OM:NWG

Stock Analysis Report

Nordic Waterproofing Holding

Executive Summary

Nordic Waterproofing Holding A/S develops, manufactures, and distributes a range of waterproofing products and solutions for buildings and infrastructure primarily in Belgium, Germany, the Netherlands, Poland, and the United Kingdom, and the Nordic countries.


Snowflake Analysis

Undervalued with solid track record and pays a dividend.


Similar Companies

Share Price & News

How has Nordic Waterproofing Holding's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: NWG's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

14.5%

NWG

10.6%

SE Building

7.4%

SE Market


1 Year Return

-10.1%

NWG

-0.8%

SE Building

-8.2%

SE Market

Return vs Industry: NWG underperformed the Swedish Building industry which returned -5.6% over the past year.

Return vs Market: NWG underperformed the Swedish Market which returned -9.7% over the past year.


Shareholder returns

NWGIndustryMarket
7 Day14.5%10.6%7.4%
30 Day-25.3%-13.0%-14.3%
90 Day-21.9%-15.6%-19.4%
1 Year-6.1%-10.1%0.8%-0.8%-5.5%-8.2%
3 Year-5.4%-17.0%20.2%13.6%4.9%-10.6%
5 Yearn/a34.3%23.2%11.9%-11.6%

Price Volatility Vs. Market

How volatile is Nordic Waterproofing Holding's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Nordic Waterproofing Holding undervalued compared to its fair value and its price relative to the market?

45.1%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: NWG (SEK69.4) is trading below our estimate of fair value (SEK134.8)

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


Price To Earnings Ratio

PE vs Industry: NWG is good value based on its PE Ratio (8.4x) compared to the Building industry average (16x).

PE vs Market: NWG is good value based on its PE Ratio (8.4x) compared to the Swedish market (14.3x).


Price to Earnings Growth Ratio

PEG Ratio: NWG is poor value based on its PEG Ratio (2x)


Price to Book Ratio

PB vs Industry: NWG is good value based on its PB Ratio (1.4x) compared to the SE Building industry average (2.1x).


Next Steps

Future Growth

How is Nordic Waterproofing Holding forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?

4.3%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: NWG's forecast earnings growth (4.3% per year) is above the savings rate (-0.4%).

Earnings vs Market: NWG's earnings (4.3% per year) are forecast to grow slower than the Swedish market (7.9% per year).

High Growth Earnings: NWG's earnings are forecast to grow, but not significantly.

Revenue vs Market: NWG's revenue (2.6% per year) is forecast to grow slower than the Swedish market (4.1% per year).

High Growth Revenue: NWG's revenue (2.6% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: NWG's Return on Equity is forecast to be low in 3 years time (16.9%).


Next Steps

Past Performance

How has Nordic Waterproofing Holding performed over the past 5 years?

14.3%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: NWG has high quality earnings.

Growing Profit Margin: NWG's current net profit margins (6.3%) are higher than last year (5.7%).


Past Earnings Growth Analysis

Earnings Trend: NWG's earnings have grown by 14.3% per year over the past 5 years.

Accelerating Growth: NWG's earnings growth over the past year (30.1%) exceeds its 5-year average (14.3% per year).

Earnings vs Industry: NWG earnings growth over the past year (30.1%) exceeded the Building industry 11.3%.


Return on Equity

High ROE: NWG's Return on Equity (16.2%) is considered low.


Next Steps

Financial Health

How is Nordic Waterproofing Holding's financial position?


Financial Position Analysis

Short Term Liabilities: NWG's short term assets (SEK937.9M) exceed its short term liabilities (SEK423.8M).

Long Term Liabilities: NWG's short term assets (SEK937.9M) exceed its long term liabilities (SEK902.7M).


Debt to Equity History and Analysis

Debt Level: NWG's debt to equity ratio (66.7%) is considered high.

Reducing Debt: NWG's debt to equity ratio has increased from 57.7% to 66.7% over the past 5 years.

Debt Coverage: NWG's debt is well covered by operating cash flow (38.7%).

Interest Coverage: NWG's interest payments on its debt are well covered by EBIT (9.5x coverage).


Balance Sheet

Inventory Level: NWG has a high level of physical assets or inventory.

Debt Coverage by Assets: NWG's debt is covered by short term assets (assets are 1.2x debt).


Next Steps

Dividend

What is Nordic Waterproofing Holding's current dividend yield, its reliability and sustainability?

5.99%

Current Dividend Yield


Upcoming Dividend Payment


Dividend Yield vs Market

Notable Dividend: NWG's dividend (6.48%) is higher than the bottom 25% of dividend payers in the Swedish market (2.03%).

High Dividend: NWG's dividend (6.48%) is in the top 25% of dividend payers in the Swedish market (6.45%)


Stability and Growth of Payments

Stable Dividend: Whilst dividend payments have been stable, NWG has been paying a dividend for less than 10 years.

Growing Dividend: NWG's dividend payments have increased, but the company has only paid a dividend for 3 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (54.8%), NWG's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: NWG's dividends in 3 years are forecast to be covered by earnings (56.6% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

4.4yrs

Average management tenure


CEO

Martin Ellis (63yo)

4.42s

Tenure

kr7,500,000

Compensation

Mr. Martin Ellis has been the Chief Executive Officer and President of Nordic Waterproofing Holding A/S since October 2015. Mr. Ellis serves as the Chief Executive Officer of Icopal and President of the Bu ...


CEO Compensation Analysis

Compensation vs Market: Martin's total compensation ($USD0.00) is below average for companies of similar size in the Swedish market ($USD531.04K).

Compensation vs Earnings: Martin's compensation has been consistent with company performance over the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Martin Ellis
CEO, President & Member of Executive Board4.42yrskr7.50m1.53% SEK27.5m
Jonas Olin
CFO & Head of Investor Relations9.17yrsno data0.21% SEK3.8m
Mats Lindborg
Head of Nordic Waterproofing Sweden9.17yrsno data0.26% SEK4.6m
Paul Rask
Head of Nordic Waterproofing Denmark9.17yrsno data0.43% SEK7.8m
Thomas Zipfel
Head of SealEco9.17yrsno data0.38% SEK6.8m
Esa Maki
Head of Nordic Waterproofing Finland3.17yrsno data0.050% SEK905.3k
Petter Holth
Head of Nordic Waterproofing Norway2.67yrsno data0.65% SEK11.6m
Martin Tholstrup
Head of Taasinge Elementer2.67yrsno data0.080% SEK1.4m
Bengt-Erik Karlberg
Head of Veg Techno datano data0.063% SEK1.1m
Anders Antonsson
Independent Communications Consultant2.67yrsno datano data

4.4yrs

Average Tenure

55yo

Average Age

Experienced Management: NWG's management team is considered experienced (4.4 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Mats Paulsson
Independent Director2.83yrskr200.00k0.063% SEK1.1m
Kristina Willgård
Independent Director2.83yrskr200.00kno data
Ulf Gundemark
Chairman4.42yrskr500.00k0.14% SEK2.6m
Riitta Palomäki
Independent Director3.25yrskr300.00k0.013% SEK225.3k
Steffen Baungaard
Director0.83yrno datano data
Allan Jørgensen
Director1.83yrsno datano data

2.8yrs

Average Tenure

57.5yo

Average Age

Experienced Board: NWG's board of directors are not considered experienced ( 2.9 years average tenure), which suggests a new board.


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Nordic Waterproofing Holding A/S's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Nordic Waterproofing Holding A/S
  • Ticker: NWG
  • Exchange: OM
  • Founded: 1889
  • Industry: Building Products
  • Sector: Capital Goods
  • Market Cap: kr1.794b
  • Shares outstanding: 23.88m
  • Website: https://www.nordicwaterproofing.com

Number of Employees


Location

  • Nordic Waterproofing Holding A/S
  • Drottninggatan 11
  • Helsingborg
  • Skåne County
  • 252 21
  • Sweden

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
NWGOM (OMX Nordic Exchange Stockholm)YesOrdinary SharesSESEKJun 2016
NWGCPSE (OMX Nordic Exchange Copenhagen)YesOrdinary SharesDKSEKJun 2016
0RH9LSE (London Stock Exchange)YesOrdinary SharesGBSEKJun 2016
2ESDB (Deutsche Boerse AG)YesOrdinary SharesDEEURJun 2016
NWGSBATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBSEKJun 2016

Biography

Nordic Waterproofing Holding A/S develops, manufactures, and distributes a range of waterproofing products and solutions for buildings and infrastructure primarily in Belgium, Germany, the Netherlands, Poland, and the United Kingdom, and the Nordic countries. The company operates in two segments, Products & Solutions, and Installation Services. It offers roofing products for various types of roofing and needs, including flat and pitched roofing waterproofing products, and roofing accessories; and building products, such as under layers, moisture and wind barriers, tarpaulins, geo membranes, and foundation panels. The company also provides ethylene propylene diene monomer M-class based water and weather protection solutions for buildings and other types of constructions; and lining applications as geomembrane for ponds and reservoirs, or capping of waste, as well as installation and maintenance services for roofing, yards, and bridges. It offers its products under the AL-Katot, Hetag Tagmaterialer, Kerabit, KerabitPro, Mataki, Nortett, Phønix Tag Materialer, SealEco, and Trebolit brands. Nordic Waterproofing Holding A/S was founded in 1889 and is headquartered in Helsingborg, Sweden. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/03/31 23:24
End of Day Share Price2020/03/31 00:00
Earnings2019/12/31
Annual Earnings2019/12/31


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.