Recent Insider Transactions • May 18
Head of Business Area Building Nordics recently bought kr1.9m worth of stock On the 13th of May, Catarina Molén-Runnäs bought around 10k shares on-market at roughly kr193 per share. This transaction increased Catarina's direct individual holding by 4x at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr7.1m more in shares than they have sold in the last 12 months. Declared Dividend • May 13
Dividend of kr4.50 announced Shareholders will receive a dividend of kr4.50. Ex-date: 4th November 2026 Payment date: 10th November 2026 Dividend yield will be 5.6%, which is higher than the industry average of 3.6%. Sustainability & Growth Dividend is not covered by earnings (dividend approximately 9x earnings) nor is it adequately covered by cash flows (95% cash payout ratio). The dividend has increased by an average of 12% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 963% to bring the payout ratio under control. EPS is expected to grow by 223% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Recent Insider Transactions • May 12
President & CEO recently bought kr432k worth of stock On the 7th of May, Tomas Carlsson bought around 2k shares on-market at roughly kr200 per share. This transaction amounted to 1.3% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Tomas has been a buyer over the last 12 months, purchasing a net total of kr3.4m worth in shares. Announcement • May 07
NCC AB (publ) Approves Board and Committee Appointments NCC AB (publ) at the Annual General Meeting (AGM), the shareholders held on May 5, 2026 Niklas Persson was elected as a new member. Nomination Committee: Trond Stabekk (CFO, OBOS), Mats Hellström (Governance Adviser, Nordea Fonder) and Oskar Börjesson (Senior ESG Analyst, Livförsäkringsbolaget Skandia, ömsesidigt) were appointed as members of the Nomination Committee for the period up to the close of the next AGM, with Trond Stabekk as Chair. Announcement • Apr 29
NCC AB (publ) to Report Q4, 2026 Results on Feb 03, 2027 NCC AB (publ) announced that they will report Q4, 2026 results on Feb 03, 2027 Upcoming Dividend • Apr 29
Upcoming dividend of kr6.50 per share Eligible shareholders must have bought the stock before 06 May 2026. Payment date: 12 May 2026. The company is paying out more than 100% of its profits and is paying out 83% of its cash flow. Trailing yield: 4.3%. Lower than top quartile of British dividend payers (5.8%). Higher than average of industry peers (2.6%). New Risk • Apr 19
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 65% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (dividend per share is over 6x earnings per share). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.3% net profit margin). Reported Earnings • Apr 19
Full year 2025 earnings released: EPS: kr1.45 (vs kr16.08 in FY 2024) Full year 2025 results: EPS: kr1.45 (down from kr16.08 in FY 2024). Revenue: kr55.7b (down 9.6% from FY 2024). Net income: kr142.0m (down 91% from FY 2024). Profit margin: 0.3% (down from 2.5% in FY 2024). Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Construction industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 36% per year, which means it is well ahead of earnings. Announcement • Apr 19
NCC Announces Executive Changes NCC has appointed Mattias Andersson as its new General Counsel. He will take office in October 2026 at the latest and will become a member of NCC's Senior Management Team. Mattias Andersson succeeds Ann-Marie Hedbeck, who will take office as Head of Business Development for the Green Industry Transformation business area. Born in 1976, Mattias Andersson is currently General Counsel for the steel company Stegra. His previous positions include General Counsel at Kinnevik, Legal Director at SKF and Legal Associate at Setterwalls Advokatbyrå och Mannheimer Swartling Advokatbyrå. He holds a Master of Law (LL.M.) from the University of Gothenburg. Ann-Marie Hedbeck will continue to serve as General Counsel until Mattias Andersson has taken office. Announcement • Mar 05
NCC AB (publ) to Report Q3, 2026 Results on Nov 03, 2026 NCC AB (publ) announced that they will report Q3, 2026 results on Nov 03, 2026 Announcement • Feb 26
NCC AB (Publ) Announces Simon De Château Declines Re-Election as Board of Directors NCC AB (publ) announced Simon de Château has declined re-election as Board of Directors. Declared Dividend • Feb 08
Final dividend of kr6.50 announced Shareholders will receive a dividend of kr6.50. Ex-date: 6th May 2026 Payment date: 12th May 2026 Dividend yield will be 4.8%, which is higher than the industry average of 3.6%. Sustainability & Growth Dividend is not covered by earnings (dividend approximately 6x earnings). However, it is covered by cash flows (74% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 589% to bring the payout ratio under control. EPS is expected to grow by 191% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Recent Insider Transactions • Feb 07
Insider recently bought kr303k worth of stock On the 5th of February, Helena Hed bought around 1k shares on-market at roughly kr209 per share. This transaction amounted to 70% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr2.1m more in shares than they have sold in the last 12 months. New Risk • Feb 06
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 0.3% Last year net profit margin: 2.6% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (dividend per share is over 6x earnings per share). Profit margins are more than 30% lower than last year (0.3% net profit margin). Reported Earnings • Feb 06
Full year 2025 earnings released: EPS: kr1.45 (vs kr16.08 in FY 2024) Full year 2025 results: EPS: kr1.45 (down from kr16.08 in FY 2024). Revenue: kr55.7b (down 9.6% from FY 2024). Net income: kr142.0m (down 91% from FY 2024). Profit margin: 0.3% (down from 2.5% in FY 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Construction industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 33% per year, which means it is well ahead of earnings. Announcement • Jan 27
NCC Announces Executive Changes NCC has appointed Tomas Brannemo as the new Head of the NCC Infrastructure business area. He will take office on March 2, 2026 and will become a member of NCC's Senior Management Team. Tomas will succeed Kenneth Nilsson, who will retire in due course. Tomas Brannemo, born in 1971, has a proven long track record from serving in senior management roles at international companies, including Johnson Controls, Xylem, Volvo Construction Equipment and ABB. Tomas has led large organizations with extensive project activities in global companies. He holds an M.Sc. in Electrical Engineering from KTH Royal Institute of Technology and an MBA from Uppsala University. Tomas is currently Senior Advisor for McKinsey. When Tomas Brannemo takes office, the current head of the business area Kenneth Nilsson will continue to manage specific projects within NCC for a period of time. Announcement • Jan 22
NCC AB (Publ) Provides Earnings Guidance for the Fourth Quarter of 2025 NCC AB (publ) provided earnings guidance for the fourth quarter of 2025. For the quarter, the company net sales are expected to amount to SEK 15,929 million, and operating profit (EBIT) to SEK 692 million, excluding items affecting comparability. Buy Or Sell Opportunity • Dec 29
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 1.9% to kr218. The fair value is estimated to be kr180, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 3.6% over the last 3 years. Earnings per share has grown by 9.5%. Revenue is forecast to grow by 1.5% in 2 years. Earnings are forecast to decline by 2.4% in the next 2 years. Announcement • Dec 02
NCC Announces Chief Financial Officer changes NCC has appointed Katarina Wilson as new Chief Financial Officer (CFO). She will succeed Susanne Lithander, who will retire. Katarina will take over the role on June 1, 2026 at the latest and will join NCC's Senior Management Team. Katarina Wilson, born 1971, is currently Deputy CEO and COO of AcadeMedia, where she previously held the roles of CFO and Head of Group Finance and Business Control. Prior to this, she served in such roles as Director of Group business control at Husqvarna, as well as various controller and finance roles at Johnson & Johnson and Electrolux. Katarina holds an MSc in Materials Science from the Royal Institute of Technology and an MBA from Warwick Business School. Susanne Lithander will hold the CFO role until NCC publishes the interim report for the second quarter of 2026, and will thereafter continue to be responsible for development and IT. Buy Or Sell Opportunity • Nov 28
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 11% to kr216. The fair value is estimated to be kr180, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 3.6% over the last 3 years. Earnings per share has grown by 9.5%. Revenue is forecast to grow by 1.5% in 2 years. Earnings are forecast to decline by 2.4% in the next 2 years. Reported Earnings • Oct 24
Third quarter 2025 earnings released: EPS: kr5.46 (vs kr4.83 in 3Q 2024) Third quarter 2025 results: EPS: kr5.46 (up from kr4.83 in 3Q 2024). Revenue: kr14.2b (flat on 3Q 2024). Net income: kr534.0m (up 13% from 3Q 2024). Profit margin: 3.8% (up from 3.3% in 3Q 2024). Revenue is forecast to grow 1.8% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Construction industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 33% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Oct 23
NCC AB (publ) to Report Q2, 2026 Results on Jul 17, 2026 NCC AB (publ) announced that they will report Q2, 2026 results on Jul 17, 2026 Buy Or Sell Opportunity • Sep 19
Now 21% undervalued Over the last 90 days, the stock has risen 17% to kr216. The fair value is estimated to be kr273, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.7% over the last 3 years. Earnings per share has grown by 8.0%. Revenue is forecast to grow by 0.6% in 2 years. Earnings are forecast to decline by 2.1% in the next 2 years. Valuation Update With 7 Day Price Move • Sep 10
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to kr221, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 10x in the Construction industry in the United Kingdom. Total returns to shareholders of 177% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at kr269 per share. Announcement • Sep 06
CRH and Heidelberg Materials Reportedly Among Suitors for A Business Being Sold by NCC CRH plc (NYSE:CRH) and Heidelberg Materials AG (XTRA:HEI) are among suitors for a business being sold by NCC AB (publ) (OM:NCC B), according to people familiar with the matter. NCC's industry business which makes aggregates, asphalt and asphalt paving has also attracted interest from Bouygues's Colas unit as well as several private equity firms, the people said. NCC announced a strategic review of the business in February and hired SEB Corporate Finance to advise on a potential divestment, which is now heading into the next round of bidding. The unit, which accounts for about 20% of NCC's sales, could fetch as much as $1 billion (EUR 850 million) in a transaction, some of the people said, asking not to be identified because talks are private. Deliberations are ongoing and the suitors could decide against proceeding with their bids, the people said. NCC could also opt to keep the business for longer, they added. A representative for NCC said the company is still hoping to reach a conclusion of the strategic review before the end of the year, declining to comment on the bidders. Representatives for CRH, Colas and Heidelberg Materials also declined to comment. Buy Or Sell Opportunity • Jul 18
Now 20% undervalued Over the last 90 days, the stock has risen 1.1% to kr182. The fair value is estimated to be kr228, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.7% over the last 3 years. Earnings per share has grown by 8.0%. Revenue is forecast to grow by 0.9% in 2 years. Earnings are forecast to decline by 1.6% in the next 2 years. Reported Earnings • Jul 16
Second quarter 2025 earnings released: EPS: kr4.78 (vs kr4.83 in 2Q 2024) Second quarter 2025 results: EPS: kr4.78 (down from kr4.83 in 2Q 2024). Revenue: kr14.5b (down 5.9% from 2Q 2024). Net income: kr467.0m (down 1.1% from 2Q 2024). Profit margin: 3.2% (up from 3.1% in 2Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 1.4% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Construction industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 22% per year, which means it is tracking significantly ahead of earnings growth. Recent Insider Transactions • Jun 13
President & CEO recently bought kr935k worth of stock On the 11th of June, Tomas Carlsson bought around 5k shares on-market at roughly kr191 per share. This transaction amounted to 3.0% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Tomas' only on-market trade for the last 12 months. Declared Dividend • May 15
Dividend of kr4.50 announced Shareholders will receive a dividend of kr4.50. Ex-date: 6th November 2025 Payment date: 12th November 2025 Dividend yield will be 6.1%, which is higher than the industry average of 3.6%. Sustainability & Growth Dividend is covered by both earnings (58% earnings payout ratio) and cash flows (26% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 21% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • May 08
Ncc AB (Publ) Approves Dividend for the Fiscal Year 2024, Payable on May 14, 2025 and November 12, 2025 NCC AB (publ) announced that at the AGM held on May 7, 2025, approved the dividend of SEK 9.00 per share, be paid for the 2024 fiscal year divided between two payment occasions, with the extra dividend being included in the first payment occasion. May 9, 2025 is the record date for the first payment of SEK 6.50 and November 7, 2025 for the second payment of SEK 4.50 per share. Payment is expected to be made on May 14, 2025 and November 12, 2025, respectively. Upcoming Dividend • May 02
Upcoming dividend of kr6.50 per share Eligible shareholders must have bought the stock before 08 May 2025. Payment date: 14 May 2025. Payout ratio is a comfortable 56% and this is well supported by cash flows. Trailing yield: 5.0%. Lower than top quartile of British dividend payers (6.0%). Higher than average of industry peers (3.4%). Reported Earnings • Apr 16
Full year 2024 earnings released: EPS: kr16.08 (vs kr16.12 in FY 2023) Full year 2024 results: EPS: kr16.08 (down from kr16.12 in FY 2023). Revenue: kr61.6b (up 8.2% from FY 2023). Net income: kr1.57b (flat on FY 2023). Profit margin: 2.5% (down from 2.8% in FY 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 2.3% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Construction industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 15% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Feb 11
Full year 2024 earnings released: EPS: kr16.08 (vs kr16.12 in FY 2023) Full year 2024 results: EPS: kr16.08 (down from kr16.12 in FY 2023). Revenue: kr61.6b (up 8.2% from FY 2023). Net income: kr1.57b (flat on FY 2023). Profit margin: 2.5% (down from 2.8% in FY 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to stay flat during the next 3 years compared to a 4.9% growth forecast for the Construction industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 8% per year. Announcement • Feb 11
NCC AB (publ), Annual General Meeting, May 07, 2025 NCC AB (publ), Annual General Meeting, May 07, 2025. Location: on the premises of at six in stockholm, Sweden Buy Or Sell Opportunity • Jan 20
Now 20% overvalued Over the last 90 days, the stock has fallen 1.3% to kr162. The fair value is estimated to be kr135, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 2.8% over the last 3 years. Earnings per share has grown by 3.2%. Revenue is forecast to grow by 5.4% in 2 years. Earnings are forecast to grow by 15% in the next 2 years. Recent Insider Transactions • Dec 01
Independent Director recently sold kr4.8m worth of stock On the 27th of November, Simon de Château sold around 30k shares on-market at roughly kr160 per share. This transaction amounted to 60% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of kr9.4m more than they bought in the last 12 months. Upcoming Dividend • Oct 30
Upcoming dividend of kr4.00 per share Eligible shareholders must have bought the stock before 06 November 2024. Payment date: 12 November 2024. Payout ratio is a comfortable 63% but the company is not cash flow positive. Trailing yield: 5.0%. Lower than top quartile of British dividend payers (5.9%). Higher than average of industry peers (2.9%). New Risk • Oct 26
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 11% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (11% operating cash flow to total debt). Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Significant insider selling over the past 3 months (kr6.3m sold). Reported Earnings • Oct 26
Third quarter 2024 earnings released: EPS: kr4.83 (vs kr6.36 in 3Q 2023) Third quarter 2024 results: EPS: kr4.83 (down from kr6.36 in 3Q 2023). Revenue: kr14.3b (up 1.8% from 3Q 2023). Net income: kr472.0m (down 24% from 3Q 2023). Profit margin: 3.3% (down from 4.4% in 3Q 2023). Revenue is forecast to grow 2.6% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Construction industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has increased by 4% per year. Buy Or Sell Opportunity • Sep 11
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 13% to kr157. The fair value is estimated to be kr131, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 3.5% over the last 3 years. Earnings per share has grown by 6.9%. Revenue is forecast to grow by 4.4% in 2 years. Earnings are forecast to grow by 0.4% in the next 2 years. Recent Insider Transactions • Aug 25
Independent Director recently sold kr3.1m worth of stock On the 21st of August, Simon de Château sold around 20k shares on-market at roughly kr156 per share. This transaction amounted to 22% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of kr1.8m more than they bought in the last 12 months. Buy Or Sell Opportunity • Aug 08
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 18% to kr158. The fair value is estimated to be kr129, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 3.5% over the last 3 years. Earnings per share has grown by 6.9%. Revenue is forecast to grow by 4.4% in 2 years. Earnings are forecast to grow by 0.4% in the next 2 years. Reported Earnings • Jul 17
Second quarter 2024 earnings released: EPS: kr4.83 (vs kr4.17 in 2Q 2023) Second quarter 2024 results: EPS: kr4.83 (up from kr4.17 in 2Q 2023). Revenue: kr15.4b (up 4.0% from 2Q 2023). Net income: kr472.0m (up 16% from 2Q 2023). Profit margin: 3.1% (up from 2.7% in 2Q 2023). Revenue is forecast to grow 2.1% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Construction industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Jun 17
Insider recently sold kr167k worth of stock On the 12th of June, Ann-Marie Hedbeck sold around 1k shares on-market at roughly kr135 per share. This transaction amounted to 31% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought kr4.9m more than they sold in the last 12 months. Announcement • May 15
NCC AB (publ) Announces Executive Changes NCC AB (publ) has appointed Andreas Koch as new Head of Communications and member of the Senior Management Team. He joins NCC from a similar position at the Nordic care services company Attendo and will take up his new duties not later than in November 2024. Over the past 20 years, Andreas Koch has held various senior positions in the field of communication. He is currently Head of Communications and IR at Attendo. Previous experience includes Head of Communications at the investment bank Carnegie and Head of Investor Relations at the steel manufacturer SSAB and the consumer products company Essity. Andreas Koch will replace Maria Grimberg who has, as previously announced, decided to leave NCC for other assignments. Recent Insider Transactions • May 10
Head of Business Area Infrastructure recently bought kr716k worth of stock On the 7th of May, Kenneth Nilsson bought around 5k shares on-market at roughly kr132 per share. This transaction amounted to 56% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr4.1m more in shares than they have sold in the last 12 months. New Risk • May 04
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 14% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (14% operating cash flow to total debt). Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Declared Dividend • Apr 11
Dividend of kr4.00 announced Shareholders will receive a dividend of kr4.00. Ex-date: 6th November 2024 Payment date: 12th November 2024 Dividend yield will be 5.8%, which is higher than the industry average of 3.6%. Sustainability & Growth Dividend is covered by earnings (50% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to decline by 8.4% over the next 3 years. However, it would need to fall by 45% to increase the payout ratio to a potentially unsustainable range. Upcoming Dividend • Apr 03
Upcoming dividend of kr4.00 per share Eligible shareholders must have bought the stock before 10 April 2024. Payment date: 16 April 2024. Payout ratio is a comfortable 50% but the company is not cash flow positive. Trailing yield: 5.5%. Lower than top quartile of British dividend payers (6.0%). Higher than average of industry peers (3.5%). Reported Earnings • Mar 20
Full year 2023 earnings released: EPS: kr16.12 (vs kr10.29 in FY 2022) Full year 2023 results: EPS: kr16.12 (up from kr10.29 in FY 2022). Revenue: kr56.9b (up 5.0% from FY 2022). Net income: kr1.57b (up 47% from FY 2022). Profit margin: 2.8% (up from 2.0% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.1% p.a. on average during the next 3 years, compared to a 3.3% growth forecast for the Construction industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Announcement • Mar 07
Maria Grimberg, Head of Communications, Decides to Leave NCC AB (publ) Maria Grimberg, Head of Communications, has decided to leave NCC for other opportunities. She has been in the role since March 2019. Maria Grimberg will leave NCC after the summer. A recruitment process has been initiated. Declared Dividend • Feb 02
Final dividend of kr4.00 announced Shareholders will receive a dividend of kr4.00. Ex-date: 10th April 2024 Payment date: 16th April 2024 Dividend yield will be 5.2%, which is higher than the industry average of 3.6%. Sustainability & Growth Dividend is covered by earnings (50% earnings payout ratio) but not covered by cash flows (dividend approximately 7x free cash flows). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to decline by 11% over the next 3 years. However, it would need to fall by 45% to increase the payout ratio to a potentially unsustainable range. Reported Earnings • Jan 31
Full year 2023 earnings released: EPS: kr16.12 (vs kr10.29 in FY 2022) Full year 2023 results: EPS: kr16.12 (up from kr10.29 in FY 2022). Revenue: kr56.9b (up 5.0% from FY 2022). Net income: kr1.57b (up 47% from FY 2022). Profit margin: 2.8% (up from 2.0% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 1.7% p.a. on average during the next 3 years, compared to a 2.8% growth forecast for the Construction industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Announcement • Jan 30
Ncc AB (Publ) Proposes A Dividend for 2023 The Board of NCC AB (publ) proposed a dividend of SEK 8 per share for 2023, and this is driven by a couple of developments. Announcement • Dec 06
NCC Group AB (publ) Appoints Two New Heads of Business Areas NCC has appointed new leaders for two business areas. Niklas Sparw will become new Head of NCC Building Sweden. He is currently division manager within NCC. Helena Hed will become Head of the new business area NCC Green Industry Transformation. She is currently CEO of the listed consulting group Projektengagemang. Both will join NCC's Senior Management Team. Niklas Sparw has worked at NCC for more than 25 years, including as head of NCC Engineering and Sustainability, and is currently Head of division within NCC Building Sweden. He has a master's degree in civil engineering from Chalmers University of Technology. He assumes his new role on 1 February 2024, succeeding Henrik Landelius who, as previously announced, will leave NCC for a role outside the company. Since 2020, Helena Hed has been president and CEO of the consulting group Projektengagemang. She has previously worked for 19 years within Sweco, including as CEO of Sweco Management and as regional manager for Sweco Rail and Sweco Environment. She has a master's degree in civil engineering from Luleå University of Technology. She will assume her new role at NCC no later than in June 2024. Recent Insider Transactions • Nov 21
Head of Business Area Building Sweden recently sold kr383k worth of stock On the 17th of November, Henrik Landelius sold around 3k shares on-market at roughly kr119 per share. This transaction amounted to 30% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought kr4.3m more than they sold in the last 12 months. Announcement • Nov 01
NCC AB (publ) to Report Q3, 2024 Results on Oct 25, 2024 NCC AB (publ) announced that they will report Q3, 2024 results on Oct 25, 2024 Reported Earnings • Nov 01
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: kr14.0b (flat on 3Q 2022). Net income: kr621.0m (up 46% from 3Q 2022). Profit margin: 4.4% (up from 3.0% in 3Q 2022). Revenue is forecast to stay flat during the next 3 years compared to a 3.2% growth forecast for the Construction industry in the United Kingdom. Announcement • Oct 31
NCC AB (publ), Annual General Meeting, Apr 09, 2024 NCC AB (publ), Annual General Meeting, Apr 09, 2024. Upcoming Dividend • Oct 27
Upcoming dividend of kr3.00 per share at 5.2% yield Eligible shareholders must have bought the stock before 03 November 2023. Payment date: 09 November 2023. Payout ratio is a comfortable 43% but the company is paying out more than the cash it is generating. Trailing yield: 5.2%. Lower than top quartile of British dividend payers (6.8%). Higher than average of industry peers (4.1%). Announcement • Sep 25
NCC Announces Resignation of Henrik Landelius as Head of Business Area Building Sweden NCC announced Henrik Landelius, Head of business area Building Sweden, has decided to leave the company for another position. He has been Head of the business area since 2018. Henrik Landelius will remain in his position during his notice period. He will leave NCC no later than in March 2024, and will at that time resume a position as CEO of Areim AB, an independent Nordic fund manager and property owner. Recent Insider Transactions • Jul 22
President & CEO recently bought kr1.2m worth of stock On the 19th of July, Tomas Carlsson bought around 11k shares on-market at roughly kr113 per share. This transaction amounted to 8.6% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Tomas has been a buyer over the last 12 months, purchasing a net total of kr1.8m worth in shares. New Risk • Jul 19
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 3.4% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 3.4% per year for the foreseeable future. Minor Risks High level of debt (69% net debt to equity). Dividend is not well covered by cash flows (dividend per share is over 66x cash flows per share). Reported Earnings • Jul 19
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: kr14.9b (up 6.1% from 2Q 2022). Net income: kr407.0m (up 6.3% from 2Q 2022). Profit margin: 2.7% (in line with 2Q 2022). Revenue is forecast to stay flat during the next 3 years compared to a 3.1% growth forecast for the Construction industry in the United Kingdom. Announcement • Jun 27
REMONDIS Sweden AB agreed to acquire Bergnaset Stallningsmontage Ab from NCC AB (publ) (OM:NCC B). REMONDIS Sweden AB agreed to acquire Bergnaset Stallningsmontage Ab from NCC AB (publ) (OM:NCC B) on June 26, 2023. Closing is expected in the third quarter of 2023. The completion of the transaction is subject to approval from the competition authorities. Recent Insider Transactions • May 05
President & CEO recently bought kr562k worth of stock On the 3rd of May, Tomas Carlsson bought around 6k shares on-market at roughly kr100 per share. This transaction amounted to 4.6% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Tomas' only on-market trade for the last 12 months. Board Change • Apr 06
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 6 non-independent directors. Independent Director Simon de Château was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Mar 27
Upcoming dividend of kr3.00 per share at 7.0% yield Eligible shareholders must have bought the stock before 03 April 2023. Payment date: 11 April 2023. Payout ratio is a comfortable 58% but the company is not cash flow positive. Trailing yield: 7.0%. Within top quartile of British dividend payers (5.7%). Higher than average of industry peers (3.8%). Reported Earnings • Mar 13
Full year 2022 earnings released: EPS: kr10.29 (vs kr14.02 in FY 2021) Full year 2022 results: EPS: kr10.29 (down from kr14.02 in FY 2021). Revenue: kr54.2b (up 1.5% from FY 2021). Net income: kr1.07b (down 29% from FY 2021). Profit margin: 2.0% (down from 2.8% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 1.7% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Construction industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Reported Earnings • Feb 01
Full year 2022 earnings released: EPS: kr10.29 (vs kr14.02 in FY 2021) Full year 2022 results: EPS: kr10.29 (down from kr14.02 in FY 2021). Revenue: kr54.2b (up 1.5% from FY 2021). Net income: kr1.07b (down 29% from FY 2021). Profit margin: 2.0% (down from 2.8% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to stay flat during the next 2 years compared to a 4.0% growth forecast for the Construction industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Announcement • Feb 01
NCC AB (publ) Proposes Dividend for the Fiscal Year 2022, Payable on April 4, 2023 and November 6, 2023 NCC AB (publ)'s board of directors has proposed a dividend of SEK 6.00 (SEK 6.00) per share for the 2022 fiscal year to be paid on two occasions. This corresponds to 55% of after-tax profit for the year. The proposed record date for the first payment of SEK 3.00 per share is April 4, 2023, with payment occurring on April 11, 2023. For the second payment of SEK 3.00 per share, November 6, 2023, is the proposed record date with payment occurring on November 9, 2023. Reported Earnings • Nov 02
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: kr14.1b (down 3.2% from 3Q 2021). Net income: kr425.0m (down 40% from 3Q 2021). Profit margin: 3.0% (down from 4.9% in 3Q 2021). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 1.3% p.a. on average during the next 3 years, while revenues in the Construction industry in the United Kingdom are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Announcement • Nov 02
NCC AB (publ) to Report Nine Months, 2023 Results on Oct 31, 2023 NCC AB (publ) announced that they will report nine months, 2023 results on Oct 31, 2023 Upcoming Dividend • Oct 31
Upcoming dividend of kr3.00 per share Eligible shareholders must have bought the stock before 07 November 2022. Payment date: 11 November 2022. Payout ratio is a comfortable 44% but the company is not cash flow positive. Trailing yield: 6.5%. Within top quartile of British dividend payers (6.1%). Higher than average of industry peers (4.1%). Valuation Update With 7 Day Price Move • Oct 01
Investor sentiment deteriorated over the past week After last week's 15% share price decline to kr77.16, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 8x in the Construction industry in the United Kingdom. Total loss to shareholders of 48% over the past three years. Reported Earnings • Jul 19
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: kr14.0b (up 9.9% from 2Q 2021). Net income: kr383.0m (down 1.3% from 2Q 2021). Profit margin: 2.7% (down from 3.0% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to stay flat compared to a 5.9% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. 
