NCAB Group AB (publ)

OM:NCAB Stock Report

Market Cap: SEK 11.9b

NCAB Group Valuation

Is NCAB undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

1/6

Valuation Score 1/6

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

Below Fair Value: NCAB (SEK63.9) is trading below our estimate of fair value (SEK73.44)

Significantly Below Fair Value: NCAB is trading below fair value, but not by a significant amount.

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for NCAB. This is calculated by dividing NCAB's market cap by their current earnings.
What is NCAB's PE Ratio?
PE Ratio42.6x
EarningsSEK 280.64m
Market CapSEK 11.95b

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for NCAB vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average37.2x
NOTE NOTE
16.2x15.3%SEK 4.3b
MYCR Mycronic
22.4x5.6%SEK 38.9b
LAGR B Lagercrantz Group
47.9x14.7%SEK 43.5b
HMS HMS Networks
62.4x42.0%SEK 21.6b
NCAB NCAB Group
42.6x24.2%SEK 11.9b

Price-To-Earnings vs Peers: NCAB is expensive based on its Price-To-Earnings Ratio (42.6x) compared to the peer average (37.2x).

Price to Earnings Ratio vs Industry

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

5 CompaniesPrice / EarningsEstimated GrowthMarket Cap
NCAB 42.6xIndustry Avg. 19.2xNo. of Companies14PE01224364860+
5 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: NCAB is expensive based on its Price-To-Earnings Ratio (42.6x) compared to the European Electronic industry average (19.2x).

Price to Earnings Ratio vs Fair Ratio

What is NCAB'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.

NCAB PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio42.6x
Fair PE Ratio31.5x

Price-To-Earnings vs Fair Ratio: NCAB is expensive based on its Price-To-Earnings Ratio (42.6x) compared to the estimated Fair Price-To-Earnings Ratio (31.5x).

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 NCAB forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentSEK 63.90
SEK 73.20
+14.6%
5.2%SEK 79.00SEK 69.00n/a5
Dec ’25SEK 57.05
SEK 74.20
+30.1%
6.3%SEK 80.00SEK 69.00n/a5
Nov ’25SEK 64.60
SEK 78.25
+21.1%
4.8%SEK 82.00SEK 72.00n/a4
Oct ’25SEK 63.10
SEK 83.75
+32.7%
4.5%SEK 90.00SEK 80.00n/a4
Sep ’25SEK 74.80
SEK 83.75
+12.0%
4.5%SEK 90.00SEK 80.00n/a4
Aug ’25SEK 75.95
SEK 85.75
+12.9%
5.1%SEK 90.00SEK 80.00n/a4
Jul ’25SEK 80.30
SEK 77.50
-3.5%
7.2%SEK 86.00SEK 72.00n/a4
Jun ’25SEK 80.55
SEK 75.50
-6.3%
5.3%SEK 80.00SEK 71.00n/a4
May ’25SEK 72.55
SEK 75.50
+4.1%
5.3%SEK 80.00SEK 71.00n/a4
Apr ’25SEK 70.15
SEK 73.67
+5.0%
3.4%SEK 77.00SEK 71.00n/a3
Mar ’25SEK 76.75
SEK 73.67
-4.0%
3.4%SEK 77.00SEK 71.00n/a3
Feb ’25SEK 69.15
SEK 72.00
+4.1%
1.1%SEK 73.00SEK 71.00n/a3
Jan ’25SEK 73.25
SEK 69.00
-5.8%
4.3%SEK 72.00SEK 65.00n/a3
Dec ’24SEK 65.90
SEK 69.00
+4.7%
4.3%SEK 72.00SEK 65.00SEK 57.053
Nov ’24SEK 53.85
SEK 79.33
+47.3%
7.2%SEK 86.00SEK 72.00SEK 64.603
Oct ’24SEK 53.85
SEK 82.00
+52.3%
3.4%SEK 86.00SEK 80.00SEK 63.103
Sep ’24SEK 59.75
SEK 82.00
+37.2%
3.4%SEK 86.00SEK 80.00SEK 74.803
Aug ’24SEK 62.30
SEK 82.00
+31.6%
3.4%SEK 86.00SEK 80.00SEK 75.953
Jul ’24SEK 84.05
SEK 87.33
+3.9%
2.9%SEK 90.00SEK 84.00SEK 80.303
Jun ’24SEK 84.05
SEK 84.00
-0.06%
3.9%SEK 88.00SEK 80.00SEK 80.553
May ’24SEK 78.15
SEK 79.67
+1.9%
4.6%SEK 84.00SEK 75.00SEK 72.553
Apr ’24SEK 61.00
SEK 76.00
+24.6%
1.3%SEK 77.00SEK 75.00SEK 70.152
Mar ’24SEK 57.90
SEK 77.50
+33.9%
0.6%SEK 78.00SEK 77.00SEK 76.752
Feb ’24SEK 67.65
SEK 73.50
+8.6%
2.0%SEK 75.00SEK 72.00SEK 69.152
Jan ’24SEK 64.95
SEK 73.50
+13.2%
2.0%SEK 75.00SEK 72.00SEK 73.252
Dec ’23SEK 64.75
SEK 73.50
+13.5%
2.0%SEK 75.00SEK 72.00SEK 65.902

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 Analysis2024/12/22 00:51
End of Day Share Price 2024/12/20 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

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.

AnalystInstitution
Robert RedinCarnegie Investment Bank AB
Jacob EdlerDanske Bank
Marcus DeveliusDNB Markets