NCAB Group (NCAB) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of NCAB Group SEK 30.07, price SEK 89.60, upside -66.4%, quality 58 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 23, 2026.
How to read this chart
60‑month range kr 38.25 – kr 90.19 · fair‑value band kr 16.84 – kr 38.56 · the kr 89.60 price screens above the kr 30.07 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 23, 2026.
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NCAB Group AB (publ) engages in the manufacture and sale of printed circuit boards (PCBs) in Sweden, Nordic region, rest of Europe, North America, and Asia. The company offers multilayer, high-density interconnect, radio frequency, insulated metal base, flexible, rigid-flex, semi-flex, heavy copper, and double-sided PCBs.
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NCAB Group AB (publ) engages in the manufacture and sale of printed circuit boards (PCBs) in Sweden, Nordic region, rest of Europe, North America, and Asia. The company offers multilayer, high-density interconnect, radio frequency, insulated metal base, flexible, rigid-flex, semi-flex, heavy copper, and double-sided PCBs. It serves aerospace, defense, automotive, datacom, industrial, medical, power/energy, railway, safety-critical, and telecom industries. NCAB Group AB (publ) was founded in 1993 and is headquartered in Sundbyberg, Sweden.
Stock analysis
NCAB Group (NCAB) currently trades at kr 89.60, while our model-based Fair Value estimate is kr 30.07, implying the stock looks roughly 198.0% overvalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of kr 30.90 per share, and 0 of the 26 models we run sit above the kr 89.60 price.
Bear case: the Asset-Based group reads lowest at kr 5.16, and 26 of the 26 models stay below the price. Evidence for this calculation is high.
Scenario range: kr 16.84 (bear) to kr 38.56 (bull), the price of kr 89.60 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 58/100 (solid quality), in the Technology sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
NCAB Group reported revenue of 3.7B SEK in FY2025 versus 3.2B SEK in FY2021, a compound +3.8%/yr. Reported net income was 206M SEK in FY2025, compounding −7.8%/yr from FY2021.
Key figures
Market cap 16.8B SEK (≈ $1.7B) · P/E ratio 73.4 · P/S ratio 4.04 · EPS (TTM) kr 1.22 · Dividend yield 1.2% · Net margin 5.5% · Return on equity 15.6% · Return on assets (EBIT) 14.3%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 47 out of 100 (low confidence).
What moves the price
The share trades at its 52-week high and 134% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Technology peers we cover trades at −65% fair-value upside, at −66%, NCAB screens richer than that median.
Fair Value models
Bear kr 16.84Fair Value kr 30.07Bull kr 38.56
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 0.0878 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.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.
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
+3.6%
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.
−5.7%
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.
+12.1%
Start year 2020 (pandemic). Over 10 years: +12.0% a year
Revenue growth 10 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.
+12.0%
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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.
+8.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+7.6%
Dividend (yield on the price)1.2%
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.8% vs 12%, slowing
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.9% → 9%
Start year 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).
+29.3%
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 +26.8% a year for the price.
News mood ⓘNews mood, the average tone of recent news (8 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.
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.Electronic Components · 644 stocks
Beats the industry median on 7/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score58 · Above median
Fair Value upside−65% · Below median
Profitability
Return on equity (TTM)16% · Top 25%
Return on assets6% · Top 25%
Net margin (TTM)6% · Above median
Operating margin (TTM)10% · Above median
Growth and dividend
Revenue growth12% · Above median
Dividend yield (TTM)1.2% · Above median
Balance sheet
Debt / equity0.76× · Highest 25%
Valuation Multiplesvs Electronic Components median · lower = cheaper
P/E (TTM)73.4× · Pricier than median
P/B11.11× · 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 (TTM)4.14× · Pricier than median
P/FCF5.7× · Pricier than median
EV/EBITDA38.6× · Priciest 25%
PEG1.79× · Pricier than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 0
FUTURE (revenue growth)60· sector 40
PAST (return on equity)62· sector 25
HEALTH (low debt)62· sector 95
DIVIDEND (yield)25· sector 24
VALUE 0: the price sits above our fair-value range.
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). "NCAB Group Fair Value". https://www.fairvalue-calculator.com/stock/NCAB
Frequently asked questions
Is NCAB Group (NCAB) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of kr 30.07 versus a price of kr 89.60, about −66% upside (overvalued).
What is the fair value of NCAB?
Our model-based fair value for NCAB Group is kr 30.07 (as of Sep 23, 2026), built from audited fundamentals. The current price: kr 89.60.
What is the quality score of NCAB?
NCAB Group 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 NCAB Group (NCAB)?
Our model-based price target is the fair value of kr 30.07 (as of Sep 23, 2026) from 26 valuation models. Cautious scenario kr 16.84, optimistic scenario kr 38.56. It is a calculation from audited fundamentals, not an analyst target.
What is the NCAB Group stock forecast for 2026?
Our models put fair value at kr 30.07, about −66% upside versus a price of kr 89.60 (overvalued). Cautious scenario kr 16.84, optimistic scenario kr 38.56. The calculation is refreshed regularly with new filings.
What is the revenue of NCAB Group (NCAB)?
NCAB Group reported trailing-twelve-month revenue of about 3.9B SEK (latest available figure, as of Sep 23, 2026).
Does NCAB Group pay a dividend?
NCAB Group currently shows a dividend yield of about 1.23% relative to its recent price (as of Sep 23, 2026).
What growth is priced into NCAB Group (NCAB)?
For today's price to be fair in a discounted-cash-flow model, NCAB Group would have to grow free cash flow by +29.3 % per year for five years (discount rate 9.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +12.1 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of NCAB use?
Our models discount NCAB Group at 9.1 %: a base by market capitalisation (large), damped by beta 1.06, 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 NCAB Group that is +29.3 % per year a year over ten years, using the same discount rate (9.1 %) and the same formula as our fair value.
How much growth has NCAB Group (NCAB) delivered so far?
Over the past 5 years revenue at NCAB Group grew +12.1 % a year. The price currently implies +29.3 % 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 NCAB Group (NCAB) growing?
The median revenue growth in the sector is +8.4 % a year. That is the yardstick for the growth priced into NCAB Group (+29.3 % 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 NCAB Group (NCAB)?
The free-cash-flow yield on the price is 1.69 %: that much free cash flow NCAB Group produces per unit of market value. When it exceeds the discount rate of our models (9.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of NCAB Group (NCAB)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For NCAB Group it is kr 30.07 per share (as of Sep 23, 2026), against a price of kr 89.60. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is NCAB Group stock overvalued or undervalued in 2026?
As of Sep 23, 2026, NCAB trades above its calculated fair value: price kr 89.60, fair value kr 30.07, a gap of about −66% (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 NCAB?
No. The price is what the market pays today (kr 89.60); the fair value is what the company's own numbers justify (kr 30.07). For NCAB Group the two are kr 59.53 per share apart. That gap is exactly why we show both numbers side by side.
How much is NCAB Group worth?
The market values NCAB Group at about 16.8B SEK (market capitalisation, as of Sep 23, 2026). Per share that is kr 89.60; our models calculate a fair value of kr 30.07 per share.
What do the bullish and bearish scenarios say about NCAB?
Our models span a range for NCAB Group: cautious scenario kr 16.84, base kr 30.07, optimistic kr 38.56 per share (as of Sep 23, 2026, price kr 89.60). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of NCAB?
NCAB Group trades at a price-to-earnings ratio of 73.4 (as of Sep 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 30.07 is built from several models across several years. Other multiples: PEG 1.8, P/B 11.1, P/S 4.1, EV/EBITDA 38.6.
What is the PEG ratio of NCAB?
The PEG ratio of NCAB Group is 1.79 (P/E divided by earnings growth, as of Sep 23, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of NCAB Group (NCAB)?
Balance-sheet figures for NCAB Group (as of Sep 23, 2026): return on equity 15.6%, debt of 0.76 per unit of equity. They feed the Quality Score of 58/100, which measures business quality independently of the share price.
How far is NCAB from its 52-week high?
NCAB Group trades at kr 89.60, at its 52-week high of kr 89.60 and 134% above the low of kr 38.25 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of kr 30.07 is for.
Which stocks are comparable to NCAB Group?
From the same area (Technology) we also value Amphenol Corporation, Delta Electronics, Inc, Corning Incorporated, Luxshare Precision Industry Co, 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 NCAB Group stock attractive at the current price?
The data as of Sep 23, 2026: price kr 89.60, calculated fair value kr 30.07 (−66%), 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 NCAB calculated?
We run NCAB Group through 26 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 30.07, 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 14.1 % above its aggregate fair value. NCAB Group 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 NCAB Group (NCAB)?
The closing price on Sep 23, 2026 was kr 89.60. Our model-based fair value is kr 30.07, about −66% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with NCAB Group right now?
The price sits above even our optimistic bull case (kr 38.56). The favourable scenario is already priced in. Solid but not exceptional quality (58/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (kr 16.84 to kr 38.56) leaves room in how you read the outcome.
Where does the earnings growth of NCAB Group (NCAB) come from?
Earnings per share at NCAB Group grew +18.8 % a year from 2015 to 2025. Broken into its drivers: revenue per share +13.0 %, EBIT margin +6.0 %, tax rate −0.7 %, residual (interest, one-offs) −0.2 %. 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 NCAB Group
How large is the market capitalisation of NCAB Group (NCAB)?
The market capitalisation of NCAB Group is 16.8B SEK (≈ $1.7B). 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 NCAB Group (NCAB)?
The price-to-sales ratio of NCAB Group is 4.04 (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 NCAB Group (NCAB)?
Earnings per share at NCAB Group are kr 1.22 (price ÷ EPS = P/E 73.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of NCAB Group (NCAB)?
The dividend yield of NCAB Group is 1.2% (payout 90.2%). 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 NCAB Group (NCAB)?
The net margin of NCAB Group is 5.5% (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 NCAB Group (NCAB)?
The return on equity (ROE) of NCAB Group is 15.6% (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 NCAB Group (NCAB)?
On an EBIT basis the return on assets of NCAB Group is 14.3% (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 NCAB Group (NCAB)?
The operating margin of NCAB Group is 10.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at NCAB Group (NCAB)?
Revenue at NCAB Group is growing +12.0% versus a year earlier (3y avg −5.7%). 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 NCAB Group (NCAB)?
Earnings per share at NCAB Group are growing +43.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does NCAB Group (NCAB) carry?
The net debt of NCAB Group is 858M SEK (fiscal year 2025, ≈ 3.0 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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