NCC Valuation

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

Valuation Score

2/6

Valuation Score 2/6

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

Below Fair Value: NCCAS (SEK118.5) is trading above our estimate of fair value (SEK99.46)

Significantly Below Fair Value: NCCAS is trading above our estimate of fair value.

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for NCCAS. This is calculated by dividing NCCAS's market cap by their current earnings.
What is NCCAS's PE Ratio?
PE Ratio	9.1x
Earnings	SEK 1.07b
Market Cap	SEK 9.80b

NCCAS key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	0.2x
Enterprise Value/EBITDA	6.5x
PEG Ratio	1.6x

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for NCCAS vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	12.3x
KIE Kier Group	13x	14.7%	UK£663.9m
RNWH Renew Holdings	17.1x	3.6%	UK£834.1m
KLR Keller Group	8.6x	2.4%	UK£1.1b
GFRD Galliford Try Holdings	10.4x	1.8%	UK£378.1m
NCCAS NCC	9.1x	5.7%	SEK 9.8b

Price-To-Earnings vs Peers: NCCAS is good value based on its Price-To-Earnings Ratio (9.1x) compared to the peer average (14.2x).

Price to Earnings Ratio vs Industry

How does NCCAS's PE Ratio compare vs other companies in the European Construction Industry?

2 Companies	Price / Earnings	Estimated Growth	Market Cap

2 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: NCCAS is good value based on its Price-To-Earnings Ratio (9.1x) compared to the European Construction industry average (10.8x).

Price to Earnings Ratio vs Fair Ratio

What is NCCAS'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.

NCCAS PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	9.1x
Fair PE Ratio	n/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate NCCAS's Price-To-Earnings Fair Ratio for valuation analysis.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Insufficient data to show price forecast.

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