NCAB Group AB (publ)

DB:XB1 Stock Report

Market Cap: €909.5m

NCAB Group Valuation

Is XB1 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • 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 XB1 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: XB1 (€4.56) is trading below our estimate of fair value (€6.02)

Significantly Below Fair Value: XB1 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for XB1?

Key metric: As XB1 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for XB1. This is calculated by dividing XB1's market cap by their current earnings.
What is XB1's PE Ratio?
PE Ratio37.8x
EarningsSEK 280.64m
Market CapSEK 10.54b

Price to Earnings Ratio vs Peers

How does XB1's PE Ratio compare to its peers?

The above table shows the PE ratio for XB1 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average17.1x
JEN Jenoptik
14.1x12.3%€1.2b
S9I Stemmer Imaging
29x23.1%€349.7m
M7U Nynomic
12.2x17.5%€117.4m
DAM DATA MODUL Produktion und Vertrieb von elektronischen Systemen
13.1x15.3%€99.4m
XB1 NCAB Group
37.8x24.8%€10.5b

Price-To-Earnings vs Peers: XB1 is expensive based on its Price-To-Earnings Ratio (37.8x) compared to the peer average (17.1x).

Price to Earnings Ratio vs Industry

How does XB1's PE Ratio compare vs other companies in the European Electronic Industry?

3 CompaniesPrice / EarningsEstimated GrowthMarket Cap
XB1 37.8xIndustry Avg. 17.6xNo. of Companies17PE01224364860+
3 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: XB1 is expensive based on its Price-To-Earnings Ratio (37.8x) compared to the European Electronic industry average (17.6x).

Price to Earnings Ratio vs Fair Ratio

What is XB1'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.

XB1 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio37.8x
Fair PE Ratio15.8x

Price-To-Earnings vs Fair Ratio: XB1 is expensive based on its Price-To-Earnings Ratio (37.8x) compared to the estimated Fair Price-To-Earnings Ratio (15.8x).

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 XB1 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€4.56
€6.38
+40.0%
6.3%€6.88€5.93n/a5
Nov ’25€5.46
€6.88
+25.9%
4.8%€7.21€6.33n/a4
Oct ’25€5.36
€7.28
+35.9%
4.5%€7.82€6.95n/a4
Sep ’25€6.27
€7.28
+16.1%
4.5%€7.82€6.95n/a4
Aug ’25€6.29
€7.34
+16.8%
5.1%€7.70€6.85n/a4
Jul ’25€6.75
€6.83
+1.2%
7.2%€7.58€6.34n/a4
Jun ’25€6.78
€6.45
-4.8%
5.3%€6.84€6.07n/a4
May ’25€6.07
€6.45
+6.4%
5.3%€6.84€6.07n/a4
Apr ’25€5.98
€6.57
+9.9%
3.4%€6.87€6.33n/a3
Mar ’25€6.43
€6.55
+2.0%
3.4%€6.85€6.31n/a3
Feb ’25€5.81
€6.32
+8.8%
1.1%€6.41€6.23n/a3
Jan ’25€6.38
€5.99
-6.1%
4.3%€6.25€5.65n/a3
Dec ’24€5.60
€5.99
+7.1%
4.3%€6.25€5.65n/a3
Nov ’24€4.47
€6.88
+53.9%
7.2%€7.45€6.24€5.463
Oct ’24€4.62
€7.12
+53.9%
3.4%€7.46€6.94€5.363
Sep ’24€4.86
€7.12
+46.4%
3.4%€7.46€6.94€6.273
Aug ’24€5.32
€7.12
+33.9%
3.4%€7.46€6.94€6.293
Jul ’24€6.57
€7.42
+13.0%
2.9%€7.65€7.14€6.753
Jun ’24€7.04
€7.41
+5.2%
3.9%€7.76€7.05€6.783
May ’24€6.98
€7.02
+0.7%
4.6%€7.41€6.61€6.073
Apr ’24€5.23
€6.82
+30.6%
1.3%€6.91€6.73€5.982
Mar ’24€5.70
€7.01
+23.0%
0.6%€7.06€6.96€6.432
Feb ’24€5.90
€6.68
+13.3%
2.0%€6.82€6.55€5.812
Jan ’24€5.75
€6.68
+16.2%
2.0%€6.82€6.55€6.382
Dec ’23€4.50
€6.68
+48.5%
2.0%€6.82€6.55€5.602
Nov ’23€4.33
€6.75
+55.9%
4.8%€7.08€6.43€4.472

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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