Nederman Holding AB (NMAN) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Nederman Holding AB stock SEK 131, price SEK 143, that is 8.7% below the price, quality 55 out of 100. Rating: fairly valued. Calculated from audited financials with 24 of our 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 5, 2026.
How to read this chart
60‑month range kr 115.80 – kr 242.28 · fair‑value band kr 63.41 – kr 169.81 · the kr 143.00 price screens above the kr 130.62 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 5, 2026.
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Nederman Holding AB (publ), together with its subsidiaries, operates as an environmental technology company. It operates through Extraction and Filtration Technology; Process Technology; Duct and Filter Technology; and Monitoring and Control Technology segments.
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The company develops and sells a range of filters and monitoring services, capturing devices, fans, and high-vacuum products and reels to distribute liquids and compressed air.
It also develops and offers filter solutions; ducting systems, valves, and filter; as well as measurement technology and an IoT platform that provides customers with information and insight into critical parameters and processes.
The company serves customers in industries such as metalworking, automotive and vehicle workshops, pulp and paper, food, chemicals, textile, manufacturing and engineering, woodworking, oil and gas, waste to energy, energy transition, data centre, and recycling and circular economy.
It operates in Sweden, Germany, the United Kingdom, rest of Europe, the Middle East, the United States, Other Americas, China, India, and rest of the Asia Pacific. Nederman Holding AB (publ) was founded in 1944 and is headquartered in Helsingborg, Sweden.
Stock analysis
Nederman Holding AB (NMAN) currently trades at kr 143.00, while our model-based Fair Value estimate is kr 130.62, so the stock looks roughly fairly valued today (gap 9.5%).
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Valuation
Bull case: the Multiples group reads highest at a median of kr 164.14 per share, and 8 of the 24 models we run sit above the kr 143.00 price.
Bear case: the Dividend Discount group reads lowest at kr 58.81, and 16 of the 24 models stay below the price. Data coverage for this calculation is high.
Scenario range: kr 63.41 (bear) to kr 169.81 (bull), the price of kr 143.00 sits inside 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 55/100 (solid quality), in the Industrials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Nederman Holding AB reported revenue of 5.8B SEK in FY2025 versus 4.0B SEK in FY2021, a compound +9.4%/yr. Reported net income was 274M SEK in FY2025, compounding −2.7%/yr from FY2021.
Key figures
Market cap 5.0B SEK (≈ $507M) Small · P/E ratio 22.4 · P/S ratio 0.90 · EPS (TTM) kr 6.39 · Dividend yield 2.8% · Net margin 4.1% · Return on equity 8.6% · Return on assets (EBIT) 8.5% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 41 out of 100 (low confidence).
What moves the price
The share trades about 14% below its 52-week high and 23% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −46% fair-value upside, at −9%, NMAN screens cheaper than that median.
Fair Value models
Bearkr 63.41Fair Value kr 130.62Bullkr 169.81
Price kr 143.00 · Downside -8.7%
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. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (kr 2.05 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.
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.69/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−2.0%
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.
+3.7%
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.
+9.5%
Start year 2020 (pandemic). Over 10 years: +6.1% a year
Revenue growth 21 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.
+10.2%
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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.
+6.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year+3.9%
Dividend (yield on the price)2.8%
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.3.9% vs 6.0%, steady
Profit margin 2020 to 2025 ⓘ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% → 9%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
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).
+24.2%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Sweden: IMF forecast 2.0% a year to 2030, 2.9% from 2016 to 2025) that is about +21.8% a year for the price.
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 Industrial Machinery · 813 stocks
Beats the industry median on 8/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score55 · Above median
Fair Value upside−8.7% · Above median
Profitability
Return on equity (12 months)8.6% · Above median
Return on assets4.0% · Above median
Net margin (12 months)4.1% · Below median
Operating margin (12 months)7.3% · Below median
Growth and dividend
Revenue growth (quarter YoY)−1.0% · Below median
Dividend yield (12 months)2.8% · Top 25%
Balance sheet
Debt / equity0.76× · Highest 25%
Valuation Multiplesvs Specialty Industrial Machinery median · lower = cheaper
P/E (12 months)22.4× · Cheaper than median
P/B1.99× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
P/S (12 months)0.90× · Cheapest 25%
Price / free cash flow (fiscal year)31.8× · Pricier than median
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Nederman Holding AB Fair Value". https://www.fairvalue-calculator.com/stock/NMAN
Frequently asked questions
Is Nederman Holding AB (NMAN) overvalued or undervalued?
As of Nov 5, 2026, our model estimates a fair value of kr 130.62 versus a price of kr 143.00, about 9% lower (fairly valued).
What is the fair value of NMAN?
Our model-based fair value for Nederman Holding AB is kr 130.62 (as of Nov 5, 2026), built from audited fundamentals. The current price: kr 143.00.
What is the quality score of NMAN?
Nederman Holding AB has a Quality Score of 55/100. 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 Nederman Holding AB (NMAN)?
Our model-based price target is the fair value of kr 130.62 (as of Nov 5, 2026) from 24 valuation models. Cautious scenario kr 63.41, optimistic scenario kr 169.81. It is a calculation from audited fundamentals, not an analyst target.
What is the Nederman Holding AB stock forecast for 2026?
Our models put fair value at kr 130.62, about 9% lower versus a price of kr 143.00 (fairly valued). Cautious scenario kr 63.41, optimistic scenario kr 169.81. The calculation is refreshed regularly with new filings.
What is the revenue of Nederman Holding AB (NMAN)?
Nederman Holding AB reported trailing-twelve-month revenue of about 5.5B SEK (latest available figure, as of Nov 5, 2026).
Does Nederman Holding AB pay a dividend?
Nederman Holding AB currently shows a dividend yield of 2.80% relative to its recent price (as of Nov 5, 2026).
How much is the dividend of Nederman Holding AB (NMAN) and when is the ex-dividend date?
Nederman Holding AB pays a dividend of kr 4.00 per share a year, a dividend yield of 2.8%. The last ex-dividend date was Apr 22, 2026. A dividend has been paid every year since 2021. The payout ratio is 62.6% of earnings. Free cash flow covers the dividend 1.12 times. Our assessment: Sustainable. Payout and cash coverage both look sustainable.
What growth is priced into Nederman Holding AB (NMAN)?
For today's price to be fair in a discounted-cash-flow model, Nederman Holding AB would have to grow free cash flow by +24.2 % per year for five years (discount rate 10.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +9.5 % per year. As of Nov 5, 2026.
What discount rate (WACC) does the fair value of NMAN use?
Our models discount Nederman Holding AB at 10.3 %: a base by market capitalisation (small), damped by beta 0.74, country premium for Sweden. 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 Nederman Holding AB that is +24.2 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (10.3 %) and the same formula as our fair value.
How much growth has Nederman Holding AB (NMAN) delivered so far?
Over the past 5 years revenue at Nederman Holding AB grew +9.5 % a year. The price currently implies free-cash-flow growth of +24.2 % 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 Nederman Holding AB (NMAN) growing?
The median revenue growth in the sector is +7.8 % a year. That is the yardstick for the growth priced into Nederman Holding AB (+24.2 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Nederman Holding AB (NMAN)?
The free-cash-flow yield on the price is 3.14 %: that much free cash flow Nederman Holding AB produces per unit of market value. When it exceeds the discount rate of our models (10.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Nederman Holding AB (NMAN)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Nederman Holding AB it is kr 130.62 per share (as of Nov 5, 2026), against a price of kr 143.00. It is the blended result of 24 valuation models in 7 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Growth DCF, Economic Profit, Growth Earnings).
Is Nederman Holding AB stock overvalued or undervalued in 2026?
As of Nov 5, 2026, NMAN trades above its calculated fair value: price kr 143.00, fair value kr 130.62, a gap of about −9% (fairly valued). 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 NMAN?
No. The price is what the market pays today (kr 143.00); the fair value is what the company's own numbers justify (kr 130.62). For Nederman Holding AB the two are kr 12.38 per share apart. That gap is exactly why we show both numbers side by side.
How much is Nederman Holding AB worth?
The market values Nederman Holding AB at about 5.0B SEK (market capitalisation, as of Nov 5, 2026). Per share that is kr 143.00; our models calculate a fair value of kr 130.62 per share.
What do the bullish and bearish scenarios say about NMAN?
Our models span a range for Nederman Holding AB: cautious scenario kr 63.41, base kr 130.62, optimistic kr 169.81 per share (as of Nov 5, 2026, price kr 143.00). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of NMAN?
Nederman Holding AB trades at a price-to-earnings ratio of 22.4 (as of Nov 5, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 130.62 is built from several models across several years. Median P/E at fiscal year-end, 8 fiscal years (2018 to 2025), reported earnings, FY2025 ex one-offs: 21.4. Other multiples: PEG 3.1, P/B 2.0, P/S 0.9, EV/EBITDA 11.6.
What is the PEG ratio of NMAN?
The PEG ratio of Nederman Holding AB is 3.09 (P/E divided by earnings growth, as of Nov 5, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Nederman Holding AB (NMAN)?
Balance-sheet figures for Nederman Holding AB (as of Nov 5, 2026): return on equity 8.6%, debt of 0.76 per unit of equity. They feed the Quality Score of 55/100, which measures business quality independently of the share price.
How far is NMAN from its 52-week high?
Nederman Holding AB trades at kr 143.00, about 14% below its 52-week high of kr 166.16 and 23% above the low of kr 115.80 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of kr 130.62 is for.
Which stocks are comparable to Nederman Holding AB?
From the same area (Industrials) we also value SIE, GE Vernova Inc, Eaton Corporation, Parker-Hannifin Corporation, 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 Nederman Holding AB stock attractive at the current price?
The data as of Nov 5, 2026: price kr 143.00, calculated fair value kr 130.62 (−9%), Quality Score 55/100, from 24 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 NMAN calculated?
We run Nederman Holding AB through 24 models from 7 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of kr 130.62 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. Nederman Holding 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 Nederman Holding AB (NMAN)?
The closing price on Nov 6, 2026 was kr 143.00. Our model-based fair value is kr 130.62, about 9% lower (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Nederman Holding AB right now?
The model range is unusually wide (kr 63.41 to kr 169.81). The outcome hinges heavily on assumptions, so read the point estimate with caution. The price sits close to our fair value, market and models broadly agree here, little valuation tension.
Where does the earnings growth of Nederman Holding AB (NMAN) come from?
Earnings per share at Nederman Holding AB grew +9.7 % a year from 2014 to 2025. Broken into its drivers: revenue per share +7.8 %, EBIT margin +3.1 %, tax rate +0.0 %, residual (interest, one-offs) −1.3 %. 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 Nederman Holding AB
How large is the market capitalisation of Nederman Holding AB (NMAN)?
The market capitalisation of Nederman Holding AB is 5.0B SEK (≈ $507M). 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 Nederman Holding AB (NMAN)?
The price-to-sales ratio of Nederman Holding AB is 0.90 (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 Nederman Holding AB (NMAN)?
Earnings per share at Nederman Holding AB are kr 6.39 (price ÷ EPS = P/E 22.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Nederman Holding AB (NMAN)?
The dividend yield of Nederman Holding AB is 2.8% (payout 62.6%). 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 Nederman Holding AB (NMAN)?
The net margin of Nederman Holding AB is 4.1% (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 Nederman Holding AB (NMAN)?
The return on equity (ROE) of Nederman Holding AB is 8.6% (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 Nederman Holding AB (NMAN)?
On an EBIT basis the return on assets of Nederman Holding AB is 8.5% (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 Nederman Holding AB (NMAN)?
The operating margin of Nederman Holding AB is 7.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Nederman Holding AB (NMAN)?
Revenue at Nederman Holding AB is growing −1.0% versus a year earlier (3y avg +3.7%). 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 Nederman Holding AB (NMAN)?
Earnings per share at Nederman Holding AB are growing −26.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Nederman Holding AB (NMAN) carry?
The net debt of Nederman Holding AB is 1.8B SEK (fiscal year 2025, ≈ 11.5 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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Broad data
Nov 5, 2026