NCC AB (publ)

OM:NCC B Stock Report

Market Cap: SEK 15.7b

NCC Valuation

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

Discounted Cash Flow
Simply Wall St
SEK 137.62
Fair Value
16.9% overvalued intrinsic discount
4
Number of Analysts

Below Fair Value: NCC B (SEK160.9) is trading above our estimate of fair value (SEK137.62)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for NCC B. This is calculated by dividing NCC B's market cap by their current earnings.
What is NCC B's PE Ratio?
PE Ratio12.7x
EarningsSEK 1.24b
Market CapSEK 15.75b

Price to Earnings Ratio vs Peers

How does NCC B's PE Ratio compare to its peers?

The above table shows the PE ratio for NCC B vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average21.1x
PEAB B Peab
15.3x8.5%SEK 22.7b
INSTAL Instalco
16.8x23.4%SEK 8.2b
SWEC B Sweco
32.5x16.3%SEK 61.4b
SKA B Skanska
19.7x17.8%SEK 96.2b
NCC B NCC
12.7x5.1%SEK 15.7b

Price-To-Earnings vs Peers: NCC B is good value based on its Price-To-Earnings Ratio (12.7x) compared to the peer average (21.1x).

Price to Earnings Ratio vs Industry

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

3 CompaniesPrice / EarningsEstimated GrowthMarket Cap
NCC B 12.7xIndustry Avg. 13.9xNo. of Companies15PE01020304050+
3 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: NCC B is good value based on its Price-To-Earnings Ratio (12.7x) compared to the European Construction industry average (13.9x).

Price to Earnings Ratio vs Fair Ratio

What is NCC B'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.

NCC B PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio12.7x
Fair PE Ratio16.5x

Price-To-Earnings vs Fair Ratio: NCC B is good value based on its Price-To-Earnings Ratio (12.7x) compared to the estimated Fair Price-To-Earnings Ratio (16.5x).

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 NCC B forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentSEK 160.90
SEK 181.25
+12.6%
4.1%SEK 190.00SEK 170.00n/a4
Jan ’26SEK 162.40
SEK 181.25
+11.6%
4.1%SEK 190.00SEK 170.00n/a4
Dec ’25SEK 162.90
SEK 181.25
+11.3%
4.1%SEK 190.00SEK 170.00n/a4
Nov ’25SEK 162.00
SEK 178.75
+10.3%
5.0%SEK 190.00SEK 170.00n/a4
Oct ’25SEK 169.60
SEK 170.00
+0.2%
2.1%SEK 175.00SEK 165.00n/a4
Sep ’25SEK 158.90
SEK 170.00
+7.0%
2.1%SEK 175.00SEK 165.00n/a4
Aug ’25SEK 162.60
SEK 170.00
+4.6%
2.1%SEK 175.00SEK 165.00n/a4
Jul ’25SEK 138.30
SEK 150.00
+8.5%
2.4%SEK 155.00SEK 145.00n/a4
Jun ’25SEK 137.30
SEK 150.00
+9.2%
2.4%SEK 155.00SEK 145.00n/a4
May ’25SEK 135.10
SEK 153.75
+13.8%
2.7%SEK 160.00SEK 150.00n/a4
Apr ’25SEK 147.30
SEK 153.75
+4.4%
2.7%SEK 160.00SEK 150.00n/a4
Mar ’25SEK 143.00
SEK 151.67
+6.1%
1.6%SEK 155.00SEK 150.00n/a3
Feb ’25SEK 134.50
SEK 146.67
+9.0%
3.2%SEK 150.00SEK 140.00n/a3
Jan ’25SEK 125.60
SEK 136.67
+8.8%
1.7%SEK 140.00SEK 135.00SEK 162.403
Dec ’24SEK 117.80
SEK 136.67
+16.0%
1.7%SEK 140.00SEK 135.00SEK 162.903
Nov ’24SEK 116.00
SEK 133.33
+14.9%
1.8%SEK 135.00SEK 130.00SEK 162.003
Oct ’24SEK 118.40
SEK 135.00
+14.0%
3.0%SEK 140.00SEK 130.00SEK 169.603
Sep ’24SEK 113.00
SEK 135.00
+19.5%
3.0%SEK 140.00SEK 130.00SEK 158.903
Aug ’24SEK 115.30
SEK 135.00
+17.1%
3.0%SEK 140.00SEK 130.00SEK 162.603
Jul ’24SEK 94.25
SEK 128.33
+36.2%
1.8%SEK 130.00SEK 125.00SEK 138.303
Jun ’24SEK 89.40
SEK 128.33
+43.5%
1.8%SEK 130.00SEK 125.00SEK 137.303
May ’24SEK 101.90
SEK 128.33
+25.9%
1.8%SEK 130.00SEK 125.00SEK 135.103
Apr ’24SEK 91.90
SEK 127.50
+38.7%
2.0%SEK 130.00SEK 125.00SEK 147.302
Mar ’24SEK 98.60
SEK 127.50
+29.3%
2.0%SEK 130.00SEK 125.00SEK 143.002
Feb ’24SEK 99.95
SEK 122.50
+22.6%
2.0%SEK 125.00SEK 120.00SEK 134.502
Jan ’24SEK 97.25
SEK 125.00
+28.5%
4.0%SEK 130.00SEK 120.00SEK 125.602
Analyst Price Target
Consensus Narrative from 4 Analysts
SEK 181.25
Fair Value
11.2% undervalued intrinsic discount
4
Number of Analysts

Analyst Forecast: Target price is less than 20% higher than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/01/17 21:53
End of Day Share Price 2025/01/17 00:00
Earnings2024/09/30
Annual Earnings2023/12/31

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.

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 AB (publ) is covered by 13 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
Tobias KajABG Sundal Collier
Kristofer Liljeberg-SvenssonCarnegie Investment Bank AB
Stefan Erik AnderssonDanske Bank