NCC AB (publ) (NCC-B) fair value: what the stock is really worth
As of Oct 20, 2026: fair value (intrinsic value) of NCC AB (publ) stock SEK 92.45, price SEK 175, upside -47.2%, quality 54 out of 100. Rating: strongly overvalued. 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, dashed = 300-day average. As of Oct 13, 2026.
How to read this chart
60‑month range kr 61.17 – kr 227.50 · fair‑value band kr 84.06 – kr 103.17 · the kr 175.00 price screens above the kr 92.45 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 13, 2026.
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NCC AB (publ) operates as a construction company in Sweden, Norway, Denmark, and Finland. The company operates through five segments: NCC Infrastructure, NCC Building Sweden, NCC Building Nordic, NCC Industry, and NCC Property Development.
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It builds residential buildings and offices, as well as constructs schools, hospitals, stores, and warehouses. The company also designs, constructs, produces, and maintains infrastructure projects, such as tunnels, roads, and railways.
In addition, it produces stone materials, asphalt, and paving products. Further, the company develops and sells commercial properties in metropolitan regions. The company was incorporated in 1935 and is headquartered in Solna, Sweden.
Stock analysis
NCC AB (publ) (NCC-B) currently trades at kr 175.00, while our model-based Fair Value estimate is kr 92.45, 47.2% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of kr 231.88 per share, and 9 of the 24 models we run sit above the kr 175.00 price.
Bear case: the Earnings-Based group reads lowest at kr 14.11, and 15 of the 24 models stay below the price. Data coverage for this calculation is high.
Scenario range: kr 84.06 (bear) to kr 103.17 (bull), the price of kr 175.00 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 54/100 (solid quality), in the Industrials sector.
Weak Growth: Revenue growth is weak: less than 2 % a year.
NCC AB (publ) reported revenue of 55.7B SEK in FY2025 versus 53.4B SEK in FY2021, a compound +1.1%/yr. Reported net income was 142M SEK in FY2025, compounding −44.6%/yr from FY2021.
Key figures
Market cap 17.2B SEK (≈ $1.7B) Small · P/E ratio 232.1 · P/S ratio 0.32 · EPS (TTM) kr 0.7800 · Dividend yield 6.3% · Net margin 0.2% · Return on equity 1.1% · Return on assets (EBIT) 5.8%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 27 out of 100 (medium confidence).
What moves the price
The share trades about 23% below its 52-week high and 4% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −27% fair-value upside, at −47%, NCC-B screens richer than that median.
Fair Value models
Bearkr 84.06Fair Value kr 92.45Bullkr 103.17
Price kr 175.00 · Upside -47.2%
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.
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 weak: less than 2 % a year.
Revenue growth 1 year
−9.6%
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.
+0.9%
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.
+0.7%
Start year 2020 (pandemic). Over 10 years: −1.1% 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.
+0.9%
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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. Basis: EBIT basis.
+16.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year+9.9%
Dividend (yield on the price)6.3%
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.−34.1% vs −22.9%, 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.3% → 4%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
Price in line with expectations
The price assumes more growth than the company has delivered so far and about what 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).
+3.9%
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.
+4.7%
Yearly sales growth analysts expect, extended to five years.
After inflation (Sweden: IMF forecast 2.0% a year to 2030, 2.9% from 2016 to 2025) that is about +1.9% a year for the price and +2.7% for the forecasts.
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.Engineering & Construction · 788 stocks
Beats the industry median on 6/15 measures
A mixed picture versus its industry peers.
Valuation
Quality Score54 · Above median
Fair Value upside−47.2% · Bottom 25%
Profitability
Return on equity (12 months)1.1% · Below median
Return on assets0.5% · Below median
Net margin (12 months)0.2% · Below median
Operating margin (12 months)4.5% · Below median
Growth and dividend
Revenue growth (quarter YoY)−2.2% · Below median
Dividend yield (12 months)6.3% · Top 25%
Balance sheet
Debt / equity0.35× · Above median
Valuation Multiplesvs Engineering & Construction median · lower = cheaper
P/E (12 months)232.1× · Priciest 25%
P/B2.17× · Pricier than median
P/S (12 months)0.32× · Cheapest 25%
Price / free cash flow11.1× · Cheaper than median
EV/EBITDA7.5× · Cheaper than median
PEG1.11× · Cheaper than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 31
FUTURE (revenue growth)0· sector 19
PAST (return on equity)4· sector 28
HEALTH (low debt)83· sector 94
DIVIDEND (yield)100· sector 42
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). "NCC AB (publ) Fair Value". https://www.fairvalue-calculator.com/stock/NCC-B
Frequently asked questions
Is NCC AB (publ) (NCC-B) overvalued or undervalued?
As of Oct 13, 2026, our model estimates a fair value of kr 92.45 versus a price of kr 175.00, about −47% upside (overvalued).
What is the fair value of NCC-B?
Our model-based fair value for NCC AB (publ) is kr 92.45 (as of Oct 13, 2026), built from audited fundamentals. The current price: kr 175.00.
What is the quality score of NCC-B?
NCC AB (publ) has a Quality Score of 54/100. 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 NCC AB (publ) (NCC-B)?
Our model-based price target is the fair value of kr 92.45 (as of Oct 13, 2026) from 24 valuation models. Cautious scenario kr 84.06, optimistic scenario kr 103.17. It is a calculation from audited fundamentals, not an analyst target.
What is the NCC AB (publ) stock forecast for 2026?
Our models put fair value at kr 92.45, about −47% upside versus a price of kr 175.00 (overvalued). Cautious scenario kr 84.06, optimistic scenario kr 103.17. The calculation is refreshed regularly with new filings.
What is the revenue of NCC AB (publ) (NCC-B)?
NCC AB (publ) reported trailing-twelve-month revenue of about 54.0B SEK (latest available figure, as of Oct 13, 2026).
Does NCC AB (publ) pay a dividend?
NCC AB (publ) currently shows a dividend yield of 6.29% relative to its recent price (as of Oct 13, 2026).
What growth is priced into NCC AB (publ) (NCC-B)?
For today's price to be fair in a discounted-cash-flow model, NCC AB (publ) would have to grow free cash flow by +3.9 % per year for five years (discount rate 11.2 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +0.7 % per year. As of Oct 13, 2026.
What discount rate (WACC) does the fair value of NCC-B use?
Our models discount NCC AB (publ) at 11.2 %: a base by market capitalisation (small), damped by beta 1.07, 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 NCC AB (publ) that is +3.9 % per year a year over ten years, using the same discount rate (11.2 %) and the same formula as our fair value.
How much growth has NCC AB (publ) (NCC-B) delivered so far?
Over the past 5 years revenue at NCC AB (publ) grew +0.7 % a year. The price currently implies +3.9 % 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 NCC AB (publ) (NCC-B) growing?
The median revenue growth in the sector is +7.5 % a year. That is the yardstick for the growth priced into NCC AB (publ) (+3.9 % 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 NCC AB (publ) (NCC-B)?
The free-cash-flow yield on the price is 9.01 %: that much free cash flow NCC AB (publ) produces per unit of market value. When it exceeds the discount rate of our models (11.2 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of NCC AB (publ) (NCC-B)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For NCC AB (publ) it is kr 92.45 per share (as of Oct 13, 2026), against a price of kr 175.00. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is NCC AB (publ) stock overvalued or undervalued in 2026?
As of Oct 13, 2026, NCC-B trades above its calculated fair value: price kr 175.00, fair value kr 92.45, a gap of about −47% (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 NCC-B?
No. The price is what the market pays today (kr 175.00); the fair value is what the company's own numbers justify (kr 92.45). For NCC AB (publ) the two are kr 82.55 per share apart. That gap is exactly why we show both numbers side by side.
How much is NCC AB (publ) worth?
The market values NCC AB (publ) at about 17.2B SEK (market capitalisation, as of Oct 13, 2026). Per share that is kr 175.00; our models calculate a fair value of kr 92.45 per share.
What do the bullish and bearish scenarios say about NCC-B?
Our models span a range for NCC AB (publ): cautious scenario kr 84.06, base kr 92.45, optimistic kr 103.17 per share (as of Oct 13, 2026, price kr 175.00). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of NCC-B?
NCC AB (publ) trades at a price-to-earnings ratio of 232.1 (as of Oct 13, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 92.45 is built from several models across several years. Excluding one-off items of fiscal year 2025 it is 12.6 (reported for FY2025: 120.5). Other multiples: PEG 1.1, P/B 2.2, P/S 0.3, EV/EBITDA 7.5.
What is the PEG ratio of NCC-B?
The PEG ratio of NCC AB (publ) is 1.11 (P/E divided by earnings growth, as of Oct 13, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of NCC AB (publ) (NCC-B)?
Balance-sheet figures for NCC AB (publ) (as of Oct 13, 2026): return on equity 1.1%, debt of 0.35 per unit of equity. They feed the Quality Score of 54/100, which measures business quality independently of the share price.
How far is NCC-B from its 52-week high?
NCC AB (publ) trades at kr 175.00, about 23% below its 52-week high of kr 227.50 and 4% above the low of kr 168.30 (as of Oct 20, 2026). Distance from the high says nothing about value: that is what the fair value of kr 92.45 is for.
Which stocks are comparable to NCC AB (publ)?
From the same area (Industrials) we also value Quanta Services, Inc, Vinci SA, Comfort Systems USA, Inc, Larsen & Toubro 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 NCC AB (publ) stock attractive at the current price?
The data as of Oct 13, 2026: price kr 175.00, calculated fair value kr 92.45 (−47%), Quality Score 54/100, 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 NCC-B calculated?
We run NCC AB (publ) 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 92.45, 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 13.9 % above its aggregate fair value. NCC AB (publ) 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 NCC AB (publ) (NCC-B)?
The closing price on Oct 20, 2026 was kr 175.00. Our model-based fair value is kr 92.45, about −47% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with NCC AB (publ) right now?
The price sits above even our optimistic bull case (kr 103.17). The favourable scenario is already priced in. Solid but not exceptional quality (54/100) and above fair value, neither a clear bargain nor a standout compounder.
Where does the earnings growth of NCC AB (publ) (NCC-B) come from?
Earnings per share at NCC AB (publ) grew −12.4 % a year from 2014 to 2025. Broken into its drivers: revenue per share +1.2 %, EBIT margin −2.3 %, tax rate −1.9 %, residual (interest, one-offs) −9.7 %. 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 NCC AB (publ)
How large is the market capitalisation of NCC AB (publ) (NCC-B)?
The market capitalisation of NCC AB (publ) is 17.2B 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 NCC AB (publ) (NCC-B)?
The price-to-sales ratio of NCC AB (publ) is 0.32 (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 NCC AB (publ) (NCC-B)?
Earnings per share at NCC AB (publ) are kr 0.7800 (price ÷ EPS = P/E 232.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of NCC AB (publ) (NCC-B)?
The dividend yield of NCC AB (publ) is 6.3% (payout 147%, on adjusted earnings, reported 1,410%). 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 NCC AB (publ) (NCC-B)?
The net margin of NCC AB (publ) is 0.2% (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 NCC AB (publ) (NCC-B)?
The return on equity (ROE) of NCC AB (publ) is 1.1% (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 NCC AB (publ) (NCC-B)?
On an EBIT basis the return on assets of NCC AB (publ) is 5.8% (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 NCC AB (publ) (NCC-B)?
The operating margin of NCC AB (publ) is 4.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at NCC AB (publ) (NCC-B)?
Revenue at NCC AB (publ) is growing −2.2% versus a year earlier (3y avg +0.9%). 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 NCC AB (publ) (NCC-B)?
Earnings per share at NCC AB (publ) are growing −3.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does NCC AB (publ) (NCC-B) carry?
The net debt of NCC AB (publ) is 3.0B SEK (fiscal year 2025, ≈ 1.9 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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Broad data
Oct 13, 2026