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NRC Group (0DSJ) fair value: what the stock is really worth
As of Oct 1, 2026: fair value of NRC Group NOK 26.01, price NOK 9.54, upside +172.6%, quality 48 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
- Fair value above price? Yes
- Good quality? No
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Broad data
Sep 24, 2026
NRC Group
0DSJ · LSECheap, value-trap riskThe stock looks deeply undervalued, but low quality raises value-trap risk.
✓Fair value kr 26.01 · Strongly undervalued (+172.6%)
!Quality 48/100
!Weak Growth (revenue 5y +0.3 %/yr)
!Thin margins · 0.5% net margin (TTM)
✓Moderate debt · generates free cash flow
!Narrow moat 22/100
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
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range kr 2.87 – kr 74.59 · fair‑value band kr 14.19 – kr 39.24 · the kr 9.54 price screens below the kr 26.01 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
Company profile
NRC Group ASA, together with its subsidiaries, operates as a rail infrastructure company in Norway, Sweden, and Finland.
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NRC Group ASA, together with its subsidiaries, operates as a rail infrastructure company in Norway, Sweden, and Finland. It offers groundwork services, including excavations, transport, masses sorting, and ditching, as well as water and drainage systems; and signaling systems, digital telecom systems, electro, tracks, and station buildings and terminals, as well as catenary systems comprising wires, masts, switches, and return current systems. The company also provides concrete work, recycling, demolition, and mass transport services; steel structures; and specialized trackwork services. In addition, it engages in constructing, upgrading, and maintaining track systems, including structures, such as stations, tunnels, and bridges. The company was formerly known as Blom ASA and changed its name to NRC Group ASA in May 2015. NRC Group ASA was founded in 1966 and is headquartered in Lysaker, Norway.
Stock analysis
NRC Group (0DSJ) currently trades at kr 9.54, while our model-based Fair Value estimate is kr 26.01, implying the stock looks roughly 63.3% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of kr 46.58 per share, and 22 of the 24 models we run sit above the kr 9.54 price.
Bear case: the Economic Profit group reads lowest at kr 8.16, and 2 of the 24 models stay below the price. Evidence for this calculation is high.
Scenario range: kr 14.19 (bear) to kr 39.24 (bull), the price of kr 9.54 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 48/100 (below-average quality), in the Industrials sector.
Weak Growth: Growth has flattened: the last year, three and five years all grew more slowly than the long-term average.
NRC Group reported revenue of 6.6B NOK in FY2025 versus 6.0B NOK in FY2021, a compound +2.4%/yr. Reported net income was 25.0M NOK in FY2025.
Key figures
Market cap 473M NOK (≈ $49.2M) · P/E ratio 5.9 · P/S ratio 0.02 · EPS (TTM) kr 0.0140 · Net margin 0.4% · Return on equity 1.9% · Return on assets (EBIT) −1.8% · Operating margin −2.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 39 out of 100 (low confidence).
What moves the price
The share trades about 17% below its 52-week high and 43% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −19% fair-value upside, at 173%, 0DSJ screens cheaper than that median.
Fair Value models
Bear kr 14.19
Fair Value kr 26.01
Bull kr 39.24
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (kr 0.0106 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.
Evidence ⓘEvidence = 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.
Highest evidence
Growth DCF
kr 23.02
kr 65.12
kr 128.98
73
FCF DCF
kr 24.36
kr 60.80
kr 149.88
72
Owner Earnings
kr 75.18
kr 170.29
kr 346.45
71
All 24 models by family
DCF Models
FCF DCF
kr 24.36
kr 60.80
kr 149.88
72
Owner Earnings
kr 75.18
kr 170.29
kr 346.45
71
5Y Revenue Exit
kr 14.91
kr 44.63
kr 86.61
67
5Y EBITDA Exit
kr 47.93
kr 117.95
kr 211.75
71
5Y P/E Exit
n/a
kr 10.48
kr 22.88
68
10Y Revenue Exit
kr 16.56
kr 46.58
kr 96.45
61
10Y EBITDA Exit
kr 39.75
kr 101.43
kr 206.65
63
10Y P/E Exit
kr 7.38
kr 21.03
kr 40.34
59
Earnings-Based
Graham-Dodd
kr 4.09
kr 24.00
kr 33.41
63
Lynch FV
kr 6.80
kr 9.72
kr 12.63
61
PEG = 1.0
kr 6.80
kr 9.72
kr 12.63
57
EPV
kr 4.22
kr 8.16
kr 11.55
71
Multiples
P/E Multiple
kr 9.47
kr 12.63
kr 15.79
63
P/S Multiple
kr 7.67
kr 10.23
kr 12.78
58
P/B Multiple
kr 7.67
kr 10.23
kr 12.78
55
EV/EBIT
kr 22.54
kr 36.96
kr 51.38
64
EV/EBITDA
kr 63.04
kr 90.96
kr 118.87
67
EV/Revenue
kr 10.16
kr 23.39
kr 36.62
51
Asset-Based
NCAV (Graham)
kr 21.44
kr 28.73
kr 42.88
54
Growth DCF
Growth DCF
kr 23.02
kr 65.12
kr 128.98
73
Rev-Margin DCF
kr 14.91
kr 43.57
kr 83.62
68
Economic Profit
Residual Income
kr 29.16
kr 27.12
kr 26.36
71
ROIC Compounder
kr 4.22
kr 8.16
kr 11.55
70
Growth Earnings
Growth-Adj P/E
kr 9.98
kr 14.26
kr 18.54
67
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Set up alert →Quality Score breakdown
Overall quality
48/100
Of which business quality 48 · Market factors (momentum, volatility) 62
Profitability
51
Margins and returns on capital today
Quality Growth
68
Are margins and returns improving?
Cashflow
53
Earnings quality: real cash, not paper profit
Fin. Strength
33
Balance sheet, leverage, solvency risk
Investment
100
Disciplined investing over empire-building
Low Volatility
58
Calm price path (market factor)
Momentum
62
Price trend over the last 3–12 months (market factor)
52W Momentum
66
Distance to the 52-week high (market factor)
Net Issuance
0
Share count: buybacks or dilution?
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.
40/100
Growth has flattened: the last year, three and five years all grew more slowly than the long-term average.
Revenue growth 1 year
−4.9%
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.
−2.3%
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.
+0.3%
Start year 2020 (pandemic). Over 10 years: +25.5% a year
Revenue growth 23 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.
+18.6%
’14
’15
’16
’17
’18
’19
’20
’21
’22
’23
’24
’25
What shareholders gained per year (last 3 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 3 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.
−36.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year−36.0%
Dividend (yield on the price)0.0%
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.0% → 2%
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more 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).
+23.7%
Yearly growth needed for the next five years to justify today's price.
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.
+4.8%
Yearly sales growth analysts expect, extended to five years.
After inflation (Norway: IMF forecast 2.4% a year to 2030, 3.3% from 2016 to 2025) that is about +20.7% a year for the price and +2.4% for the forecasts.
Forecast 2026 (sales)+5.4%
Forecast 2027 (sales)+5.3%
Projected 2028 (sales)+4.9%
Projected 2029 (sales)+4.5%
Projected 2030 (sales)+4.1%
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Context: sector, industry, market
- P/E, EV/EBITDA and margins by industry (reference tables)
- Undervalued stocks: UK Stocks
- Valuation of the UK 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 Railroads stocks, each showing price versus our Fair Value estimate.
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Union Pacific Corporation UNP | $272.13 | $153.47 | −44% |
| CSX Corporation CSX | $46.51 | $12.91 | −72% |
| Canadian Pacific Kansas City Limited CP | $86.56 | $37.51 | −57% |
| Canadian National Railway Company CNI | $121.14 | $98.68 | −19% |
| Norfolk Southern Corporation NSC | $309.00 | $133.05 | −57% |
| Westinghouse Air Brake Technologies Corporation WAB | $288.00 | $290.92 | +1% |
| Beijing-Shanghai High-Speed Railway Co 601816 | ¥4.69 | ¥5.65 | +20% |
| CRRC Corporation 601766 | ¥5.97 | ¥9.21 | +54% |
| Daqin Railway Co 601006 | ¥4.66 | ¥5.48 | +18% |
| Getlink SE GET | €18.83 | €10.42 | −45% |
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Frequently asked questions
Is NRC Group (0DSJ) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of kr 26.01 versus a price of kr 9.54, about +173% upside (undervalued).
What is the fair value of 0DSJ?
Our model-based fair value for NRC Group is kr 26.01 (as of Sep 24, 2026), built from audited fundamentals. The current price: kr 9.54.
What is the quality score of 0DSJ?
NRC Group has a Quality Score of 48/100. 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 NRC Group (0DSJ)?
Our model-based price target is the fair value of kr 26.01 (as of Sep 24, 2026) from 24 valuation models. Cautious scenario kr 14.19, optimistic scenario kr 39.24. It is a calculation from audited fundamentals, not an analyst target.
What is the NRC Group stock forecast for 2026?
Our models put fair value at kr 26.01, about +173% upside versus a price of kr 9.54 (undervalued). Cautious scenario kr 14.19, optimistic scenario kr 39.24. The calculation is refreshed regularly with new filings.
What is the revenue of NRC Group (0DSJ)?
NRC Group reported trailing-twelve-month revenue of about 6.4B NOK (latest available figure, as of Sep 24, 2026).
What growth is priced into NRC Group (0DSJ)?
For today's price to be fair in a discounted-cash-flow model, NRC Group would have to grow free cash flow by +23.7 % 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 +0.3 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 0DSJ use?
Our models discount NRC Group at 10.3 %: a base by market capitalisation (nano), country premium for United Kingdom. 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 NRC Group that is +23.7 % per year a year over ten years, using the same discount rate (10.3 %) and the same formula as our fair value.
How much growth has NRC Group (0DSJ) delivered so far?
Over the past 5 years revenue at NRC Group grew +0.3 % a year. The price currently implies +23.7 % per year free-cash-flow growth a 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 NRC Group (0DSJ) growing?
The median revenue growth in the sector is +7.2 % a year. That is the yardstick for the growth priced into NRC Group (+23.7 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of NRC Group (0DSJ)?
The free-cash-flow yield on the price is 3.82 %: that much free cash flow NRC Group 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 NRC Group (0DSJ)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For NRC Group it is kr 26.01 per share (as of Sep 24, 2026), against a price of kr 9.54. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is NRC Group stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 0DSJ trades below its calculated fair value: price kr 9.54, fair value kr 26.01, a gap of about +173% (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 0DSJ?
No. The price is what the market pays today (kr 9.54); the fair value is what the company's own numbers justify (kr 26.01). For NRC Group the two are kr 16.47 per share apart. That gap is exactly why we show both numbers side by side.
How much is NRC Group worth?
The market values NRC Group at about 473M NOK (market capitalisation, as of Sep 24, 2026). Per share that is kr 9.54; our models calculate a fair value of kr 26.01 per share.
What do the bullish and bearish scenarios say about 0DSJ?
Our models span a range for NRC Group: cautious scenario kr 14.19, base kr 26.01, optimistic kr 39.24 per share (as of Sep 24, 2026, price kr 9.54). The range comes from different growth and margin assumptions, not from analyst opinions.
How far is 0DSJ from its 52-week high?
NRC Group trades at kr 9.54, about 17% below its 52-week high of kr 11.56 and 43% above the low of kr 6.67 (as of Oct 1, 2026). Distance from the high says nothing about value: that is what the fair value of kr 26.01 is for.
Which stocks are comparable to NRC Group?
From the same area (Industrials) we also value Union Pacific Corporation, CSX Corporation, Canadian Pacific Kansas City Limited, Canadian National Railway Company, 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 NRC Group stock attractive at the current price?
The data as of Sep 24, 2026: price kr 9.54, calculated fair value kr 26.01 (+173%), Quality Score 48/100, 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 0DSJ calculated?
We run NRC Group through 24 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of kr 26.01, 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 14.5 % above its aggregate fair value. NRC Group currently trades 63 % 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 NRC Group (0DSJ)?
The closing price on Oct 1, 2026 was kr 9.54. Our model-based fair value is kr 26.01, about +173% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with NRC Group right now?
The price is below even our cautious bear case (kr 14.19). The market is more pessimistic than our downside scenario. The model range is unusually wide (kr 14.19 to kr 39.24). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid quality (48/100) at a price below fair value, the discount is the argument here, not the business quality.
Key figures of NRC Group
How large is the market capitalisation of NRC Group (0DSJ)?
The market capitalisation of NRC Group is 473M NOK (≈ $49.2M). 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/E ratio of NRC Group (0DSJ)?
The price-to-earnings ratio of NRC Group is 5.9 (as of Jul 24, 2026). Price to earnings: how many years of current profit you pay for the stock. A P/E of 10 means ten years of profit.
What is the P/S ratio of NRC Group (0DSJ)?
The price-to-sales ratio of NRC Group is 0.02 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of NRC Group (0DSJ)?
Earnings per share at NRC Group are kr 0.0140 (price ÷ EPS = P/E 5.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of NRC Group (0DSJ)?
The net margin of NRC Group is 0.4% (fiscal year 2025). 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 NRC Group (0DSJ)?
The return on equity (ROE) of NRC Group is 1.9% (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 NRC Group (0DSJ)?
On an EBIT basis the return on assets of NRC Group is −1.8% (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 NRC Group (0DSJ)?
The operating margin of NRC Group is −2.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at NRC Group (0DSJ)?
Revenue at NRC Group is growing −10.0% versus a year earlier (3y avg −2.3%). 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 NRC Group (0DSJ)?
Earnings per share at NRC Group are growing +4.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does NRC Group (0DSJ) carry?
The net debt of NRC Group is 752M NOK (fiscal year 2025, ≈ 11.1 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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