Recent Insider Transactions • Jun 07
Chief Financial Officer recently bought kr595k worth of stock On the 4th of June, Timothy Benjamin bought around 7k shares on-market at roughly kr85.00 per share. This transaction amounted to 35% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Timothy's only on-market trade for the last 12 months. Upcoming Dividend • May 01
Upcoming dividend of kr1.10 per share Eligible shareholders must have bought the stock before 08 May 2026. Payment date: 15 May 2026. Payout ratio is on the higher end at 90%, however this is supported by cash flows. Trailing yield: 1.5%. Lower than top quartile of British dividend payers (5.8%). Higher than average of industry peers (0.8%). Buy Or Sell Opportunity • Apr 16
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 37% to kr68.30. The fair value is estimated to be kr55.81, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 8.0% over the last 3 years. Earnings per share has declined by 32%. For the next 3 years, revenue is forecast to grow by 8.4% per annum. Earnings are also forecast to grow by 22% per annum over the same time period. Reported Earnings • Apr 12
Full year 2025 earnings released: EPS: kr1.10 (vs kr1.36 in FY 2024) Full year 2025 results: EPS: kr1.10 (down from kr1.36 in FY 2024). Revenue: kr3.76b (up 4.1% from FY 2024). Net income: kr206.0m (down 19% from FY 2024). Profit margin: 5.5% (down from 7.1% in FY 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 8.0% p.a. on average during the next 3 years, compared to a 8.4% growth forecast for the Electronic industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Mar 30
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to kr54.05, the stock trades at a forward P/E ratio of 32x. Average forward P/E is 17x in the Electronic industry in the United Kingdom. Total loss to shareholders of 8.3% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at kr55.77 per share. New Risk • Mar 01
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 7.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks High level of debt (53% net debt to equity). Share price has been volatile over the past 3 months (7.2% average weekly change). Tillkännagivande • Feb 16
NCAB Group AB (publ) Proposes a Dividend to Be Paid in May The Board of Directors of NCAB Group AB (publ) proposed a dividend of SEK 1.10 (0.00) per share to be paid in May. New Risk • Feb 15
New minor risk - Dividend sustainability The dividend is not well covered by earnings. Payout ratio: 100% Dividend yield: 2.5% This is considered a minor risk. Companies that pay out too much of their earnings are at risk of having to reduce or cut their dividend in future. If earnings growth slows or earnings fall, then there may not be enough earnings to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. However, this risk is mitigated by the fact the dividend is covered by cash flows. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks High level of debt (53% net debt to equity). Dividend is not well covered by earnings (100% payout ratio). Reported Earnings • Feb 15
Full year 2025 earnings released: EPS: kr1.10 (vs kr1.36 in FY 2024) Full year 2025 results: EPS: kr1.10 (down from kr1.36 in FY 2024). Revenue: kr3.74b (up 3.6% from FY 2024). Net income: kr206.0m (down 19% from FY 2024). Profit margin: 5.5% (down from 7.1% in FY 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.5% p.a. on average during the next 2 years, compared to a 7.6% growth forecast for the Electronic industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Feb 11
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to kr40.00, the stock trades at a forward P/E ratio of 27x. Average forward P/E is 19x in the Electronic industry in the United Kingdom. Total loss to shareholders of 45% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at kr55.41 per share. Buy Or Sell Opportunity • Jan 29
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 21% to kr46.00. The fair value is estimated to be kr57.96, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 8.7% over the last 3 years. Earnings per share has declined by 29%. Revenue is forecast to grow by 19% in 2 years. Earnings are forecast to grow by 88% in the next 2 years. Reported Earnings • Oct 26
Third quarter 2025 earnings released: EPS: kr0.33 (vs kr0.27 in 3Q 2024) Third quarter 2025 results: EPS: kr0.33 (up from kr0.27 in 3Q 2024). Revenue: kr949.3m (up 5.7% from 3Q 2024). Net income: kr60.9m (up 21% from 3Q 2024). Profit margin: 6.4% (up from 5.6% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.7% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the Electronic industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Tillkännagivande • Oct 24
NCAB Group AB (publ) to Report Fiscal Year 2025 Final Results on Apr 10, 2026 NCAB Group AB (publ) announced that they will report fiscal year 2025 final results at 9:00 AM, Central European Standard Time on Apr 10, 2026 Tillkännagivande • Oct 15
NCAB Group AB (publ), Annual General Meeting, May 07, 2026 NCAB Group AB (publ), Annual General Meeting, May 07, 2026. Reported Earnings • Jul 22
Second quarter 2025 earnings released: EPS: kr0.22 (vs kr0.39 in 2Q 2024) Second quarter 2025 results: EPS: kr0.22 (down from kr0.39 in 2Q 2024). Revenue: kr936.5m (flat on 2Q 2024). Net income: kr40.3m (down 45% from 2Q 2024). Profit margin: 4.3% (down from 7.8% in 2Q 2024). Revenue is forecast to grow 9.8% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Electronic industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Jul 03
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to kr51.49, the stock trades at a forward P/E ratio of 31x. Average forward P/E is 20x in the Electronic industry in the United Kingdom. Negligible returns to shareholders over past three years. Simply Wall St's valuation model estimates the intrinsic value at kr63.12 per share. Tillkännagivande • Jun 04
NCAB Group AB (publ) (OM:NCAB) completed the acquisition of B & B Leiterplattenservice Gmbh. NCAB Group AB (publ) (OM:NCAB) signed an agreement to acquire B & B Leiterplattenservice Gmbh for approximately SEK 160 million on April 23, 2025. The purchase price amounts to SEK 135 million with a possible further earnout of a maximum of SEK 28 million.
For the period ending December 31, 2024, B & B Leiterplattenservice Gmbh reported total revenue of SEK 150 million.
The deal is expected to close in the beginning of May and the sellers will stay during a transition period securing a smooth integration.
NCAB Group AB (publ) (OM:NCAB) completed the acquisition of B & B Leiterplattenservice Gmbh on June 3, 2025. Valuation Update With 7 Day Price Move • May 16
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to kr46.01, the stock trades at a forward P/E ratio of 28x. Average forward P/E is 16x in the Electronic industry in the United Kingdom. Total loss to shareholders of 21% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at kr63.89 per share. Tillkännagivande • May 08
NCAB Group AB (publ) Announces Board Appointments NCAB Group AB (publ) at the AGM held on May 8, 2025, the shareholders approved election of Marlene Forsell and Helen Blomqvist as new directors of the board. Recent Insider Transactions • Apr 28
Chief Financial Officer recently bought kr375k worth of stock On the 25th of April, Timothy Benjamin bought around 10k shares on-market at roughly kr37.50 per share. This transaction amounted to 50% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Timothy's only on-market trade for the last 12 months. New Risk • Apr 27
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 6.0% Last year net profit margin: 9.5% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks High level of debt (49% net debt to equity). Dividend is not well covered by earnings (95% payout ratio). Share price has been volatile over the past 3 months (10% average weekly change). Profit margins are more than 30% lower than last year (6.0% net profit margin). Valuation Update With 7 Day Price Move • Apr 25
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to kr38.63, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 15x in the Electronic industry in the United Kingdom. Total loss to shareholders of 36% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at kr63.45 per share. Tillkännagivande • Apr 24
NCAB Group AB (publ) (OM:NCAB) signed an agreement to acquire B & B Leiterplattenservice Gmbh for approximately SEK 160 million. NCAB Group AB (publ) (OM:NCAB) signed an agreement to acquire B & B Leiterplattenservice Gmbh for approximately SEK 160 million on April 23, 2025. The purchase price amounts to SEK 135 million with a possible further earnout of a maximum of SEK 28 million.
For the period ending December 31, 2024, B & B Leiterplattenservice Gmbh reported total revenue of SEK 150 million.
The deal is expected to close in the beginning of May and the sellers will stay during a transition period securing a smooth integration. Declared Dividend • Apr 11
Dividend of kr1.10 announced Dividend of kr1.10 is the same as last year. Ex-date: 9th May 2025 Payment date: 15th May 2025 Dividend yield will be 2.7%, which is higher than the industry average of 1.6%. Sustainability & Growth Dividend is covered by both earnings (81% earnings payout ratio) and cash flows (59% cash payout ratio). The dividend has increased by an average of 16% per year over the past 6 years. However, payments have been volatile during that time. EPS is expected to grow by 78% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Apr 10
Full year 2024 earnings released: EPS: kr1.36 (vs kr2.16 in FY 2023) Full year 2024 results: EPS: kr1.36 (down from kr2.16 in FY 2023). Revenue: kr3.61b (down 12% from FY 2023). Net income: kr254.9m (down 37% from FY 2023). Profit margin: 7.1% (down from 9.9% in FY 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 8.8% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Electronic industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has fallen by 15% per year, which means it is performing significantly worse than earnings. Valuation Update With 7 Day Price Move • Apr 05
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to kr42.80, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 14x in the Electronic industry in the United Kingdom. Total loss to shareholders of 34% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at kr61.35 per share. New Risk • Apr 05
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 7.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks High level of debt (47% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.5% average weekly change). Buy Or Sell Opportunity • Apr 03
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 23% to kr50.00. The fair value is estimated to be kr64.24, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 4.3%. For the next 3 years, revenue is forecast to grow by 9.2% per annum. Earnings are also forecast to grow by 22% per annum over the same time period. Valuation Update With 7 Day Price Move • Mar 19
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to kr57.68, the stock trades at a forward P/E ratio of 31x. Average forward P/E is 15x in the Electronic industry in the United Kingdom. Total loss to shareholders of 12% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at kr66.44 per share. New Risk • Feb 26
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 2.1% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks High level of debt (47% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Buy Or Sell Opportunity • Feb 25
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 8.5% to kr52.07. The fair value is estimated to be kr66.11, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 4.3%. For the next 3 years, revenue is forecast to grow by 9.9% per annum. Earnings are also forecast to grow by 24% per annum over the same time period. Reported Earnings • Feb 14
Full year 2024 earnings released: EPS: kr1.36 (vs kr2.16 in FY 2023) Full year 2024 results: EPS: kr1.36 (down from kr2.16 in FY 2023). Revenue: kr3.62b (down 11% from FY 2023). Net income: kr254.9m (down 37% from FY 2023). Profit margin: 7.0% (down from 9.9% in FY 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 9.7% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Electronic industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 6% per year. Buy Or Sell Opportunity • Nov 19
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 20% to kr57.90. The fair value is estimated to be kr74.67, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.6% over the last 3 years. Earnings per share has grown by 4.9%. Revenue is forecast to grow by 25% in 2 years. Earnings are forecast to grow by 60% in the next 2 years. Recent Insider Transactions • Nov 11
Independent Director recently sold kr2.0m worth of stock On the 7th of November, Gunilla Rudebjer sold around 30k shares on-market at roughly kr66.24 per share. This transaction amounted to 45% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth kr69m. Insiders have been net sellers, collectively disposing of kr70m more than they bought in the last 12 months. Tillkännagivande • Nov 07
NCAB Group AB (publ) to Report Fiscal Year 2024 Final Results on Apr 10, 2025 NCAB Group AB (publ) announced that they will report fiscal year 2024 final results at 9:00 AM, Central European Standard Time on Apr 10, 2025 Reported Earnings • Nov 06
Second quarter 2024 earnings released: EPS: kr0.39 (vs kr0.54 in 2Q 2023) Second quarter 2024 results: EPS: kr0.39 (down from kr0.54 in 2Q 2023). Revenue: kr935.1m (down 12% from 2Q 2023). Net income: kr73.4m (down 28% from 2Q 2023). Profit margin: 7.8% (down from 9.6% in 2Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 9.4% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Electronic industry in the United Kingdom. Buy Or Sell Opportunity • Nov 05
Now 20% overvalued Over the last 90 days, the stock has fallen 6.9% to kr66.83. The fair value is estimated to be kr55.49, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 15%. Revenue is forecast to grow by 19% in 2 years. Earnings are forecast to grow by 32% in the next 2 years. Valuation Update With 7 Day Price Move • Sep 21
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to kr66.40, the stock trades at a forward P/E ratio of 31x. Average forward P/E is 16x in the Electronic industry in the United Kingdom. Total returns to shareholders of 30% over the past year. Simply Wall St's valuation model estimates the intrinsic value at kr67.16 per share. New Risk • Sep 13
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: kr69m This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Minor Risks High level of debt (42% net debt to equity). Significant insider selling over the past 3 months (kr69m sold). Reported Earnings • Jul 24
Second quarter 2024 earnings released: EPS: kr0.39 (vs kr0.54 in 2Q 2023) Second quarter 2024 results: EPS: kr0.39 (down from kr0.54 in 2Q 2023). Revenue: kr935.1m (down 12% from 2Q 2023). Net income: kr73.4m (down 28% from 2Q 2023). Profit margin: 7.8% (down from 9.6% in 2Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Electronic industry in the United Kingdom. Tillkännagivande • Jul 23
NCAB Group AB (publ) to Report Fiscal Year 2024 Results on Feb 13, 2025 NCAB Group AB (publ) announced that they will report fiscal year 2024 results on Feb 13, 2025 Recent Insider Transactions • Jun 13
President recently bought kr811k worth of stock On the 11th of June, Peter Kruk bought around 10k shares on-market at roughly kr81.12 per share. This transaction amounted to 11% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Peter's only on-market trade for the last 12 months. Reported Earnings • Apr 26
First quarter 2024 earnings released: EPS: kr0.48 (vs kr0.67 in 1Q 2023) First quarter 2024 results: EPS: kr0.48 (down from kr0.67 in 1Q 2023). Revenue: kr955.3m (down 17% from 1Q 2023). Net income: kr89.8m (down 28% from 1Q 2023). Profit margin: 9.4% (down from 11% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 8.2% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Electronic industry in the United Kingdom. Tillkännagivande • Apr 11
NCAB Group AB (publ) Appoints Tim Benjamin as CFO NCAB Group AB (publ) has appointed Tim Benjamin as its new CFO. Tim has a long and broad experience of managerial business finance roles, including M&A and IT. He succeeds Anders Forsén who announced in early February that he plans to retire in 2024. Tim will assume his new role no later than October 2024. Tim Benjamin has had a successful career of almost 20 years within the Sandvik Group, most recently in the role of Business Area CFO for Sandvik Mining & Rock Solutions. Prior to that, he held various roles both in the US and Sweden as Controller and VP Finance in different parts of the group, from production to sales. In these different roles Tim has contributed to a positive profitable development, and in addition to the pure Finance responsibility, has also been active in the M&A field. Tim holds a Bachelor of Science in Accounting, as well as an MBA from Clemson University, South Carolina, USA. After Anders Forsén announced that he wished to leave his position after 16 years as CFO to have more free time, the company has carried out a recruitment process. Reported Earnings • Apr 11
Full year 2023 earnings released: EPS: kr2.16 (vs kr2.23 in FY 2022) Full year 2023 results: EPS: kr2.16 (down from kr2.23 in FY 2022). Revenue: kr4.12b (down 7.5% from FY 2022). Net income: kr403.7m (down 3.2% from FY 2022). Profit margin: 9.8% (in line with FY 2022). Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Electronic industry in the United Kingdom. Valuation Update With 7 Day Price Move • Mar 26
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to kr73.00, the stock trades at a forward P/E ratio of 34x. Average forward P/E is 15x in the Electronic industry in the United Kingdom. Total returns to shareholders of 36% over the past year. Simply Wall St's valuation model estimates the intrinsic value at kr44.06 per share. Valuation Update With 7 Day Price Move • Mar 11
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to kr64.62, the stock trades at a forward P/E ratio of 31x. Average forward P/E is 15x in the Electronic industry in the United Kingdom. Total returns to shareholders of 23% over the past year. Simply Wall St's valuation model estimates the intrinsic value at kr43.15 per share. Tillkännagivande • Feb 27
NCAB Group AB (publ) Appoints Arjan Sinoo as Vice President for Global Sales Arjan Sinoo, currently Managing Director of NCAB Group Benelux, has been promoted to the position of VP Global Sales and member of the Group Management of NCAB when he takes over the position from Howard Goff, who has recently been appointed VP and president North America. NCAB is servicing multiple global industries and is providing local service to customers globally and with the growth and continued expansion new global synergies emerges. Declared Dividend • Feb 22
Dividend of kr1.10 announced Dividend of kr1.10 is the same as last year. Ex-date: 10th May 2024 Payment date: 16th May 2024 Dividend yield will be 1.5%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by both earnings (51% earnings payout ratio) and cash flows (32% cash payout ratio). The dividend has increased by an average of 20% per year over the past 5 years. However, payments have been volatile during that time. EPS is expected to grow by 30% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 18
Full year 2023 earnings released: EPS: kr2.16 (vs kr2.23 in FY 2022) Full year 2023 results: EPS: kr2.16 (down from kr2.23 in FY 2022). Revenue: kr4.12b (down 7.5% from FY 2022). Net income: kr403.7m (down 3.2% from FY 2022). Profit margin: 9.8% (in line with FY 2022). Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Electronic industry in the United Kingdom. Buy Or Sell Opportunity • Feb 16
Now 25% overvalued after recent price rise Over the last 90 days, the stock has risen 11% to kr72.60. The fair value is estimated to be kr58.27, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 28% over the last 3 years. Earnings per share has grown by 41%. For the next 3 years, revenue is forecast to grow by 3.7% per annum. Earnings are also forecast to grow by 7.7% per annum over the same time period. Tillkännagivande • Feb 09
NCAB Group AB (publ) Announces Anders Forsén to Leave as CFO NCAB Group AB (publ) announced that Anders Forsén, CFO of NCAB, has announced that he wishes to leave his position at NCAB after the summer of 2024. A recruitment process will therefore be initiated so that a successor can be appointed before the summer. Tillkännagivande • Dec 19
NCAB Group AB (publ) Announces Change in the Nomination Committee The Belgian Asset Manager Anicom has increased its holding in NCAB during the autumn and owned 5.99% of the shares in NCAB at the end of November, thereby becoming the 4th largest shareholder. Upon request of the Nomination Committee, they have chosen to participate in its work. The Nomination Committee is thereby increased by one member and will consists of the following members: Jan Dworsky, Swedbank Robur, chairman. Jan Särlvik, AP4, Simon Peterson, Didner o Gerge, Alexandre Weinberg, Anicom Gestion, Hjalmar Ek, Lannebo Fonder, and Christian Salamon, Chairman of NCAB Group. Tillkännagivande • Dec 05
NCAB Appoints Howard Goff as President of NCAB North America NCAB announced that Howard Goff, currently VP Sales for the NCAB Group and earlier President of the Europe segment, has been appointed President of NCAB North America. NCAB has been present in the US since 2012 and over the years have grown through a series of acquisitions to become a significant player in this important region. market share is still considerably lower than in the Nordic and Europe segments and thus continued strong growth in the Americas is a priority for the group. With Howard’s transition will inject long term experience from the NCAB model and will leverage his network within NCAB to accelerate growth in the US. Robert Balson, currently President of NCAB North America, has decided to explore opportunities outside NCAB. Tillkännagivande • Nov 29
Ncab Group AB (Publ) Announces Change in the Nomination Committee 2024 NCAB Group AB (publ) has increased the holding in NCAB och is now the fourth larger shareholder and has chosen, in accordance with the possibility from the AGM decision, to participate in the Nomination Committee. The Nomination will thereafter be constituted of the following members: Jan Dworsky, Swedbank Robur, chairman. Jan Särlvik, AP4, Simon Peterson, Didner o Gerge; Hjalmar Ek, Lannebo Fonder and Christian Salamon, Chairman of NCAB Group. Valuation Update With 7 Day Price Move • Nov 14
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to kr63.78, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 19x in the Electronic industry in the United Kingdom. Total returns to shareholders of 17% over the past year. Simply Wall St's valuation model estimates the intrinsic value at kr38.18 per share. Reported Earnings • Nov 08
Third quarter 2023 earnings released: EPS: kr0.59 (vs kr0.74 in 3Q 2022) Third quarter 2023 results: EPS: kr0.59 (down from kr0.74 in 3Q 2022). Revenue: kr1.03b (down 12% from 3Q 2022). Net income: kr110.4m (down 20% from 3Q 2022). Profit margin: 11% (down from 12% in 3Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 8.8% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Electronic industry in the United Kingdom. Tillkännagivande • Nov 02
NCAB Group AB (publ) (OM : NCAB) signed an agreement to acquire Electronic Advanced Circuits S.L. for SEK 18 million. NCAB Group AB (publ) (OM : NCAB) signed an agreement to acquire Electronic Advanced Circuits S.L. for SEK 18 million on October 31, 2023. The purchase price is SEK 14 million with a potential earn-out capped at a maximum amount of SEK 4 million. The transaction is estimated to close in November 2023. The acquisition is expected to be earnings accretive for NCAB Group in 2024. Synergies are expected in the areas of suppliers, payment terms and logistics. Tillkännagivande • Oct 12
NCAB Group AB (publ), Annual General Meeting, May 08, 2024 NCAB Group AB (publ), Annual General Meeting, May 08, 2024. Recent Insider Transactions • Sep 15
Independent Director recently bought kr132m worth of stock On the 13th of September, Hans Ramel bought around 2m shares on-market at roughly kr57.50 per share. This transaction increased Hans' direct individual holding by 5x at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr104m more in shares than they have sold in the last 12 months. Tillkännagivande • Sep 14
Per Hesselmark Leaves the Board of Directors of NCAB Per Hesselmark has informed NCAB that he wishes to leave his seat on the company's Board of Directors. This is a consequence of R12 Kapital having sold its shares in NCAB. New Risk • Jul 21
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 59% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (59% net debt to equity). Share price has been volatile over the past 3 months (7.0% average weekly change). Significant insider selling over the past 3 months (kr15m sold). Reported Earnings • Jul 21
Second quarter 2023 earnings released: EPS: kr0.54 (vs kr0.76 in 2Q 2022) Second quarter 2023 results: EPS: kr0.54 (down from kr0.76 in 2Q 2022). Revenue: kr1.07b (down 5.0% from 2Q 2022). Net income: kr101.2m (down 28% from 2Q 2022). Profit margin: 9.5% (down from 13% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 9.1% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the Electronic industry in the United Kingdom. Valuation Update With 7 Day Price Move • Jul 21
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to kr64.63, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 21x in the Electronic industry in the United Kingdom. Total returns to shareholders of 6.7% over the past year. Simply Wall St's valuation model estimates the intrinsic value at kr42.68 per share. Recent Insider Transactions • May 31
President recently bought kr1.2m worth of stock On the 26th of May, Peter Kruk bought around 15k shares on-market at roughly kr81.70 per share. This transaction amounted to 20% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Peter's only on-market trade for the last 12 months. Recent Insider Transactions • May 19
Chief Digital & Information Officer recently sold kr91k worth of stock On the 11th of May, Ann Juviken sold around 1k shares on-market at roughly kr75.70 per share. This transaction amounted to 16% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth kr15m. Insiders have been net sellers, collectively disposing of kr32m more than they bought in the last 12 months. Tillkännagivande • May 10
NCAB Group AB (publ) Approves Dividend for the Financial Year 2022, Payable on 16 May 2023 NCAB Group AB (publ) announced that at its Annual General Meeting held on 9 May 2023, in accordance with the proposal of the board of directors, the meeting resolved on a dividend to be paid to the shareholdersfor the financial year 2022 of SEK 1.10 per share to be paid to be paid in May 2023. The remaining result was resolved to be carried forward. The annual general meeting resolved that the record dateshall be 11 May 2023 with 16 May 2023 as the date of disbursement. The board of directors and the managing directors were discharged from liability for the fiscal year 2022. Tillkännagivande • May 06
NCAB Group AB (publ) (OM:NCAB) acquired Phase 3 Technologies, Inc. from Saul Kennedy and Paul Sargis for $23.5 million. NCAB Group AB (publ) (OM:NCAB) acquired Phase 3 Technologies, Inc. from Saul Kennedy and Paul Sargis for $23.5 million on May 4, 2023. The purchase price was $23.5 million, with a potential earn-out based on increased gross profit in 2023. Phase 3 Technologies will be consolidated with NCAB Group from May 4, 2023. Saul Kennedy and Paul Sargis who will both remain within Phase 3 Technologies and NCAB going forward. The acquisition is expected to be Earnings accretive for NCAB Group in 2023.NCAB Group AB (publ) (OM:NCAB) completed the acquisition of Phase 3 Technologies, Inc. from Saul Kennedy and Paul Sargis on May 4, 2023. Upcoming Dividend • May 03
Upcoming dividend of kr1.10 per share at 1.4% yield Eligible shareholders must have bought the stock before 10 May 2023. Payment date: 16 May 2023. Payout ratio is a comfortable 43% and this is well supported by cash flows. Trailing yield: 1.4%. Lower than top quartile of British dividend payers (5.8%). In line with average of industry peers (1.4%). Recent Insider Transactions • May 02
Insider recently sold kr15m worth of stock On the 27th of April, Martin Magnusson sold around 200k shares on-market at roughly kr76.36 per share. This transaction amounted to 21% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth kr16m. Insiders have been net sellers, collectively disposing of kr32m more than they bought in the last 12 months. Reported Earnings • Apr 08
Full year 2022 earnings released: EPS: kr2.23 (vs kr1.52 in FY 2021) Full year 2022 results: EPS: kr2.23 (up from kr1.52 in FY 2021). Revenue: kr4.46b (up 39% from FY 2021). Net income: kr417.0m (up 46% from FY 2021). Profit margin: 9.4% (up from 8.8% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Electronic industry in the United Kingdom. Valuation Update With 7 Day Price Move • Mar 31
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to kr60.40, the stock trades at a forward P/E ratio of 27x. Average forward P/E is 23x in the Electronic industry in the United Kingdom. Total loss to shareholders of 8.6% over the past year. Simply Wall St's valuation model estimates the intrinsic value at kr44.89 per share. Recent Insider Transactions • Feb 22
Insider recently sold kr16m worth of stock On the 17th of February, Martin Magnusson sold around 250k shares on-market at roughly kr64.12 per share. This transaction amounted to 21% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of kr65m more than they bought in the last 12 months. Reported Earnings • Feb 20
Full year 2022 earnings released: EPS: kr2.23 (vs kr1.52 in FY 2021) Full year 2022 results: EPS: kr2.23 (up from kr1.52 in FY 2021). Revenue: kr4.46b (up 39% from FY 2021). Net income: kr417.0m (up 46% from FY 2021). Profit margin: 9.4% (up from 8.8% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.9% p.a. on average during the next 2 years, compared to a 6.4% growth forecast for the Electronic industry in the United Kingdom. Tillkännagivande • Feb 18
NCAB Group AB (publ) Proposes Dividend for the Year 2022 The Board of Directors of NCAB Group AB (publ) proposes a dividend of SEK 1.10 (0.60) per share for 2022 to be paid in May. Tillkännagivande • Jan 11
NCAB Group AB (publ) (OM:NCAB) completed the acquisition of Bare Board Consultants S.R.L. Anche B.B.C.SRL for €5.6 million. NCAB Group AB (publ) (OM:NCAB) agreed to acquire Bare Board Consultants Srl Anche B.B.C.Srl on November 24, 2022. The company’s employees will relocate to NCABs existing office in the area. The transaction is estimated to close in January 2023.NCAB Group AB (publ) (OM:NCAB) completed the acquisition of Bare Board Consultants S.R.L. Anche B.B.C.SRL for €5.6 million on January 10, 2023. Valuation Update With 7 Day Price Move • Nov 29
Investor sentiment improved over the past week After last week's 16% share price gain to kr62.91, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 21x in the Electronic industry in the United Kingdom. Simply Wall St's valuation model estimates the intrinsic value at kr53.01 per share. Board Change • Nov 16
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 4 highly experienced directors. President, CEO & Director Peter Kruk was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 09
Third quarter 2022 earnings released: EPS: kr0.74 (vs kr0.48 in 3Q 2021) Third quarter 2022 results: EPS: kr0.74 (up from kr0.48 in 3Q 2021). Revenue: kr1.17b (up 35% from 3Q 2021). Net income: kr138.5m (up 52% from 3Q 2021). Profit margin: 12% (up from 11% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.0% p.a. on average during the next 3 years, compared to a 7.0% growth forecast for the Electronic industry in the United Kingdom. Buying Opportunity • Oct 31
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 18%. The fair value is estimated to be kr61.18, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 31% over the last 3 years. Earnings per share has grown by 36%. Revenue is forecast to grow by 22% in 2 years. Earnings is forecast to grow by 35% in the next 2 years. Valuation Update With 7 Day Price Move • Oct 27
Investor sentiment improved over the past week After last week's 17% share price gain to kr51.11, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 20x in the Electronic industry in the United Kingdom. Simply Wall St's valuation model estimates the intrinsic value at kr63.37 per share. Upcoming Dividend • Sep 23
Upcoming dividend of kr0.30 per share Eligible shareholders must have bought the stock before 30 September 2022. Payment date: 06 October 2022. Payout ratio is a comfortable 30% and this is well supported by cash flows. Trailing yield: 1.3%. Lower than top quartile of British dividend payers (5.7%). Lower than average of industry peers (1.7%). Tillkännagivande • Sep 15
NCAB Group AB (publ) to Report Q3, 2023 Results on Nov 07, 2023 NCAB Group AB (publ) announced that they will report Q3, 2023 results on Nov 07, 2023