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Nimbus Group AB (BOAT) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of Nimbus Group AB stock SEK 8.20, price SEK 12.00, that is 31.7% below the price, quality 39 out of 100. Rating: overvalued. Calculated from audited financials with one of our 26 valuation models and 37 quality factors, updated daily.

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Consumer Cyclical SE · ISIN SE0015407390

NG Nimbus Group AB logo Thin data Nov 9, 2026

Nimbus Group AB

BOAT · ST
Expensive, weak quality

Our calculation puts a fair price 32% below what the stock costs today.

Low debt
Profit last quarter 50% below a year ago.
Fair value kr 8.20 · Overvalued
Quality 39/100
Weak Growth (revenue 3y −7.9 %/yr in SEK)
Loss-making · -6.6% net margin (TTM)
Negative free cash flow
Trails peers (3/10)
Narrow moat 10/100 · thin data
Thin data
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

kr 75.42 kr 10.10 Fair Value kr 8.20 Aug 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 9, 2026.

How to read this chart

60‑month range kr 10.10 – kr 75.42 · fair‑value band kr 5.41 – kr 10.25 · the kr 12.00 price screens above the kr 8.20 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 9, 2026.

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Company profile

Nimbus Group AB (Publ) designs, manufactures, and markets leisure motorboats in the Nordics, Europe, North America, and internationally. It also provides spare parts and accessories; aftermarket services; and winter storage services.

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The company offers its products under the Nimbus, Alukin, Aquador, Bella, Falcon, Flipper, EdgeWater, and Paragon Yachts brand names. Nimbus Group AB (Publ) was founded in 1968 and is based in Västra Frölunda, Sweden.

Stock analysis

Nimbus Group AB (BOAT) currently trades at kr 12.00, while our model-based Fair Value estimate is kr 8.20, 32% below the price, so the stock looks overvalued today.

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Valuation

How firm this estimate is: it rests on 1 models at a data quality of 96/100, which puts the data coverage at low.

Scenario range: kr 5.41 (bear) to kr 10.25 (bull), the price of kr 12.00 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 39/100 (below-average quality), in the Consumer Cyclical sector.

Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.

Nimbus Group AB reported revenue of 1.4B SEK in FY2025 versus 1.5B SEK in FY2021, a compound −1.6%/yr. Reported net income was −168M SEK in FY2025.

Key figures

Market cap 510M SEK (≈ $51.6M) Micro · P/S ratio 0.43 · EPS (TTM) kr −1.91 · Net margin −6.6% · Return on equity −8.0% · Return on assets (EBIT) 4.7% (5-year average) · Operating margin −7.7% · Revenue (TTM) 1.2B SEK.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 10 out of 100 (low confidence).

What moves the price

The share trades about 17% below its 52-week high and 19% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Consumer Cyclical peers we cover trades at 47% fair-value upside, at −32%, BOAT screens richer than that median.

Fair Value models

Bear kr 5.41 Fair Value kr 8.20 Bull kr 10.25
Price kr 12.00 · Downside -31.7%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
NCAV (Graham) kr 5.41 kr 8.20 kr 10.25 54
All 1 models by family
Asset-Based
NCAV (Graham) kr 5.41 kr 8.20 kr 10.25 54

Open the full fair value analysis →

Quality Score breakdown

Overall quality 39/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 13
How much profit the company makes from its sales and capital
Quality Growth 34
Are margins and returns getting better?
Cashflow 1
Do the profits arrive as real cash?
Financial strength 55
Debt, balance sheet and risk of trouble
Investment 77
Does it invest with discipline instead of growing at any price?
Low Volatility 31
How calm the share price moves, does not count
Price momentum 42
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 43
Distance to the 52-week high, does not count
New shares 83
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 24/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−15.6%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−7.9%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+8.1%
Start year 2020 (pandemic)
Revenue growth 8 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+17.4%
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
6.4% (2020) → −5.8% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

BOAT screens overvalued: fair value 32% below the price. Compare with Zhejiang Cfmoto Power Co →

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Recreational Vehicles · 32 stocks

Beats the industry median on 2/8 measures
Overall it trails its industry peers.
Valuation
Quality Score 39 · Below median
Fair Value upside −31.7% · Below median
Profitability
Return on assets −9.4% · Bottom 25%
Net margin (12 months) −6.6% · Bottom 25%
Operating margin (12 months) −7.7% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) 0.6% · Below median

Valuation Multiplesvs Recreational Vehicles median · lower = cheaper

P/B 0.52× · Cheapest 25%
P/S (12 months) 0.41× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 23
FUTURE (revenue growth)3 · sector 26
PAST (return on equity)0 · sector 18
HEALTH (low debt)100 · sector 88
DIVIDEND (yield)0 · sector 52

VALUE 0: the price sits above our fair-value range.

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Recreational Vehicles stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Polaris Inc PII $63.07 $127.85 +103% vs BOAT
Trigano S.A TRI €135.60 €274.15 +102% vs BOAT
Harley-Davidson, Inc HOG $32.66 $65.04 +99% vs BOAT
LCI Industries, LCII $97.81 $167.42 +71% vs BOAT
Zhejiang Cfmoto Power Co 603129 ¥317.58 ¥465.45 +47% vs BOAT
Patrick Industries, Inc PATK $78.79 $88.30 +12% vs BOAT
BRP Inc DOO $64.72 $71.19 +10% vs BOAT
Sanlorenzo S.p.A SL €36.52 €36.35 +0% vs BOAT
THOR Industries, Inc THO $80.77 $64.20 −21% vs BOAT
Brunswick Corporation BC $77.23 $59.39 −23% vs BOAT

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Nimbus Group AB: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Nimbus Group AB Fair Value". https://www.fairvalue-calculator.com/stock/BOAT

Frequently asked questions

Is Nimbus Group AB (BOAT) overvalued or undervalued?
As of Nov 9, 2026, our model estimates a fair value of kr 8.20 versus a price of kr 12.00, about 32% lower (overvalued).
What is the fair value of BOAT?
Our model-based fair value for Nimbus Group AB is kr 8.20 (as of Nov 9, 2026), built from audited fundamentals. The current price: kr 12.00.
What is the quality score of BOAT?
Nimbus Group AB has a Quality Score of 39/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Nimbus Group AB (BOAT)?
Our model-based price target is the fair value of kr 8.20 (as of Nov 9, 2026) from 1 valuation models. Cautious scenario kr 5.41, optimistic scenario kr 10.25. It is a calculation from audited fundamentals, not an analyst target.
What is the Nimbus Group AB stock forecast for 2026?
Our models put fair value at kr 8.20, about 32% lower versus a price of kr 12.00 (overvalued). Cautious scenario kr 5.41, optimistic scenario kr 10.25. The calculation is refreshed regularly with new filings.
What is the revenue of Nimbus Group AB (BOAT)?
Nimbus Group AB reported trailing-twelve-month revenue of about 1.2B SEK (latest available figure, as of Nov 9, 2026).
What is the intrinsic value of Nimbus Group AB (BOAT)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Nimbus Group AB it is kr 8.20 per share (as of Nov 9, 2026), against a price of kr 12.00. It is the blended result of 1 valuation models in 1 family (Asset-Based).
Is Nimbus Group AB stock overvalued or undervalued in 2026?
As of Nov 9, 2026, BOAT trades above its calculated fair value: price kr 12.00, fair value kr 8.20, a gap of about −32% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of BOAT?
No. The price is what the market pays today (kr 12.00); the fair value is what the company's own numbers justify (kr 8.20). For Nimbus Group AB the two are kr 3.80 per share apart. That gap is exactly why we show both numbers side by side.
How much is Nimbus Group AB worth?
The market values Nimbus Group AB at about 510M SEK (market capitalisation, as of Nov 9, 2026). Per share that is kr 12.00; our models calculate a fair value of kr 8.20 per share.
What do the bullish and bearish scenarios say about BOAT?
Our models span a range for Nimbus Group AB: cautious scenario kr 5.41, base kr 8.20, optimistic kr 10.25 per share (as of Nov 9, 2026, price kr 12.00). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Nimbus Group AB (BOAT)?
Balance-sheet figures for Nimbus Group AB (as of Nov 9, 2026): return on equity −8.0%. They feed the Quality Score of 39/100, which measures business quality independently of the share price.
How far is BOAT from its 52-week high?
Nimbus Group AB trades at kr 12.00, about 17% below its 52-week high of kr 14.45 and 19% above the low of kr 10.10 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of kr 8.20 is for.
Which stocks are comparable to Nimbus Group AB?
From the same area (Consumer Cyclical) we also value Zhejiang Cfmoto Power Co, Brunswick Corporation, BRP Inc, THOR Industries, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Nimbus Group AB stock attractive at the current price?
The data as of Nov 9, 2026: price kr 12.00, calculated fair value kr 8.20 (−32%), Quality Score 39/100, from 1 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of BOAT calculated?
We run Nimbus Group AB through 1 models from 1 family: Asset-Based. Every model gets the same audited fundamentals; the fair value of kr 8.20 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. Nimbus Group AB itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Nimbus Group AB (BOAT)?
The closing price on Nov 6, 2026 was kr 12.00. Our model-based fair value is kr 8.20, about 32% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Nimbus Group AB right now?
The price sits above even our optimistic bull case (kr 10.25). The favourable scenario is already priced in. Weak quality (39/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. A fairly wide model range (kr 5.41 to kr 10.25) leaves room in how you read the outcome.

Key figures of Nimbus Group AB

How large is the market capitalisation of Nimbus Group AB (BOAT)?
The market capitalisation of Nimbus Group AB is 510M SEK (≈ $51.6M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Nimbus Group AB (BOAT)?
The price-to-sales ratio of Nimbus Group AB is 0.43 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Nimbus Group AB (BOAT)?
Earnings per share at Nimbus Group AB are kr −1.91. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Nimbus Group AB (BOAT)?
The net margin of Nimbus Group AB is −6.6% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Nimbus Group AB (BOAT)?
The return on equity (ROE) of Nimbus Group AB is −8.0% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Nimbus Group AB (BOAT)?
On an EBIT basis the return on assets of Nimbus Group AB is 4.7% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Nimbus Group AB (BOAT)?
The operating margin of Nimbus Group AB is −7.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Nimbus Group AB (BOAT)?
Revenue at Nimbus Group AB is growing +0.6% versus a year earlier (3y avg −7.9%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Nimbus Group AB (BOAT)?
Earnings per share at Nimbus Group AB are growing −50.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Nimbus Group AB (BOAT) generate?
The free cash flow of Nimbus Group AB is −68.2M SEK (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Nimbus Group AB (BOAT) carry?
The net debt of Nimbus Group AB is 260M SEK (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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