NCC Group Valuation

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

Valuation Score

4/6

Valuation Score 4/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of NZB when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: NZB (€1.73) is trading below our estimate of fair value (€2.29)

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


Key Valuation Metric

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

Key metric: As NZB is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for NZB. This is calculated by dividing NZB's market cap by their current revenue.
What is NZB's PS Ratio?
PS Ratio1.4x
SalesUK£322.13m
Market CapUK£461.39m

Price to Sales Ratio vs Peers

How does NZB's PS Ratio compare to its peers?

The above table shows the PS ratio for NZB vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average0.9x
GFT GFT Technologies
0.7x6.3%€583.1m
YSN secunet Security Networks
1.9x8.0%€734.9m
D6H DATAGROUP
0.7x5.3%€383.2m
COK Cancom
0.4x3.8%€738.7m
NZB NCC Group
1.4x3.5%€461.4m

Price-To-Sales vs Peers: NZB is expensive based on its Price-To-Sales Ratio (1.4x) compared to the peer average (0.9x).


Price to Sales Ratio vs Industry

How does NZB's PS Ratio compare vs other companies in the DE IT Industry?

1 CompanyPrice / SalesEstimated GrowthMarket Cap
ASKN asknet Solutions
0.01x20.1%US$984.32k
No more companies available in this PS range
NZB 1.4xIndustry Avg. 0.7xNo. of Companies7PS00.61.21.82.43+
1 CompanyEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: NZB is expensive based on its Price-To-Sales Ratio (1.4x) compared to the German IT industry average (0.7x).


Price to Sales Ratio vs Fair Ratio

What is NZB's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

NZB PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio1.4x
Fair PS Ratio1.5x

Price-To-Sales vs Fair Ratio: NZB is good value based on its Price-To-Sales Ratio (1.4x) compared to the estimated Fair Price-To-Sales Ratio (1.5x).


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 NZB forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€1.73
€2.15
+24.2%
11.5%€2.41€1.63n/a7
Dec ’25€1.87
€2.15
+14.7%
12.3%€2.40€1.62n/a6
Nov ’25€1.82
€2.15
+17.9%
12.3%€2.40€1.62n/a6
Oct ’25€2.10
€2.05
-2.4%
13.0%€2.35€1.58n/a7
Sep ’25€1.79
€2.05
+14.5%
13.0%€2.35€1.58n/a7
Aug ’25€1.67
€2.03
+21.4%
12.7%€2.36€1.59n/a7
Jul ’25€1.73
€2.00
+15.7%
12.1%€2.36€1.59n/a7
Jun ’25€1.62
€1.81
+11.7%
15.5%€2.32€1.34n/a8
May ’25€1.54
€1.81
+17.5%
16.5%€2.34€1.35n/a7
Apr ’25€1.41
€1.73
+22.4%
21.0%€2.35€1.11n/a8
Mar ’25€1.41
€1.73
+22.4%
21.0%€2.35€1.11n/a8
Feb ’25€1.36
€1.73
+26.8%
21.0%€2.35€1.11n/a8
Jan ’25€1.44
€1.59
+10.3%
22.2%€2.32€1.10n/a8
Dec ’24€1.37
€1.59
+16.0%
22.2%€2.32€1.10€1.878
Nov ’24€1.22
€1.56
+27.8%
22.2%€2.31€1.10€1.828
Oct ’24€1.32
€1.59
+20.7%
22.1%€2.31€1.10€2.107
Sep ’24€1.13
€1.61
+42.3%
22.3%€2.33€1.10€1.797
Aug ’24€1.12
€1.58
+41.1%
21.9%€2.34€1.10€1.678
Jul ’24€1.09
€1.58
+45.0%
21.9%€2.34€1.10€1.738
Jun ’24€1.02
€1.70
+66.3%
31.2%€2.78€1.09€1.628
May ’24€1.18
€1.97
+67.2%
26.0%€2.72€1.32€1.548
Apr ’24€1.12
€2.47
+120.2%
17.1%€2.79€1.48€1.418
Mar ’24€1.88
€2.84
+51.2%
18.9%€4.11€2.32€1.417
Feb ’24€2.04
€3.04
+49.1%
14.7%€4.12€2.72€1.367
Jan ’24€2.24
€3.15
+40.6%
14.7%€4.17€2.81€1.446
Dec ’23€2.46
€3.15
+28.0%
14.7%€4.17€2.81€1.376

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.


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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/22 01:14
End of Day Share Price 2024/12/20 00:00
Earnings2024/09/30
Annual Earnings2024/09/30

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

NCC Group plc is covered by 15 analysts. 4 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Edward JamesBerenberg
Steven RobertsonCanaccord Genuity
Jonathan ImlahCollins Stewart plc