NIBE Industrier AB (publ) (NIBE-B) fair value: what the stock is really worth
As of Oct 19, 2026: fair value (intrinsic value) of NIBE Industrier AB (publ) stock SEK 47.86, price SEK 44.98, upside +6.4%, quality 59 out of 100. Rating: fairly valued. 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 31.50 – kr 131.79 · fair‑value band kr 32.88 – kr 63.24 · the kr 44.98 price screens below the kr 47.86 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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NIBE Industrier AB (publ), together with its subsidiaries, develops, manufactures, markets, and sells energy-efficient solutions for indoor climate comfort, and components and solutions for intelligent heating and control.
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It operates through NIBE Climate Solutions, NIBE Element, and NIBE Stoves business areas.
The NIBE Climate Solutions business area offers indoor climate comfort products, such as heat pumps, water heaters, refrigeration systems, accumulator tanks, ventilation systems, climate control systems, and district heating products for homes, apartment blocks, and commercial properties.
The NIBE Element business area provides various components and solutions for heating and control, which include tubular, aluminum, foil, thick film, PTC, high-power, and ceramic elements, as well as opena spirals and tapes, heating cables and jackets, vacuum brazing, heat pump technology, resistors, heat exchangers, temperature sensors, heating cables, flexible hoses, and control equipment to domestic and household appliances; professional kitchens and the refrigeration industry; energy; transport; and advanced technology, as well as aviation sectors.
The NIBE Stoves business area offers free-standing, wood-burning, gas, and electric stoves; heat-retaining products; and chimney systems, as well as inserts, fireplace cassettes, outdoor stoves, and accessories. It operates in Nordic countries, rest of Europe, North America, and internationally.
The company was founded in 1949 and is headquartered in Markaryd, Sweden.
Stock analysis
NIBE Industrier AB (publ) (NIBE-B) currently trades at kr 44.98, while our model-based Fair Value estimate is kr 47.86, so the stock looks roughly fairly valued today (gap 6.0%).
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Valuation
Bull case: the DCF Models group reads highest at a median of kr 39.97 per share, and 4 of the 26 models we run sit above the kr 44.98 price.
Bear case: the Dividend Discount group reads lowest at kr 5.25, and 22 of the 26 models stay below the price. Data coverage for this calculation is high.
Scenario range: kr 32.88 (bear) to kr 63.24 (bull), the price of kr 44.98 sits inside 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 59/100 (solid quality), in the Industrials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
NIBE Industrier AB (publ) reported revenue of 40.8B SEK in FY2025 versus 30.8B SEK in FY2021, a compound +7.3%/yr. Reported net income was 2.3B SEK in FY2025, compounding −9.0%/yr from FY2021.
Key figures
Market cap 90.7B SEK (≈ $9.1B) Mid · P/E ratio 34.9 · P/S ratio 2.18 · EPS (TTM) kr 1.31 · Dividend yield 0.8% · Net margin 6.4% · Return on equity 8.5% · Return on assets (EBIT) 8.1%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 44 out of 100 (low confidence).
What moves the price
The share trades about 2% below its 52-week high and 42% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −17% fair-value upside, at 6%, NIBE-B screens cheaper than that median.
Fair Value models
Bearkr 32.88Fair Value kr 47.86Bullkr 63.24
Price kr 44.98 · Upside +6.4%
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 0.7706 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.77/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+0.8%
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.
+0.6%
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.
+8.5%
Start year 2020 (pandemic)
Revenue growth 9 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.
+11.5%
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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.
−3.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year−4.5%
Dividend (yield on the price)0.8%
Per share before 2016divided by the spin-off factor 1.0486
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.−4.5% vs 5.9%, 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.14% → 9%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes about as much growth as the company has delivered so far and more than 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).
+10.3%
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.
+6.8%
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 +8.2% a year for the price and +4.7% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (75 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.
AI conclusion: After completing its major investment cycle NIBE can now pursue productivity gains and margin improvements in climate solutions, yet tariff pressures in stoves and uneven European demand limit lasting returns.
Main risk: Tariff pressures in stoves together with uneven European demand threaten to limit the benefits from internal efficiencies and margin improvements.
NIBE has completed its major investment cycle in new facilities, freeing resources for productivity gains in climate solutions and components. Margin improvements have accompanied the recent organic growth. Will these internal efficiencies deliver lasting returns or will tariff pressures in stoves and uneven European demand limit the upside?
Compare NIBE Industrier AB (publ) with another stock
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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.Building Products & Equipment · 260 stocks
Beats the industry median on 7/15 measures
A mixed picture versus its industry peers.
Valuation
Quality Score59 · Above median
Fair Value upside+6.4% · Above median
Profitability
Return on equity (12 months)8.5% · Above median
Return on assets3.5% · Above median
Net margin (12 months)6.4% · Above median
Operating margin (12 months)11.4% · Above median
Growth and dividend
Revenue growth (quarter YoY)7.6% · Above median
Dividend yield (12 months)0.8% · Bottom 25%
Balance sheet
Debt / equity0.53× · Highest 25%
Valuation Multiplesvs Building Products & Equipment 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). "NIBE Industrier AB (publ) Fair Value". https://www.fairvalue-calculator.com/stock/NIBE-B
Frequently asked questions
Is NIBE Industrier AB (publ) (NIBE-B) overvalued or undervalued?
As of Oct 13, 2026, our model estimates a fair value of kr 47.86 versus a price of kr 44.98, about +6% upside (fairly valued).
What is the fair value of NIBE-B?
Our model-based fair value for NIBE Industrier AB (publ) is kr 47.86 (as of Oct 13, 2026), built from audited fundamentals. The current price: kr 44.98.
What is the quality score of NIBE-B?
NIBE Industrier AB (publ) has a Quality Score of 59/100. 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 NIBE Industrier AB (publ) (NIBE-B)?
Our model-based price target is the fair value of kr 47.86 (as of Oct 13, 2026) from 26 valuation models. Cautious scenario kr 32.88, optimistic scenario kr 63.24. It is a calculation from audited fundamentals, not an analyst target.
What is the NIBE Industrier AB (publ) stock forecast for 2026?
Our models put fair value at kr 47.86, about +6% upside versus a price of kr 44.98 (fairly valued). Cautious scenario kr 32.88, optimistic scenario kr 63.24. The calculation is refreshed regularly with new filings.
What is the revenue of NIBE Industrier AB (publ) (NIBE-B)?
NIBE Industrier AB (publ) reported trailing-twelve-month revenue of about 41.6B SEK (latest available figure, as of Oct 13, 2026).
Does NIBE Industrier AB (publ) pay a dividend?
NIBE Industrier AB (publ) currently shows a dividend yield of 0.78% relative to its recent price (as of Oct 13, 2026).
What growth is priced into NIBE Industrier AB (publ) (NIBE-B)?
For today's price to be fair in a discounted-cash-flow model, NIBE Industrier AB (publ) would have to grow free cash flow by +10.3 % per year for five years (discount rate 9.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +8.5 % per year. As of Oct 13, 2026.
What discount rate (WACC) does the fair value of NIBE-B use?
Our models discount NIBE Industrier AB (publ) at 9.3 %: a base by market capitalisation (mid), damped by beta 0.93, 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 NIBE Industrier AB (publ) that is +10.3 % per year a year over ten years, using the same discount rate (9.3 %) and the same formula as our fair value.
How much growth has NIBE Industrier AB (publ) (NIBE-B) delivered so far?
Over the past 5 years revenue at NIBE Industrier AB (publ) grew +8.5 % a year. The price currently implies +10.3 % 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 NIBE Industrier AB (publ) (NIBE-B) growing?
The median revenue growth in the sector is +7.5 % a year. That is the yardstick for the growth priced into NIBE Industrier AB (publ) (+10.3 % 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 NIBE Industrier AB (publ) (NIBE-B)?
The free-cash-flow yield on the price is 5.39 %: that much free cash flow NIBE Industrier AB (publ) produces per unit of market value. When it exceeds the discount rate of our models (9.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of NIBE Industrier AB (publ) (NIBE-B)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For NIBE Industrier AB (publ) it is kr 47.86 per share (as of Oct 13, 2026), against a price of kr 44.98. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is NIBE Industrier AB (publ) stock overvalued or undervalued in 2026?
As of Oct 13, 2026, NIBE-B trades below its calculated fair value: price kr 44.98, fair value kr 47.86, a gap of about +6% (fairly valued). 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 NIBE-B?
No. The price is what the market pays today (kr 44.98); the fair value is what the company's own numbers justify (kr 47.86). For NIBE Industrier AB (publ) the two are kr 2.88 per share apart. That gap is exactly why we show both numbers side by side.
How much is NIBE Industrier AB (publ) worth?
The market values NIBE Industrier AB (publ) at about 90.7B SEK (market capitalisation, as of Oct 13, 2026). Per share that is kr 44.98; our models calculate a fair value of kr 47.86 per share.
What do the bullish and bearish scenarios say about NIBE-B?
Our models span a range for NIBE Industrier AB (publ): cautious scenario kr 32.88, base kr 47.86, optimistic kr 63.24 per share (as of Oct 13, 2026, price kr 44.98). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of NIBE-B?
NIBE Industrier AB (publ) trades at a price-to-earnings ratio of 34.9 (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 47.86 is built from several models across several years. Other multiples: PEG 1.8, P/B 3.0, P/S 2.2, EV/EBITDA 18.0.
What is the PEG ratio of NIBE-B?
The PEG ratio of NIBE Industrier AB (publ) is 1.79 (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 NIBE Industrier AB (publ) (NIBE-B)?
Balance-sheet figures for NIBE Industrier AB (publ) (as of Oct 13, 2026): return on equity 8.5%, debt of 0.53 per unit of equity. They feed the Quality Score of 59/100, which measures business quality independently of the share price.
How far is NIBE-B from its 52-week high?
NIBE Industrier AB (publ) trades at kr 44.98, about 2% below its 52-week high of kr 45.74 and 42% above the low of kr 31.60 (as of Oct 19, 2026). Distance from the high says nothing about value: that is what the fair value of kr 47.86 is for.
Which stocks are comparable to NIBE Industrier AB (publ)?
From the same area (Industrials) we also value Trane Technologies plc, Johnson Controls International plc, Carrier Global Corporation, Compagnie de Saint-Gobain S.A, 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 NIBE Industrier AB (publ) stock attractive at the current price?
The data as of Oct 13, 2026: price kr 44.98, calculated fair value kr 47.86 (+6%), Quality Score 59/100, 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 NIBE-B calculated?
We run NIBE Industrier AB (publ) 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 47.86, 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. NIBE Industrier AB (publ) currently trades 6 % 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 NIBE Industrier AB (publ) (NIBE-B)?
The closing price on Oct 19, 2026 was kr 44.98. Our model-based fair value is kr 47.86, about +6% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with NIBE Industrier AB (publ) right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range (kr 32.88 to kr 63.24) leaves room in how you read the outcome.
Where does the earnings growth of NIBE Industrier AB (publ) (NIBE-B) come from?
Earnings per share at NIBE Industrier AB (publ) grew +8.7 % a year from 2014 to 2025. Broken into its drivers: revenue per share +12.9 %, EBIT margin −2.3 %, tax rate −0.1 %, residual (interest, one-offs) −1.4 %. 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 NIBE Industrier AB (publ)
How large is the market capitalisation of NIBE Industrier AB (publ) (NIBE-B)?
The market capitalisation of NIBE Industrier AB (publ) is 90.7B SEK (≈ $9.1B). 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 NIBE Industrier AB (publ) (NIBE-B)?
The price-to-sales ratio of NIBE Industrier AB (publ) is 2.18 (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 NIBE Industrier AB (publ) (NIBE-B)?
Earnings per share at NIBE Industrier AB (publ) are kr 1.31 (price ÷ EPS = P/E 34.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of NIBE Industrier AB (publ) (NIBE-B)?
The dividend yield of NIBE Industrier AB (publ) is 0.8% (payout 26.7%). 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 NIBE Industrier AB (publ) (NIBE-B)?
The net margin of NIBE Industrier AB (publ) is 6.4% (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 NIBE Industrier AB (publ) (NIBE-B)?
The return on equity (ROE) of NIBE Industrier AB (publ) is 8.5% (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 NIBE Industrier AB (publ) (NIBE-B)?
On an EBIT basis the return on assets of NIBE Industrier AB (publ) is 8.1% (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 NIBE Industrier AB (publ) (NIBE-B)?
The operating margin of NIBE Industrier AB (publ) is 11.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at NIBE Industrier AB (publ) (NIBE-B)?
Revenue at NIBE Industrier AB (publ) is growing +7.6% versus a year earlier (3y avg +0.6%). 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 NIBE Industrier AB (publ) (NIBE-B)?
Earnings per share at NIBE Industrier AB (publ) are growing +28.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does NIBE Industrier AB (publ) (NIBE-B) carry?
The net debt of NIBE Industrier AB (publ) is 17.0B SEK (fiscal year 2025, ≈ 3.5 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