Nordrest Holding AB (publ) (NREST) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Nordrest Holding AB (publ) stock SEK 383, price SEK 257, upside +49.0%, quality 58 out of 100. Rating: 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 5, 2026.
How to read this chart
29‑month range kr 99.61 – kr 334.84 · fair‑value band kr 214.19 – kr 651.24 · the kr 257.00 price screens below the kr 382.98 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 5, 2026.
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Nordrest Holding AB (publ) operates as a foodservice company in Sweden and internationally. The company operates restaurants. It also provides catering services.
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In addition, the company develops, produces, packs, and distributes complete meal solutions and food components for defence, emergency preparedness, humanitarian operations, and institutional customers under the OrifO, Surviva foods, and Outmeals names.
Further, it provides meal solutions under the Taste by Nordrest, Togo by Nordrest,, PocketbyNordrest, LaGirafe, Dinners, and WayCup brands. The company serves defense, companies, colleges and universities, schools, hospitals and elderly care, and travel groups.
The company was incorporated in 2013 and is based in Solna, Sweden.
Stock analysis
Nordrest Holding AB (publ) (NREST) currently trades at kr 257.00, while our model-based Fair Value estimate is kr 382.98, implying the stock looks roughly 33% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of kr 715.84 per share, and 17 of the 26 models we run sit above the kr 257.00 price.
Bear case: the Dividend Discount group reads lowest at kr 75.59, and 9 of the 26 models stay below the price. Data coverage for this calculation is high.
Scenario range: kr 214.19 (bear) to kr 651.24 (bull), the price of kr 257.00 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 58/100 (solid quality), in the Consumer Cyclical sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Nordrest Holding AB (publ) reported revenue of 2.5B SEK in FY2025 versus 489M SEK in FY2021, a compound +51.1%/yr. Reported net income was 196M SEK in FY2025, compounding +87.7%/yr from FY2021. FY2021 was a trough year, so the rate overstates the trend.
Key figures
Market cap 3.3B SEK (≈ $338M) Small · P/E ratio 17.6 · P/S ratio 1.16 · EPS (TTM) kr 14.63 · Dividend yield 3.3% · Net margin 7.0% · Return on equity 67.5% · Return on assets (EBIT) 19.6% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 68 out of 100 (low confidence).
What moves the price
The share trades about 23% below its 52-week high and 24% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at −30% fair-value upside, at 49%, NREST screens cheaper than that median.
Fair Value models
Bearkr 214.19Fair Value kr 382.98Bullkr 651.24
Price kr 257.00 · Upside +49.0%
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 2025 figures (about 10 months old). Earnings retained since then (kr 5.26 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.90/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+33.4%
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.
+28.2%
’21
’22
’23
’24
’25
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. Basis: EBIT basis.
≈ +57.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+54.1%
Dividend (yield on the price)3.3%
Profit margin 2021 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.5% → 8%
⚠ Rate on operating basis: 2025 sits 134% above its own trend.
Growth Forecast
Little optimism in the price
The price assumes less 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).
+8.6%
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 +6.4% a year for the price.
Compare Nordrest Holding AB (publ) with another stock
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.Restaurants · 200 stocks
Beats the industry median on 10/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score58 · Above median
Fair Value upside+49.0% · Top 25%
Profitability
Return on equity (12 months)67.5% · Top 25%
Return on assets18.8% · Top 25%
Net margin (12 months)7.0% · Top 25%
Operating margin (12 months)9.4% · Above median
Growth and dividend
Revenue growth (quarter YoY)17.1% · Top 25%
Dividend yield (12 months)3.3% · Above median
Balance sheet
Debt / equity0.18× · Above median
Valuation Multiplesvs Restaurants median · lower = cheaper
P/E (12 months)17.6× · Cheaper than median
P/B13.32× · Priciest 25%
P/S (12 months)1.16× · Pricier than median
Price / free cash flow (fiscal year)18.6× · 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). "Nordrest Holding AB (publ) Fair Value". https://www.fairvalue-calculator.com/stock/NREST
Frequently asked questions
Is Nordrest Holding AB (publ) (NREST) overvalued or undervalued?
As of Nov 5, 2026, our model estimates a fair value of kr 382.98 versus a price of kr 257.00, about +49% upside (undervalued).
What is the fair value of NREST?
Our model-based fair value for Nordrest Holding AB (publ) is kr 382.98 (as of Nov 5, 2026), built from audited fundamentals. The current price: kr 257.00.
What is the quality score of NREST?
Nordrest Holding AB (publ) has a Quality Score of 58/100. 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 Nordrest Holding AB (publ) (NREST)?
Our model-based price target is the fair value of kr 382.98 (as of Nov 5, 2026) from 26 valuation models. Cautious scenario kr 214.19, optimistic scenario kr 651.24. It is a calculation from audited fundamentals, not an analyst target.
What is the Nordrest Holding AB (publ) stock forecast for 2026?
Our models put fair value at kr 382.98, about +49% upside versus a price of kr 257.00 (undervalued). Cautious scenario kr 214.19, optimistic scenario kr 651.24. The calculation is refreshed regularly with new filings.
What is the revenue of Nordrest Holding AB (publ) (NREST)?
Nordrest Holding AB (publ) reported trailing-twelve-month revenue of about 2.9B SEK (latest available figure, as of Nov 5, 2026).
Does Nordrest Holding AB (publ) pay a dividend?
Nordrest Holding AB (publ) currently shows a dividend yield of 3.31% relative to its recent price (as of Nov 5, 2026).
How much is the dividend of Nordrest Holding AB (publ) (NREST) and when is the ex-dividend date?
Nordrest Holding AB (publ) pays a dividend of kr 8.50 per share a year, a dividend yield of 3.3%. The last ex-dividend date was May 13, 2026. The payout ratio is 58.1% of earnings. Free cash flow covers the dividend 1.66 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
What growth is priced into Nordrest Holding AB (publ) (NREST)?
For today's price to be fair in a discounted-cash-flow model, Nordrest Holding AB (publ) would have to grow free cash flow by +8.6 % per year for five years (discount rate 10.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 4 years revenue grew +51.1 % per year. As of Nov 5, 2026.
What discount rate (WACC) does the fair value of NREST use?
Our models discount Nordrest Holding AB (publ) at 10.1 %: a base by market capitalisation (small), damped by beta 0.67, 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 Nordrest Holding AB (publ) that is +8.6 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (10.1 %) and the same formula as our fair value.
How much growth has Nordrest Holding AB (publ) (NREST) delivered so far?
Over the past 4 years revenue at Nordrest Holding AB (publ) grew +51.1 % a year. The price currently implies free-cash-flow growth of +8.6 % 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 Nordrest Holding AB (publ) (NREST) growing?
The median revenue growth in the sector is +8.6 % a year. That is the yardstick for the growth priced into Nordrest Holding AB (publ) (+8.6 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Nordrest Holding AB (publ) (NREST)?
The free-cash-flow yield on the price is 5.39 %: that much free cash flow Nordrest Holding AB (publ) produces per unit of market value. When it exceeds the discount rate of our models (10.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Nordrest Holding AB (publ) (NREST)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Nordrest Holding AB (publ) it is kr 382.98 per share (as of Nov 5, 2026), against a price of kr 257.00. 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 Nordrest Holding AB (publ) stock overvalued or undervalued in 2026?
As of Nov 5, 2026, NREST trades below its calculated fair value: price kr 257.00, fair value kr 382.98, a gap of about +49% (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 NREST?
No. The price is what the market pays today (kr 257.00); the fair value is what the company's own numbers justify (kr 382.98). For Nordrest Holding AB (publ) the two are kr 125.98 per share apart. That gap is exactly why we show both numbers side by side.
How much is Nordrest Holding AB (publ) worth?
The market values Nordrest Holding AB (publ) at about 3.3B SEK (market capitalisation, as of Nov 5, 2026). Per share that is kr 257.00; our models calculate a fair value of kr 382.98 per share.
What do the bullish and bearish scenarios say about NREST?
Our models span a range for Nordrest Holding AB (publ): cautious scenario kr 214.19, base kr 382.98, optimistic kr 651.24 per share (as of Nov 5, 2026, price kr 257.00). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of NREST?
Nordrest Holding AB (publ) trades at a price-to-earnings ratio of 17.6 (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 382.98 is built from several models across several years. Other multiples: P/B 13.3, P/S 1.2, EV/EBITDA 8.7.
How solid is the balance sheet of Nordrest Holding AB (publ) (NREST)?
Balance-sheet figures for Nordrest Holding AB (publ) (as of Nov 5, 2026): return on equity 67.5%, debt of 0.18 per unit of equity. They feed the Quality Score of 58/100, which measures business quality independently of the share price.
How far is NREST from its 52-week high?
Nordrest Holding AB (publ) trades at kr 257.00, about 23% below its 52-week high of kr 334.84 and 24% above the low of kr 207.63 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of kr 382.98 is for.
Which stocks are comparable to Nordrest Holding AB (publ)?
From the same area (Consumer Cyclical) we also value McDonald's Corporation, Starbucks Corporation, Yum! Brands, Inc, Chipotle Mexican Grill, 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 Nordrest Holding AB (publ) stock attractive at the current price?
The data as of Nov 5, 2026: price kr 257.00, calculated fair value kr 382.98 (+49%), Quality Score 58/100, 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 NREST calculated?
We run Nordrest Holding AB (publ) 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 kr 382.98 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. Nordrest Holding AB (publ) currently trades 33% 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 Nordrest Holding AB (publ) (NREST)?
The closing price on Nov 6, 2026 was kr 257.00. Our model-based fair value is kr 382.98, about +49% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Nordrest Holding AB (publ) right now?
The model range is unusually wide (kr 214.19 to kr 651.24). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid quality (58/100) at a price below fair value, the discount is the argument here, not the business quality.
Key figures of Nordrest Holding AB (publ)
How large is the market capitalisation of Nordrest Holding AB (publ) (NREST)?
The market capitalisation of Nordrest Holding AB (publ) is 3.3B SEK (≈ $338M). 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 Nordrest Holding AB (publ) (NREST)?
The price-to-sales ratio of Nordrest Holding AB (publ) is 1.16 (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 Nordrest Holding AB (publ) (NREST)?
Earnings per share at Nordrest Holding AB (publ) are kr 14.63 (price ÷ EPS = P/E 17.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Nordrest Holding AB (publ) (NREST)?
The dividend yield of Nordrest Holding AB (publ) is 3.3% (payout 58.1%). 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 Nordrest Holding AB (publ) (NREST)?
The net margin of Nordrest Holding AB (publ) is 7.0% (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 Nordrest Holding AB (publ) (NREST)?
The return on equity (ROE) of Nordrest Holding AB (publ) is 67.5% (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 Nordrest Holding AB (publ) (NREST)?
On an EBIT basis the return on assets of Nordrest Holding AB (publ) is 19.6% (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 Nordrest Holding AB (publ) (NREST)?
The operating margin of Nordrest Holding AB (publ) is 9.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Nordrest Holding AB (publ) (NREST)?
Revenue at Nordrest Holding AB (publ) is growing +17.1% versus a year earlier (3y avg +28.2%). 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 Nordrest Holding AB (publ) (NREST)?
Earnings per share at Nordrest Holding AB (publ) are growing +0.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Nordrest Holding AB (publ) (NREST) hold?
Nordrest Holding AB (publ) holds more cash than debt, 80.7M SEK net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Broad data
Nov 5, 2026