Ferronordic AB (publ) (FNM) fair value: what the stock is really worth
As of Nov 10, 2026: fair value (intrinsic value) of Ferronordic AB (publ) stock SEK 283, price SEK 94.40, upside +200.0%, quality 53 out of 100. Rating: strongly undervalued. Calculated from audited financials with 10 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 11, 2026.
How to read this chart
60‑month range kr 26.45 – kr 330.65 · fair‑value band kr 157.63 – kr 444.62 · the kr 94.40 price screens below the kr 283.20 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 11, 2026.
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Ferronordic AB (publ), together with its subsidiaries, operates as a dealer for new and used construction equipment and trucks in the United States, Germany, and Kazakhstan.
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The company also distributes excavators, wheel loaders, and mining machinery; mobile crushers and screens; telescopic and lattice boom cranes; backhoe loaders, compact wheel loaders, and other compact machines; haulers; wheeled and crawler excavators, and material handlers; and pavers, rollers, asphalt, and concrete mixing plants.
In addition, the company engages in the rental, service, repair, and rebuilding of construction equipment, trucks, and associated equipment.
Further, it provides technical support; consultancy services, such as machine operator training; aftermarket services and sales, including maintenance, diagnostics, overhauls, and spare parts sales; contracting; and other professional services.
The company's brand portfolio includes Volvo Construction Equipment, Sandvik, Link-Belt Cranes, Hitachi Construction Machinery, Bergmann, Atlas, Mantsinen, Volvo Trucks, Renault Trucks, Mecalac, and Ammann.
It serves the transport and logistics, general construction, road construction, mining, quarries and aggregates, government, recycling and waste, forestry, agriculture and landscaping, and other industries.
The company was formerly known as Ferronordic Machines AB and changed its name to Ferronordic AB (publ) in July 2019. Ferronordic AB (publ) was incorporated in 2008 and is headquartered in Stockholm, Sweden.
Stock analysis
Ferronordic AB (publ) (FNM) currently trades at kr 94.40, while our model-based Fair Value estimate is kr 283.20, implying the stock looks roughly 67% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of kr 450.58 per share, and 9 of the 10 models we run sit above the kr 94.40 price.
Bear case: the Asset-Based group reads lowest at kr 50.25, and 1 of the 10 models stay below the price. Data coverage for this calculation is low.
Scenario range: kr 157.63 (bear) to kr 444.62 (bull), the price of kr 94.40 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 53/100 (solid quality), in the Industrials sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Ferronordic AB (publ) reported revenue of 4.6B SEK in FY2025 versus 6.2B SEK in FY2021, a compound −7.4%/yr. Reported net income was −199M SEK in FY2025.
Key figures
Market cap 1.4B SEK (≈ $140M) Micro · P/E ratio 16.9 · P/S ratio 0.28 · EPS (TTM) kr 5.59 · Net margin 1.6% · Return on equity 5.8% · Return on assets (EBIT) 3.9% (5-year average) · Operating margin 4.4%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 28 out of 100 (low confidence).
What moves the price
The share trades about 13% below its 52-week high and 133% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −31% fair-value upside, at 200%, FNM screens cheaper than that median.
Fair Value models
Bearkr 157.63Fair Value kr 283.20Bullkr 444.62
Price kr 94.40 · Upside +200.0%
Capped: our models arrive at a very high value here. We deliberately show a more cautious Fair Value.
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 4.82 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.40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−3.3%
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.
+32.3%
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.
+0.2%
Start year 2020 (pandemic). Over 10 years: +12.1% a year
Revenue growth 14 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.
+4.7%
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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.
7.2% (2020) → 1.5% (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
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).
−9.3%
The company could shrink this much every year for the next five years and today's price would still be justified.
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 −11.1% 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.Industrial Distribution · 112 stocks
Beats the industry median on 7/13 measures
A mixed picture versus its industry peers.
Valuation
Quality Score53 · Below median
Fair Value upside+200.0% · Top 25%
Profitability
Return on equity (12 months)5.8% · Below median
Return on assets−5.0% · Bottom 25%
Net margin (12 months)1.6% · Bottom 25%
Operating margin (12 months)4.4% · Below median
Growth and dividend
Revenue growth (quarter YoY)43.2% · Top 25%
Balance sheet
Debt / equity0.70× · Highest 25%
Valuation Multiplesvs Industrial Distribution median · lower = cheaper
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). "Ferronordic AB (publ) Fair Value". https://www.fairvalue-calculator.com/stock/FNM
Frequently asked questions
Is Ferronordic AB (publ) (FNM) overvalued or undervalued?
As of Nov 11, 2026, our model estimates a fair value of kr 283.20 versus a price of kr 94.40, about +200% upside (undervalued).
What is the fair value of FNM?
Our model-based fair value for Ferronordic AB (publ) is kr 283.20 (as of Nov 11, 2026), built from audited fundamentals. The current price: kr 94.40.
What is the quality score of FNM?
Ferronordic AB (publ) has a Quality Score of 53/100. 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 Ferronordic AB (publ) (FNM)?
Our model-based price target is the fair value of kr 283.20 (as of Nov 11, 2026) from 10 valuation models. Cautious scenario kr 157.63, optimistic scenario kr 444.62. It is a calculation from audited fundamentals, not an analyst target.
What is the Ferronordic AB (publ) stock forecast for 2026?
Our models put fair value at kr 283.20, about +200% upside versus a price of kr 94.40 (undervalued). Cautious scenario kr 157.63, optimistic scenario kr 444.62. The calculation is refreshed regularly with new filings.
What is the revenue of Ferronordic AB (publ) (FNM)?
Ferronordic AB (publ) reported trailing-twelve-month revenue of about 5.0B SEK (latest available figure, as of Nov 11, 2026).
What growth is priced into Ferronordic AB (publ) (FNM)?
For today's price to be fair in a discounted-cash-flow model, Ferronordic AB (publ) would have to grow free cash flow by -9.3 % per year for five years (discount rate 15.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +0.2 % per year. As of Nov 11, 2026.
What discount rate (WACC) does the fair value of FNM use?
Our models discount Ferronordic AB (publ) at 15.0 %: a base by market capitalisation (micro), damped by beta 1.99, 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 Ferronordic AB (publ) that is -9.3 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (15.0 %) and the same formula as our fair value.
How much growth has Ferronordic AB (publ) (FNM) delivered so far?
Over the past 5 years revenue at Ferronordic AB (publ) grew +0.2 % a year. The price currently implies free-cash-flow growth of -9.3 % 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 Ferronordic AB (publ) (FNM) growing?
The median revenue growth in the sector is +7.8 % a year. That is the yardstick for the growth priced into Ferronordic AB (publ) (-9.3 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Ferronordic AB (publ) (FNM)?
The free-cash-flow yield on the price is 46.55 %: that much free cash flow Ferronordic AB (publ) produces per unit of market value. When it exceeds the discount rate of our models (15.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Ferronordic AB (publ) (FNM)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Ferronordic AB (publ) it is kr 283.20 per share (as of Nov 11, 2026), against a price of kr 94.40. It is the blended result of 10 valuation models in 4 families (DCF Models, Multiples, Asset-Based, Growth DCF).
Is Ferronordic AB (publ) stock overvalued or undervalued in 2026?
As of Nov 11, 2026, FNM trades below its calculated fair value: price kr 94.40, fair value kr 283.20, a gap of about +200% (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 FNM?
No. The price is what the market pays today (kr 94.40); the fair value is what the company's own numbers justify (kr 283.20). For Ferronordic AB (publ) the two are kr 188.80 per share apart. That gap is exactly why we show both numbers side by side.
How much is Ferronordic AB (publ) worth?
The market values Ferronordic AB (publ) at about 1.4B SEK (market capitalisation, as of Nov 11, 2026). Per share that is kr 94.40; our models calculate a fair value of kr 283.20 per share.
What do the bullish and bearish scenarios say about FNM?
Our models span a range for Ferronordic AB (publ): cautious scenario kr 157.63, base kr 283.20, optimistic kr 444.62 per share (as of Nov 11, 2026, price kr 94.40). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of FNM?
Ferronordic AB (publ) trades at a price-to-earnings ratio of 16.9 (as of Nov 11, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 283.20 is built from several models across several years. Median P/E at fiscal year-end, 6 fiscal years (2017 to 2022), reported earnings: 9.9. Other multiples: P/B 1.1, P/S 0.3, EV/EBITDA 3.8.
How solid is the balance sheet of Ferronordic AB (publ) (FNM)?
Balance-sheet figures for Ferronordic AB (publ) (as of Nov 11, 2026): return on equity 5.8%, debt of 0.70 per unit of equity. They feed the Quality Score of 53/100, which measures business quality independently of the share price.
How far is FNM from its 52-week high?
Ferronordic AB (publ) trades at kr 94.40, about 13% below its 52-week high of kr 109.00 and 133% above the low of kr 40.50 (as of Nov 10, 2026). Distance from the high says nothing about value: that is what the fair value of kr 283.20 is for.
Which stocks are comparable to Ferronordic AB (publ)?
From the same area (Industrials) we also value W.W. Grainger, Inc, Fastenal Company, Ferguson Enterprises Inc, WESCO International, 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 Ferronordic AB (publ) stock attractive at the current price?
The data as of Nov 11, 2026: price kr 94.40, calculated fair value kr 283.20 (+200%), Quality Score 53/100, from 10 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 FNM calculated?
We run Ferronordic AB (publ) through 10 models from 4 families: DCF Models, Multiples, Asset-Based, Growth DCF. Every model gets the same audited fundamentals; the fair value of kr 283.20 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 15.1% above its aggregate fair value. Ferronordic AB (publ) currently trades 67% 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 Ferronordic AB (publ) (FNM)?
The closing price on Nov 10, 2026 was kr 94.40. Our model-based fair value is kr 283.20, about +200% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Ferronordic AB (publ) right now?
The price is below even our cautious bear case (kr 157.63). The market is more pessimistic than our downside scenario. The model range is unusually wide (kr 157.63 to kr 444.62). The outcome hinges heavily on assumptions, so read the point estimate with caution. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid quality (53/100) at a price below fair value, the discount is the argument here, not the business quality.
Key figures of Ferronordic AB (publ)
How large is the market capitalisation of Ferronordic AB (publ) (FNM)?
The market capitalisation of Ferronordic AB (publ) is 1.4B SEK (≈ $140M). 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 Ferronordic AB (publ) (FNM)?
The price-to-sales ratio of Ferronordic AB (publ) is 0.28 (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 Ferronordic AB (publ) (FNM)?
Earnings per share at Ferronordic AB (publ) are kr 5.59 (price ÷ EPS = P/E 16.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Ferronordic AB (publ) (FNM)?
The net margin of Ferronordic AB (publ) is 1.6% (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 Ferronordic AB (publ) (FNM)?
The return on equity (ROE) of Ferronordic AB (publ) is 5.8% (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 Ferronordic AB (publ) (FNM)?
On an EBIT basis the return on assets of Ferronordic AB (publ) is 3.9% (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 Ferronordic AB (publ) (FNM)?
The operating margin of Ferronordic AB (publ) is 4.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Ferronordic AB (publ) (FNM)?
Revenue at Ferronordic AB (publ) is growing +43.2% versus a year earlier (3y avg +32.3%). 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 Ferronordic AB (publ) (FNM)?
Earnings per share at Ferronordic AB (publ) are growing +58.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Ferronordic AB (publ) (FNM) carry?
The net debt of Ferronordic AB (publ) is 1.7B SEK (fiscal year 2025, ≈ 2.6 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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Nov 11, 2026