial intelligence (AI) solutions in Europe and North America. The company operates through Taiga Cloud and Ardent Data Centers segment. It offers computing services; hosting and colocation services; computing power for generative AI purposes and cloud computing and graphics processing units (GPU) hardware related services.
Northern Data AG Fundamentals Summary
| NB2 fundamental statistics | |
|---|---|
| Market cap | €1.01b |
| Earnings (TTM) | -€482.73m |
| Revenue (TTM) | €80.04m |
13.2x
P/S Ratio-2.2x
P/E RatioIs NB2 overvalued?
See Fair Value and valuation analysisEarnings & Revenue
| NB2 income statement (TTM) | |
|---|---|
| Revenue | €80.04m |
| Cost of Revenue | €82.39m |
| Gross Profit | -€2.35m |
| Other Expenses | €480.38m |
| Earnings | -€482.73m |
Last Reported Earnings
Dec 31, 2025
Next Earnings Date
n/a
| Earnings per share (EPS) | -7.52 |
| Gross Margin | -2.93% |
| Net Profit Margin | -603.09% |
| Debt/Equity Ratio | 139.1% |
How did NB2 perform over the long term?
See historical performance and comparisonCompany Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/06/01 21:09 |
| End of Day Share Price | 2026/06/01 00:00 |
| Earnings | 2025/12/31 |
| Annual Earnings | 2025/12/31 |
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.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* 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
Northern Data AG is covered by 7 analysts. 1 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Michael Roost | Baader Helvea Equity Research |
| Peter Rothenaicher | Baader Helvea Equity Research |
| Gerhard Orgonas | Berenberg |