NCAB Group Valuation

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

NCABS (SEK39.9) is trading below our estimate of [[fair value]] (SEK57.3)

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

Discounted Cash Flow

Simply Wall St

SEK 57.30

Fair Value

30.4% undervalued

Number of Analysts

Below Fair Value: NCABS (SEK39.9) is trading below our estimate of fair value (SEK57.3)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for NCABS. This is calculated by dividing NCABS's market cap by their current earnings.
What is NCABS's PE Ratio?
PE Ratio	33.3x
Earnings	SEK 254.87m
Market Cap	SEK 8.48b

NCABS 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	2.6x
Enterprise Value/EBITDA	20.3x
PEG Ratio	1.6x

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for NCABS 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	16.1x
KETL Strix Group	12.9x	44.9%	UK£92.7m
SOLI Solid State	16.4x	-69.2%	UK£87.8m
OXIG Oxford Instruments	19.1x	10.5%	UK£1.0b
RSW Renishaw	16x	12.7%	UK£1.6b
NCABS NCAB Group	33.3x	21.3%	SEK 8.5b

Price-To-Earnings vs Peers: NCABS is expensive based on its Price-To-Earnings Ratio (33.3x) compared to the peer average (16.1x).

Price to Earnings Ratio vs Industry

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

2 Companies	Price / Earnings	Estimated Growth	Market Cap

2 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: NCABS is expensive based on its Price-To-Earnings Ratio (33.3x) compared to the European Electronic industry average (17.1x).

Price to Earnings Ratio vs Fair Ratio

What is NCABS'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.

NCABS PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	33.3x
Fair PE Ratio	n/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate NCABS'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?

The above table shows the analyst NCABS forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	n/a	SEK 65.80 0%	5.0%	SEK 69.00	SEK 60.00	n/a	5
Apr ’26	SEK 52.90	SEK 68.40 +29.3%	6.7%	SEK 74.00	SEK 60.00	n/a	5
Mar ’26	n/a	SEK 68.60 0%	6.2%	SEK 74.00	SEK 61.00	n/a	5
Feb ’26	n/a	SEK 73.20 0%	5.2%	SEK 79.00	SEK 69.00	n/a	5
Jan ’26	n/a	SEK 73.20 0%	5.2%	SEK 79.00	SEK 69.00	n/a	5
Dec ’25	n/a	SEK 74.20 0%	6.3%	SEK 80.00	SEK 69.00	n/a	5
Nov ’25	n/a	SEK 78.25 0%	4.8%	SEK 82.00	SEK 72.00	n/a	4
Oct ’25	n/a	SEK 83.75 0%	4.5%	SEK 90.00	SEK 80.00	n/a	4
Sep ’25	n/a	SEK 83.75 0%	4.5%	SEK 90.00	SEK 80.00	n/a	4
Aug ’25	n/a	SEK 85.75 0%	5.1%	SEK 90.00	SEK 80.00	n/a	4
Jul ’25	n/a	SEK 77.50 0%	7.2%	SEK 86.00	SEK 72.00	n/a	4
Jun ’25	n/a	SEK 75.50 0%	5.3%	SEK 80.00	SEK 71.00	n/a	4
May ’25	n/a	SEK 75.50 0%	5.3%	SEK 80.00	SEK 71.00	n/a	4
Apr ’25	n/a	SEK 73.67 0%	3.4%	SEK 77.00	SEK 71.00	SEK 52.90	3
Mar ’25	n/a	SEK 73.67 0%	3.4%	SEK 77.00	SEK 71.00	n/a	3
Feb ’25	n/a	SEK 72.00 0%	1.1%	SEK 73.00	SEK 71.00	n/a	3
Jan ’25	n/a	SEK 69.00 0%	4.3%	SEK 72.00	SEK 65.00	n/a	3
Dec ’24	n/a	SEK 69.00 0%	4.3%	SEK 72.00	SEK 65.00	n/a	3
Nov ’24	n/a	SEK 79.33 0%	7.2%	SEK 86.00	SEK 72.00	n/a	3
Oct ’24	n/a	SEK 82.00 0%	3.4%	SEK 86.00	SEK 80.00	n/a	3
Sep ’24	n/a	SEK 82.00 0%	3.4%	SEK 86.00	SEK 80.00	n/a	3
Aug ’24	n/a	SEK 82.00 0%	3.4%	SEK 86.00	SEK 80.00	n/a	3
Jul ’24	SEK 83.85	SEK 87.33 +4.2%	2.9%	SEK 90.00	SEK 84.00	n/a	3
Jun ’24	SEK 83.00	SEK 84.00 +1.2%	3.9%	SEK 88.00	SEK 80.00	n/a	3
May ’24	SEK 60.45	SEK 79.67 +31.8%	4.6%	SEK 84.00	SEK 75.00	n/a	3
Apr ’24	SEK 59.40	SEK 76.00 +27.9%	1.3%	SEK 77.00	SEK 75.00	n/a	2

AnalystConsensusTarget

Consensus Narrative from 5 Analysts

SEK 57.91

Fair Value

31.1% undervalued

Number of Analysts

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

Data	Last Updated (UTC time)
Company Analysis	2025/04/20 00:40
End of Day Share Price	2025/04/11 00:00
Earnings	2024/12/31
Annual Earnings	2024/12/31

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	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* 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

NCAB Group AB (publ) is covered by 7 analysts. 5 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
Robert Redin	Carnegie Investment Bank AB
Jacob Edler	Danske Bank
Marcus Develius	DNB Markets