NCC AB (NCC-B) Fair Value & Analysis
Industrials · SE · Market cap 16.6B SEK (≈ $1.7B) · ISIN SE0000117970
What is NCC AB really worth?
A solid business, but trading 232% above our fair value of kr 54.41.
Strengths
Risks
For context
Fair value as of: Aug 27, 2026
From 24 valuation models · updated 9 days ago
Share price +3.9% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price sits above even our optimistic bull case (kr 54.41). The favourable scenario is already priced in.
- Solid but not exceptional quality (56/100) and above fair value, neither a clear bargain nor a standout compounder.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 27, 2026.
How to read this chart
60‑month range kr 61.17 – kr 227.50 · the kr 180.40 price screens above the kr 54.41 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Aug 27, 2026.
Analysis
NCC AB (NCC-B) currently trades at kr 180.40, while our model-based Fair Value estimate is kr 54.41, implying the stock looks roughly 231.6% overvalued today. The Quality Score stands at 56/100 (solid quality), in the Industrials sector. Bull case: the Growth DCF group reads highest at a median of kr 200.28 per share, and 10 of the 24 models we run sit above the kr 180.40 price. Bear case: the Earnings-Based group reads lowest at kr 14.14, and 14 of the 24 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, NCC AB generated revenue of 54.3B SEK at a net margin of 0.2%. Revenue declined 12.9% year over year. It earns a return on equity of 1.2%. Net debt stands at 3.0B SEK. Fundamentals as of Aug 27, 2026
The share trades about 22% below its 52-week high and 13% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at −46% fair-value upside, at −70%, NCC-B screens richer than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 24 models by family
Widest divergence: Growth DCF (kr 200.28) versus Earnings-Based (kr 14.14). Highest evidence: FCF DCF (78).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 27, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 56 · Market factors (momentum, volatility) 39
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
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. It builds residential buildings and offices, as well as constructs schools, hospitals, stores, and warehouses.
Full company description
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. 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.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
NCC AB 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.
of which total revenue +0.1 % · buybacks/dilution +1.1 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
NCC-B screens 232% overvalued. Compare with Quanta Services, Inc →
Peer Group
Engineering & Construction · 817 stocks
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.
Valuation Multiples vs Engineering & Construction median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Engineering & Construction stocks, each showing price versus our Fair Value estimate (as of Aug 27, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Quanta Services, Inc PWR | $620.06 | $143.92 | −77% |
| Vinci SA DG | €114.35 | €185.62 | +62% |
| Comfort Systems USA, Inc FIX | $1,615 | $519.97 | −68% |
| Larsen & Toubro Limited LT | ₹4,072 | ₹2,196 | −46% |
| Ferrovial N.V FER | €57.28 | €19.17 | −67% |
| HOCHTIEF Aktiengesellschaft HOT | €426.40 | €203.87 | −52% |
| Samsung C&T Corporation 028260 | 373,000 KRW | 261,411 KRW | −30% |
| EMCOR Group EME | $775.04 | $549.47 | −29% |
| MasTec, Inc MTZ | $241.00 | $100.00 | −59% |
| Bouygues SA EN | €46.65 | €65.67 | +41% |
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