Nick Scali Ltd (NCK) fair value: what the stock is really worth
As of Nov 9, 2026: fair value (intrinsic value) of Nick Scali Ltd stock A$22.05, price A$13.78, upside +60.0%, quality 69 out of 100. Rating: strongly undervalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 7, 2026.
How to read this chart
60‑month range A$5.78 – A$25.18 · fair‑value band A$16.53 – A$27.55 · the A$13.78 price screens below the A$22.05 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 7, 2026.
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Nick Scali Limited, together with its subsidiaries, engages in the sourcing and retailing of household furniture and related accessories in Australia, New Zealand, and the United Kingdom.
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The company offers recliner, leather, fabric, and quick ship sofas, as well as occasional armchairs and ottomans; TV and entertainment units; coffee, side, and console and hallway tables; dining tables and chairs, and buffet tables and sideboards; mattresses, bed frames, bedside tables, tallboy, dressers, and daybeds; and rugs, mirrors, and care products.
It sells its products through a showroom network of stores, as well as online. Nick Scali Limited was incorporated in 1962 and is based in North Ryde, Australia.
Stock analysis
Nick Scali Ltd (NCK) currently trades at A$13.78, while our model-based Fair Value estimate is A$22.05, implying the stock looks roughly 38% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of A$24.63 per share, and 15 of the 26 models we run sit above the A$13.78 price.
Bear case: the Economic Profit group reads lowest at A$8.42, and 11 of the 26 models stay below the price. Data coverage for this calculation is medium.
Scenario range: A$16.53 (bear) to A$27.55 (bull), the price of A$13.78 sits below 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 69/100 (solid quality), in the Consumer Cyclical sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Nick Scali Ltd reported revenue of A$517M in FY2026 versus A$441M in FY2022, a compound +4.0%/yr. Reported net income was A$75.7M in FY2026, compounding +0.3%/yr from FY2022.
Key figures
Market cap A$1.2B (≈ $813M) Small · P/E ratio 15.6 · P/S ratio 2.28 · EPS (TTM) A$0.8850 · Dividend yield 5.7% · Net margin 14.7% · Return on equity 27.7% · Return on assets (EBIT) 21.2% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 73 out of 100 (low confidence).
What moves the price
The share trades about 45% below its 52-week high and 15% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at −5% fair-value upside, at 60%, NCK screens cheaper than that median.
Fair Value models
BearA$16.53Fair Value A$22.05BullA$27.55
Price A$13.78 · Upside +60.0%
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. Based on fiscal year 2026 figures (about 4 months old). Earnings retained since then (A$0.0398 per share) are deliberately not added.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
FCF DCFA$17.54A$27.51A$42.1179
Growth DCFA$17.36A$26.25A$38.5378
Owner EarningsA$15.68A$24.54A$37.5076
All 26 models by family
DCF Models
FCF DCFA$17.54A$27.51A$42.1179
Owner EarningsA$15.68A$24.54A$37.5076
5Y Revenue ExitA$10.31A$14.44A$19.5873
5Y EBITDA ExitA$17.65A$29.23A$43.3874
5Y P/E ExitA$15.41A$24.71A$35.0070
10Y Revenue ExitA$12.87A$17.43A$23.5567
10Y EBITDA ExitA$17.37A$27.09A$41.1468
10Y P/E ExitA$16.04A$24.13A$34.9564
Earnings-Based
Graham-DoddA$6.02A$25.75A$35.1764
Lynch FVA$6.58A$9.41A$12.2361
PEG = 1.0A$6.58A$9.41A$12.2357
EPVA$8.83A$9.89A$10.7674
Dividend Discount
Gordon GGMA$5.49A$9.76A$13.2968
DDM Multi-StageA$5.49A$8.98A$10.4467
Multiples
P/E MultipleA$14.60A$19.47A$24.3363
P/S MultipleA$5.44A$7.25A$9.0658
P/B MultipleA$4.08A$5.43A$6.7955
EV/EBITA$16.26A$22.63A$29.0066
EV/EBITDAA$15.79A$22.00A$28.2167
EV/RevenueA$2.23A$4.40A$6.5851
Asset-Based
NCAV (Graham)A$0.6800A$0.9100A$1.3654
Growth DCF
Growth DCFA$17.36A$26.25A$38.5378
Rev-Margin DCFA$10.31A$14.62A$20.1073
Economic Profit
Residual IncomeA$4.54A$5.48A$7.9975
ROIC CompounderA$9.46A$11.35A$13.4272
Growth Earnings
Growth-Adj P/EA$11.35A$16.21A$21.0867
The fair value above starts from this blend and is adjusted for a year distorted by one-off effects.
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.83/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+4.3%
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.
+0.6%
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.
+6.7%
Start year 2021 (pandemic). Over 10 years: +9.8% a year
Revenue growth 24 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.
+12.5%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+4.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year−0.9%
Dividend (yield on the price)5.7%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−0.9% vs 10.6%, slowing
Profit margin 2021 to 2026 ⓘ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.34% → 23%
Pace: the 5-year rate starts in 2021 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−2.1%
The company could shrink this much every year for the next five years and today's price would still be justified.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+4.6%
Yearly sales growth analysts expect, extended to five years.
After inflation (Australia: IMF forecast 3.0% a year to 2030, 2.9% from 2016 to 2025) that is about −4.9% a year for the price and +1.6% for the forecasts.
Price, fair value, quality and upside side by side.
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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.Specialty Retail · 203 stocks
Beats the industry median on 11/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score69 · Top 25%
Fair Value upside+60.0% · Top 25%
Profitability
Return on equity (12 months)27.7% · Top 25%
Return on assets10.1% · Top 25%
Net margin (12 months)14.7% · Top 25%
Operating margin (12 months)21.8% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)1.3% · Below median
Dividend yield (12 months)5.7% · Top 25%
Balance sheet
Debt / equity0.11× · Below median
Valuation Multiplesvs Specialty Retail median · lower = cheaper
P/E (12 months)15.6× · Cheaper than median
P/B4.21× · Priciest 25%
P/S (12 months)2.28× · Priciest 25%
Price / free cash flow (fiscal year)9.2× · Cheaper than median
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Is Nick Scali Ltd (NCK) overvalued or undervalued?
As of Nov 7, 2026, our model estimates a fair value of A$22.05 versus a price of A$13.78, about +60% upside (undervalued).
What is the fair value of NCK?
Our model-based fair value for Nick Scali Ltd is A$22.05 (as of Nov 7, 2026), built from audited fundamentals. The current price: A$13.78.
What is the quality score of NCK?
Nick Scali Ltd has a Quality Score of 69/100. 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 Nick Scali Ltd (NCK)?
Our model-based price target is the fair value of A$22.05 (as of Nov 7, 2026) from 26 valuation models. Cautious scenario A$16.53, optimistic scenario A$27.55. It is a calculation from audited fundamentals, not an analyst target.
What is the Nick Scali Ltd stock forecast for 2026?
Our models put fair value at A$22.05, about +60% upside versus a price of A$13.78 (undervalued). Cautious scenario A$16.53, optimistic scenario A$27.55. The calculation is refreshed regularly with new filings.
What is the revenue of Nick Scali Ltd (NCK)?
Nick Scali Ltd reported trailing-twelve-month revenue of about A$517M (latest available figure, as of Nov 7, 2026).
Does Nick Scali Ltd pay a dividend?
Nick Scali Ltd currently shows a dividend yield of 5.66% relative to its recent price (as of Nov 7, 2026).
How much is the dividend of Nick Scali Ltd (NCK) and when is the ex-dividend date?
Nick Scali Ltd pays a dividend of A$0.78 per share a year, a dividend yield of 5.7%. The last ex-dividend date was Sep 30, 2026. A dividend has been paid every year since at least 2004. The payout ratio is 87.6% of earnings. Free cash flow covers the dividend 1.93 times. Our assessment: Sustainable. Payout and cash coverage both look sustainable.
What growth is priced into Nick Scali Ltd (NCK)?
For today's price to be fair in a discounted-cash-flow model, Nick Scali Ltd would have to grow free cash flow by -2.1 % per year for five years (discount rate 11.2 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +6.7 % per year. As of Nov 7, 2026.
What discount rate (WACC) does the fair value of NCK use?
Our models discount Nick Scali Ltd at 11.2 %: a base by market capitalisation (small), damped by beta 1.09, country premium for Australia. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Nick Scali Ltd that is -2.1 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (11.2 %) and the same formula as our fair value.
How much growth has Nick Scali Ltd (NCK) delivered so far?
Over the past 5 years revenue at Nick Scali Ltd grew +6.7 % a year. The price currently implies free-cash-flow growth of -2.1 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Nick Scali Ltd (NCK) growing?
The median revenue growth in the sector is +4.8 % a year. That is the yardstick for the growth priced into Nick Scali Ltd (-2.1 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Nick Scali Ltd (NCK)?
The free-cash-flow yield on the price is 10.92 %: that much free cash flow Nick Scali Ltd produces per unit of market value. When it exceeds the discount rate of our models (11.2 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Nick Scali Ltd (NCK)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Nick Scali Ltd it is A$22.05 per share (as of Nov 7, 2026), against a price of A$13.78. It is the blended result of 26 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Nick Scali Ltd stock overvalued or undervalued in 2026?
As of Nov 7, 2026, NCK trades below its calculated fair value: price A$13.78, fair value A$22.05, a gap of about +60% (undervalued). 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 NCK?
No. The price is what the market pays today (A$13.78); the fair value is what the company's own numbers justify (A$22.05). For Nick Scali Ltd the two are A$8.27 per share apart. That gap is exactly why we show both numbers side by side.
How much is Nick Scali Ltd worth?
The market values Nick Scali Ltd at about A$1.2B (market capitalisation, as of Nov 7, 2026). Per share that is A$13.78; our models calculate a fair value of A$22.05 per share.
What do the bullish and bearish scenarios say about NCK?
Our models span a range for Nick Scali Ltd: cautious scenario A$16.53, base A$22.05, optimistic A$27.55 per share (as of Nov 7, 2026, price A$13.78). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of NCK?
Nick Scali Ltd trades at a price-to-earnings ratio of 15.6 (as of Nov 7, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of A$22.05 is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2017 to 2026), reported earnings, FY2026 ex one-offs: 12.9. Other multiples: PEG 0.5, P/B 4.2, P/S 2.3, EV/EBITDA 8.6.
What is the PEG ratio of NCK?
The PEG ratio of Nick Scali Ltd is 0.52 (P/E divided by earnings growth, as of Nov 7, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Nick Scali Ltd (NCK)?
Balance-sheet figures for Nick Scali Ltd (as of Nov 7, 2026): return on equity 27.7%, debt of 0.11 per unit of equity. They feed the Quality Score of 69/100, which measures business quality independently of the share price.
How far is NCK from its 52-week high?
Nick Scali Ltd trades at A$13.78, about 45% below its 52-week high of A$25.18 and 15% above the low of A$12.03 (as of Nov 9, 2026). Distance from the high says nothing about value: that is what the fair value of A$22.05 is for.
Which stocks are comparable to Nick Scali Ltd?
From the same area (Consumer Cyclical) we also value Alimentation Couche-Tard Inc, Williams-Sonoma, Inc, Ulta Beauty, Inc, Casey's General Stores, 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 Nick Scali Ltd stock attractive at the current price?
The data as of Nov 7, 2026: price A$13.78, calculated fair value A$22.05 (+60%), Quality Score 69/100, from 26 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 NCK calculated?
We run Nick Scali Ltd through 26 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of A$22.05 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. Nick Scali Ltd currently trades 38% below its own fair value, and the market average says nothing about that. 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 Nick Scali Ltd (NCK)?
The closing price on Nov 9, 2026 was A$13.78. Our model-based fair value is A$22.05, about +60% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Nick Scali Ltd right now?
The price is below even our cautious bear case (A$16.53). The market is more pessimistic than our downside scenario. Solid quality (69/100) at a price below fair value, the discount is the argument here, not the business quality.
Where does the earnings growth of Nick Scali Ltd (NCK) come from?
Earnings per share at Nick Scali Ltd grew +11.0 % a year from 2015 to 2026. Broken into its drivers: revenue per share +10.2 %, EBIT margin +3.9 %, tax rate −0.3 %, residual (interest, one-offs) −2.8 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Nick Scali Ltd
How large is the market capitalisation of Nick Scali Ltd (NCK)?
The market capitalisation of Nick Scali Ltd is A$1.2B (≈ $813M). 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 Nick Scali Ltd (NCK)?
The price-to-sales ratio of Nick Scali Ltd is 2.28 (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 Nick Scali Ltd (NCK)?
Earnings per share at Nick Scali Ltd are A$0.8850 (price ÷ EPS = P/E 15.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Nick Scali Ltd (NCK)?
The dividend yield of Nick Scali Ltd is 5.7% (payout 88.1%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Nick Scali Ltd (NCK)?
The net margin of Nick Scali Ltd is 14.7% (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 Nick Scali Ltd (NCK)?
The return on equity (ROE) of Nick Scali Ltd is 27.7% (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 Nick Scali Ltd (NCK)?
On an EBIT basis the return on assets of Nick Scali Ltd is 21.2% (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 Nick Scali Ltd (NCK)?
The operating margin of Nick Scali Ltd is 21.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Nick Scali Ltd (NCK)?
Revenue at Nick Scali Ltd is growing +1.3% versus a year earlier (3y avg +0.6%). 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 Nick Scali Ltd (NCK)?
Earnings per share at Nick Scali Ltd are growing +25.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Nick Scali Ltd (NCK) carry?
The net debt of Nick Scali Ltd is A$243M (fiscal year 2026, ≈ 1.9 yrs of FCF). 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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Some data
Nov 7, 2026