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Northern Data AG (NB2) fair value: what the stock is really worth

As of Oct 29, 2026: fair value (intrinsic value) of Northern Data AG stock €4.62, price €8.90, upside -48.1%, quality 21 out of 100. Rating: strongly overvalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

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Technology DE · ISIN DE000A0SMU87

ND Thin data Oct 30, 2026

Northern Data AG

NB2 · MU
Very expensive, weak quality

Our calculation puts a fair price 48% below what the stock costs today.

Revenue last quarter +73% vs. a year ago.
Moderate debt
Fair value €4.62 · Strongly overvalued (−48.1%)
Quality 21/100
Weak Growth (revenue 3y −25.5 %/yr in EUR)
Negative free cash flow
Trails peers (2/9)
Narrow moat 16/100
Thin data
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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

€107.00 €4.76 Fair Value €4.62 Aug 2021 Oct 2026

White line = price, green steps = our fair value per fiscal year. As of Oct 30, 2026.

How to read this chart

60‑month range €4.76 – €107.00 · fair‑value band €3.44 – €6.89 · the €8.90 price screens above the €4.62 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Oct 30, 2026.

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Company profile

Northern Data AG develops and operates high-performance computing (HPC) and artificial intelligence (AI) solutions in Europe and North America. The company operates through Taiga Cloud and Ardent Data Centers segment.

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It offers computing services; hosting and colocation services; computing power for generative AI purposes and cloud computing and graphics processing units (GPU) hardware related services.

The company also provides data centers and managed infrastructure optimized for AI and HPC needs; and procures, installs, and manages server hardware. In addition, it offers infrastructure as a service and platform as a service.

The company was formerly known as Northern Bitcoin AG and changed its name to Northern Data AG in January 2020. Northern Data AG was founded in 2008 and is headquartered in Frankfurt am Main, Germany. As of June 17, 2026, Northern Data AG operates as a subsidiary of Rumble Inc.

Stock analysis

Northern Data AG (NB2) currently trades at €8.90, while our model-based Fair Value estimate is €4.62, 48.1% below the price, so the stock looks overvalued today.

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Valuation

How firm this estimate is: it rests on 1 models at a data quality of 95/100, which puts the data coverage at low.

Scenario range: €3.44 (bear) to €6.89 (bull), the price of €8.90 sits above 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 21/100 (below-average quality), in the Technology sector.

Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.

Northern Data AG reported revenue of €80.0M in FY2025 versus €190M in FY2021, a compound −19.4%/yr. Reported net income was −€390M in FY2025.

Key figures

Market cap €571M Small · P/S ratio 7.14 · EPS (TTM) €−7.48 · Return on equity −75.3% · Return on assets (EBIT) −17.4% · Operating margin −143% · Revenue (TTM) €80.0M · Revenue growth (YoY) +72.5%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 16 out of 100 (medium confidence).

What moves the price

The share trades about 46% below its 52-week high and 87% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Technology peers we cover trades at 35% fair-value upside, at −48%, NB2 screens richer than that median.

Fair Value models

Bear €3.44 Fair Value €4.62 Bull €6.89
Price €8.90 · Upside -48.1%
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. 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
NCAV (Graham) €3.44 €4.62 €6.89 54
All 1 models by family
Asset-Based
NCAV (Graham) €3.44 €4.62 €6.89 54

Open the full fair value analysis →

Quality Score breakdown

Overall quality 21/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 1
How much profit the company makes from its sales and capital
Quality Growth 9
Are margins and returns getting better?
Cashflow 33
Do the profits arrive as real cash?
Financial strength 23
Debt, balance sheet and risk of trouble
Investment 21
Does it invest with discipline instead of growing at any price?
Low Volatility 50
How calm the share price moves, does not count
Momentum 34
Price trend of the last 3 to 12 months, does not count
Near the 52-week high 18
Distance to the 52-week high, does not count
New shares 40
Buys back shares or issues new ones?

Open the full quality analysis →

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. 0/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−33.9%
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.
−25.5%
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.
48.6% (2021) → −562.0% (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

NB2 screens overvalued: fair value 48% below the price. Compare with International Business Machines Corporation →

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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.Information Technology Services · 485 stocks

Beats the industry median on 2/8 measures
Overall it trails its industry peers.
Valuation
Quality Score 21 · Bottom 25%
Fair Value upside −48.1% · Bottom 25%
Profitability
Return on assets −30.9% · Bottom 25%
Operating margin (12 months) −142.7% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) 72.5% · Top 25%
Balance sheet
Debt / equity 1.39× · Highest 25%

Valuation Multiplesvs Information Technology Services median · lower = cheaper

P/B 1.29× · Cheaper than median
P/S (12 months) 7.14× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 43
FUTURE (revenue growth)100 · sector 30
PAST (return on equity)0 · sector 35
HEALTH (low debt)30 · sector 97
DIVIDEND (yield)0 · sector 40

VALUE 0: the price sits above our fair-value range.

Context: sector, industry, 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 Information Technology Services stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Cognizant Technology Solutions Corporation CTSH $62.52 $138.62 +122% vs NB2
Wipro Limited WIPRO ₹187.00 ₹287.86 +54% vs NB2
Infosys Limited INFY ₹1,163 ₹1,676 +44% vs NB2
HCL Technologies Limited HCLTECH ₹1,420 ₹1,926 +36% vs NB2
Accenture plc ACN $247.22 $332.90 +35% vs NB2
Tata Consultancy Services Limited TCS ₹2,478 ₹2,993 +21% vs NB2
Amadeus IT Group AMS €57.34 €65.98 +15% vs NB2
CDW Corporation CDW $161.41 $165.54 +3% vs NB2
Broadridge Financial Solutions, Inc BR $177.09 $161.47 −9% vs NB2
International Business Machines Corporation IBM $250.25 $185.39 −26% vs NB2

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Northern Data AG · Fair Value
€4.62 −48%Fair Value
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Cite: Fair Value Calculator (2026). "Northern Data AG Fair Value". https://www.fairvalue-calculator.com/stock/NB2

Frequently asked questions

Is Northern Data AG (NB2) overvalued or undervalued?
As of Oct 30, 2026, our model estimates a fair value of €4.62 versus a price of €8.90, about −48% upside (overvalued).
What is the fair value of NB2?
Our model-based fair value for Northern Data AG is €4.62 (as of Oct 30, 2026), built from audited fundamentals. The current price: €8.90.
What is the quality score of NB2?
Northern Data AG has a Quality Score of 21/100. 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 Northern Data AG (NB2)?
Our model-based price target is the fair value of €4.62 (as of Oct 30, 2026) from 1 valuation models. Cautious scenario €3.44, optimistic scenario €6.89. It is a calculation from audited fundamentals, not an analyst target.
What is the Northern Data AG stock forecast for 2026?
Our models put fair value at €4.62, about −48% upside versus a price of €8.90 (overvalued). Cautious scenario €3.44, optimistic scenario €6.89. The calculation is refreshed regularly with new filings.
What is the revenue of Northern Data AG (NB2)?
Northern Data AG reported trailing-twelve-month revenue of about €80.0M (latest available figure, as of Oct 30, 2026).
What is the intrinsic value of Northern Data AG (NB2)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Northern Data AG it is €4.62 per share (as of Oct 30, 2026), against a price of €8.90. It is the blended result of 1 valuation models (cash flow, earnings, asset, dividend).
Is Northern Data AG stock overvalued or undervalued in 2026?
As of Oct 30, 2026, NB2 trades above its calculated fair value: price €8.90, fair value €4.62, a gap of about −48% (overvalued). 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 NB2?
No. The price is what the market pays today (€8.90); the fair value is what the company's own numbers justify (€4.62). For Northern Data AG the two are €4.28 per share apart. That gap is exactly why we show both numbers side by side.
How much is Northern Data AG worth?
The market values Northern Data AG at about €571M (market capitalisation, as of Oct 30, 2026). Per share that is €8.90; our models calculate a fair value of €4.62 per share.
What do the bullish and bearish scenarios say about NB2?
Our models span a range for Northern Data AG: cautious scenario €3.44, base €4.62, optimistic €6.89 per share (as of Oct 30, 2026, price €8.90). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Northern Data AG (NB2)?
Balance-sheet figures for Northern Data AG (as of Oct 30, 2026): return on equity −75.3%, debt of 1.39 per unit of equity. They feed the Quality Score of 21/100, which measures business quality independently of the share price.
How far is NB2 from its 52-week high?
Northern Data AG trades at €8.90, about 46% below its 52-week high of €16.37 and 87% above the low of €4.76 (as of Oct 29, 2026). Distance from the high says nothing about value: that is what the fair value of €4.62 is for.
Which stocks are comparable to Northern Data AG?
From the same area (Technology) we also value International Business Machines Corporation, Accenture plc, Tata Consultancy Services Limited, Infosys Limited, 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 Northern Data AG stock attractive at the current price?
The data as of Oct 30, 2026: price €8.90, calculated fair value €4.62 (−48%), Quality Score 21/100, from 1 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 NB2 calculated?
We run Northern Data AG through 1 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 €4.62, 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 13.4 % above its aggregate fair value. Northern Data AG 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 Northern Data AG (NB2)?
The closing price on Oct 29, 2026 was €8.90. Our model-based fair value is €4.62, about −48% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Northern Data AG right now?
The price sits above even our optimistic bull case (€6.89). The favourable scenario is already priced in. Weak quality (21/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. A fairly wide model range (€3.44 to €6.89) leaves room in how you read the outcome.

Key figures of Northern Data AG

How large is the market capitalisation of Northern Data AG (NB2)?
The market capitalisation of Northern Data AG is €571M. 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 Northern Data AG (NB2)?
The price-to-sales ratio of Northern Data AG is 7.14 (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 Northern Data AG (NB2)?
Earnings per share at Northern Data AG are €−7.48. Earnings per share over the last twelve months: total profit spread across every single share.
What is the return on equity of Northern Data AG (NB2)?
The return on equity (ROE) of Northern Data AG is −75.3% (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 Northern Data AG (NB2)?
On an EBIT basis the return on assets of Northern Data AG is −17.4% (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 Northern Data AG (NB2)?
The operating margin of Northern Data AG is −143% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Northern Data AG (NB2)?
Revenue at Northern Data AG is growing +72.5% versus a year earlier (3y avg −25.5%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much free cash flow does Northern Data AG (NB2) generate?
The free cash flow of Northern Data AG is −€83.6M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Northern Data AG (NB2) carry?
The net debt of Northern Data AG is €557M (fiscal year 2025). 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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