NCC AB (publ)

OM:NCC B Stock Report

Market Cap: SEK 15.8b

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.

Below Fair Value: NCC B (SEK159.6) is trading above our estimate of fair value (SEK149.25)

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 Ratio12.6x
EarningsSEK 1.24b
Market CapSEK 15.78b

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 Average20.1x
PEAB B Peab
15.7x10.4%SEK 23.3b
INSTAL Instalco
15.5x22.8%SEK 7.6b
SWEC B Sweco
30.9x15.4%SEK 58.4b
SKA B Skanska
18.4x18.0%SEK 90.0b
NCC B NCC
12.6x6.4%SEK 15.6b

Price-To-Earnings vs Peers: NCC B is good value based on its Price-To-Earnings Ratio (12.6x) compared to the peer average (20.1x).

Price to Earnings Ratio vs Industry

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

1 CompanyPrice / EarningsEstimated GrowthMarket Cap
NCC B 12.6xIndustry Avg. 12.8xNo. of Companies19PE01020304050+
1 CompanyEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: NCC B is good value based on its Price-To-Earnings Ratio (12.6x) compared to the European Construction industry average (12.8x).

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 Ratio12.6x
Fair PE Ratio17.9x

Price-To-Earnings vs Fair Ratio: NCC B is good value based on its Price-To-Earnings Ratio (12.6x) compared to the estimated Fair Price-To-Earnings Ratio (17.8x).

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 NCC B forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentSEK 159.60
SEK 181.25
+13.6%
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 135.00n/a3
Dec ’24SEK 117.80
SEK 136.67
+16.0%
1.7%SEK 140.00SEK 135.00n/a3
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
Dec ’23SEK 101.50
SEK 125.00
+23.2%
4.0%SEK 130.00SEK 120.00SEK 117.802
Nov ’23SEK 99.95
SEK 125.00
+25.1%
4.0%SEK 130.00SEK 120.00SEK 116.002

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

Discover undervalued companies

Inission

SEK 748.9m

Engages in the supply of tailored manufacturing services and products in the field of industrial electronics and mechanics in Sweden, Finland, Estonia, Norway, the United States, and internationally.

INISS B

SEK 33.80

7D

-7.9%

1Y

-29.6%

Storskogen Group

SEK 17.0b

Owns and develops small and medium-sized businesses operating in services, trade, and industrial sectors.

STOR B

SEK 9.73

7D

-4.7%

1Y

27.5%

Trelleborg

SEK 84.3b

Provides engineered polymer solutions for seal, damp, and protect critical applications worldwide.

TREL B

SEK 354.60

7D

-6.0%

1Y

12.4%