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NKT A/S (NKT) fair value: what the stock is really worth

As of Sep 24, 2026: fair value of NKT A/S DKK 739, price DKK 910, upside -18.8%, quality 41 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? No
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Industrials · DK · ISIN DK0010287663

NA NKT A/S logo Some data Sep 24, 2026

NKT A/S

NKT · CO

Weak valuationQuality is weak on top of the rich price.

!Fair value kr 738.99 · Overvalued (−19%)
!Quality 41/100
!Expensive Growth (revenue 5y +19.4 %/yr)
!Thin margins · 7.8% net margin (TTM)
!Low debt · negative free cash flow
!Mixed vs. peers (8/14)
!Moderate moat 52/100
!Insider activity 40/100
!Evidence only medium, so the estimate is less certain
!Weak on valuation: 8 out of 100
!Weak on future: 16 out of 100

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

kr 1,112 kr 221.28 Fair Value kr 738.99 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.

How to read this chart

60‑month range kr 221.28 – kr 1,112 · fair‑value band kr 290.48 – kr 960.68 · the kr 909.50 price screens above the kr 738.99 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.

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Company profile

NKT A/S designs, manufactures, and installs low, medium, and high voltage power cable solutions in Denmark. It operates through Solutions, Applications and Service & Accessories segments.

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NKT A/S designs, manufactures, and installs low, medium, and high voltage power cable solutions in Denmark. It operates through Solutions, Applications and Service & Accessories segments. The company offers high voltage cable solutions, including high voltage onshore and offshore cables; medium voltage, dynamic, and universal cables; and low voltage building wires, flexible cables and conduits, control cables, 1 kV cables, and telecom energy and fire performance cables. The company also provides medium voltage cable accessories, such as joints, terminations, separable connector, paper-insulated lead sheath and pre-assembled connection cables, cable branch cabinets, and pre-assembled connection cables; and high voltage cable accessories comprising GIS/transformer terminations, low pressure oil-filled cable systems, outdoor terminations, wind power applications, and transition joints. In addition, it offers lifecycle cable services; and installation, operation and maintenance, repair, decommissioning, and cable monitoring solutions. Further, the company provides oil and gas cable competence center services, and technology consulting services; and offshore and onshore wind, and solar solutions. It operates in Germany, Sweden, the United Kingdom, Poland, the United States, Norway, the Czech Republic, France, the Netherlands, Portugal, and internationally. The company was formerly known as NKT Holding A/S and changed its name to NKT A/S in May 2017. NKT A/S was founded in 1891 and is based in Copenhagen, Denmark.

Stock analysis

NKT A/S (NKT) currently trades at kr 909.50, while our model-based Fair Value estimate is kr 738.99, implying the stock looks roughly 23.1% overvalued today.

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Valuation

Bull case: the Multiples group reads highest at a median of kr 108.04 per share, and 0 of the 16 models we run sit above the kr 909.50 price.

Bear case: the Growth Earnings group reads lowest at kr 98.86, and 16 of the 16 models stay below the price. Evidence for this calculation is medium.

Scenario range: kr 290.48 (bear) to kr 960.68 (bull), the price of kr 909.50 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 41/100 (below-average quality), in the Industrials sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

NKT A/S reported revenue of €3.6B in FY2025 versus €1.9B in FY2021, a compound +16.9%/yr. Reported net income was €275M in FY2025, compounding +186.2%/yr from FY2021. FY2021 was a trough year, so the rate overstates the trend.

Key figures

Market cap 48.8B DKK (≈ $7.4B) · P/E ratio 24.3 · P/S ratio 1.87 · EPS (TTM) kr 37.50 · Dividend yield 0.0% · Net margin 7.7% · Return on equity 13.4% · Return on assets (EBIT) 6.5%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (medium confidence).

What moves the price

Analysts expect earnings well below the last reported figure (earnings in transition, for example expiring patents or contracts); a fair value that looks fair on trailing earnings may then be too optimistic.

The share trades about 18% below its 52-week high and 49% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Industrials peers we cover trades at −28% fair-value upside, at −19%, NKT screens cheaper than that median.

Fair Value models

The price assumes far more growth than our models allow for, so the models scatter widely (kr 3.06 to kr 203.57). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
Bear kr 290.48 Fair Value kr 738.99 Bull kr 960.68
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 27.53 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.
Highest evidence
EPV kr 108.54 kr 122.47 kr 134.48 74
ROIC Compounder kr 113.49 kr 134.09 kr 155.90 72
Residual Income kr 37.82 kr 45.64 kr 104.72 70
All 16 models by family
Earnings-Based
Graham-Dodd kr 34.99 kr 119.23 kr 159.94 64
Lynch FV kr 27.37 kr 39.10 kr 50.83 61
PEG = 1.0 kr 27.37 kr 39.10 kr 50.83 57
EPV kr 108.54 kr 122.47 kr 134.48 74
Dividend Discount
Gordon GGM kr 1.81 kr 3.60 kr 5.45 67
DDM Multi-Stage kr 1.81 kr 3.06 kr 3.80 67
Multiples
P/E Multiple kr 81.03 kr 108.04 kr 135.05 63
P/S Multiple kr 65.60 kr 87.46 kr 109.33 58
P/B Multiple kr 65.60 kr 87.46 kr 109.33 55
EV/EBIT kr 157.77 kr 203.57 kr 249.37 66
EV/EBITDA kr 147.48 kr 189.85 kr 232.22 67
EV/Revenue kr 104.41 kr 140.43 kr 176.45 54
Asset-Based
NCAV (Graham) kr 20.51 kr 27.49 kr 41.03 54
Economic Profit
Residual Income kr 37.82 kr 45.64 kr 104.72 70
ROIC Compounder kr 113.49 kr 134.09 kr 155.90 72
Growth Earnings
Growth-Adj P/E kr 69.20 kr 98.86 kr 128.51 67

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Quality Score breakdown

Overall quality 41/100

Of which business quality 46 · Market factors (momentum, volatility) 67

Profitability 43
Margins and returns on capital today
Quality Growth 46
Are margins and returns improving?
Cashflow 36
Earnings quality: real cash, not paper profit
Fin. Strength 85
Balance sheet, leverage, solvency risk
Investment 0
Disciplined investing over empire-building
Low Volatility 72
Calm price path (market factor)
Momentum 62
Price trend over the last 3–12 months (market factor)
52W Momentum 70
Distance to the 52-week high (market factor)
Net Issuance 42
Share count: buybacks or dilution?

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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. 57/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
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.
+19.7%
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.
+19.4%
Start year 2020 (pandemic). Over 10 years: +4.8% a year
Revenue growth 25 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.
−2.4%
What shareholders gained per year (last 3 years) (mathematically smoothed) ⓘ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 3 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. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip.
+61.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+61.4%
Dividend (yield on the price)0.0%
Profit margin 2019 to 2024 ⓘ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.−6% → 7%
2025 sits 107% above its own trend. The rate follows the median trend of the last 3 years, not that single year.
⚠ Revenue per share shrinking 2.7%/yr over ~10Y (margins intact) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.

NKT screens 23% overvalued. Compare with Contemporary Amperex Technology Co →

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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.Electrical Equipment & Parts · 553 stocks

Beats the industry median on 8/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 41 · Bottom 25%
Fair Value upside −19% · Above median
Profitability
Return on equity (TTM) 13% · Above median
Return on assets 7% · Top 25%
Net margin (TTM) 8% · Above median
Operating margin (TTM) 7% · Above median
Growth and dividend
Revenue growth 3% · Below median
Dividend yield (TTM) 0.0% · Bottom 25%
Balance sheet
Debt / equity 0.06× · Below median

Valuation Multiplesvs Electrical Equipment & Parts median · lower = cheaper

P/E (TTM) 24.3× · Cheaper than median
P/B 3.39× · Pricier than median
P/S (TTM) 2.07× · Pricier than median
EV/EBITDA 9.1× · Cheapest 25%
PEG 7.20× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)8 · sector 0
FUTURE (revenue growth)16 · sector 58
PAST (return on equity)53 · sector 26
HEALTH (low debt)97 · sector 97
DIVIDEND (yield)0 · sector 23

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 Electrical Equipment & Parts stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Contemporary Amperex Technology Co 3750 HK$492.80 HK$815.59 +66%
ABB Ltd ABBN CHF 80.50 CHF 29.71 −63%
Vertiv Holdings VRT $248.78 $179.08 −28%
Prysmian S.p.A PRY €122.35 €77.45 −37%
Legrand SA LR €134.60 €82.53 −39%
Sungrow Power Supply Co 300274 ¥88.20 ¥201.23 +128%
Hubbell Incorporated HUBB $463.70 $293.12 −37%
Shenzhen Inovance Technology Co 300124 ¥54.05 ¥47.94 −11%
nVent Electric plc NVT $162.65 $43.54 −73%
HD Hyundai Electric Co 267260 708,000 KRW 778,800 KRW +10%

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Frequently asked questions

Is NKT A/S (NKT) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of kr 738.99 versus a price of kr 909.50, about −19% upside (overvalued).
What is the fair value of NKT?
Our model-based fair value for NKT A/S is kr 738.99 (as of Sep 24, 2026), built from audited fundamentals. The current price: kr 909.50.
What is the quality score of NKT?
NKT A/S has a Quality Score of 41/100. 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 NKT A/S (NKT)?
Our model-based price target is the fair value of kr 738.99 (as of Sep 24, 2026) from 16 valuation models. Cautious scenario kr 290.48, optimistic scenario kr 960.68. It is a calculation from audited fundamentals, not an analyst target.
What is the NKT A/S stock forecast for 2026?
Our models put fair value at kr 738.99, about −19% upside versus a price of kr 909.50 (overvalued). Cautious scenario kr 290.48, optimistic scenario kr 960.68. The calculation is refreshed regularly with new filings.
What is the revenue of NKT A/S (NKT)?
NKT A/S reported trailing-twelve-month revenue of about €3.6B (latest available figure, as of Sep 24, 2026).
Does NKT A/S pay a dividend?
NKT A/S currently shows a dividend yield of about 0.02% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of NKT A/S (NKT)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For NKT A/S it is kr 738.99 per share (as of Sep 24, 2026), against a price of kr 909.50. It is the blended result of 16 valuation models (cash flow, earnings, asset, dividend).
Is NKT A/S stock overvalued or undervalued in 2026?
As of Sep 24, 2026, NKT trades above its calculated fair value: price kr 909.50, fair value kr 738.99, a gap of about −19% (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 NKT?
No. The price is what the market pays today (kr 909.50); the fair value is what the company's own numbers justify (kr 738.99). For NKT A/S the two are kr 170.51 per share apart. That gap is exactly why we show both numbers side by side.
How much is NKT A/S worth?
The market values NKT A/S at about 48.8B DKK (market capitalisation, as of Sep 24, 2026). Per share that is kr 909.50; our models calculate a fair value of kr 738.99 per share.
What do the bullish and bearish scenarios say about NKT?
Our models span a range for NKT A/S: cautious scenario kr 290.48, base kr 738.99, optimistic kr 960.68 per share (as of Sep 24, 2026, price kr 909.50). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of NKT?
NKT A/S trades at a price-to-earnings ratio of 24.3 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 738.99 is built from several models across several years. Other multiples: PEG 7.2, P/B 3.4, P/S 2.1, EV/EBITDA 9.1.
What is the PEG ratio of NKT?
The PEG ratio of NKT A/S is 7.20 (P/E divided by earnings growth, as of Sep 24, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of NKT A/S (NKT)?
Balance-sheet figures for NKT A/S (as of Sep 24, 2026): return on equity 13.4%, debt of 0.06 per unit of equity. They feed the Quality Score of 41/100, which measures business quality independently of the share price.
How far is NKT from its 52-week high?
NKT A/S trades at kr 909.50, about 18% below its 52-week high of kr 1,112 and 49% above the low of kr 612.00 (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of kr 738.99 is for.
Which stocks are comparable to NKT A/S?
From the same area (Industrials) we also value Contemporary Amperex Technology Co, ABB Ltd, Vertiv Holdings, Prysmian S.p.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 NKT A/S stock attractive at the current price?
The data as of Sep 24, 2026: price kr 909.50, calculated fair value kr 738.99 (−19%), Quality Score 41/100, from 16 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 NKT calculated?
We run NKT A/S through 16 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 738.99, 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 14.0 % above its aggregate fair value. NKT A/S 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 NKT A/S (NKT)?
The closing price on Sep 24, 2026 was kr 909.50. Our model-based fair value is kr 738.99, about −19% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with NKT A/S right now?
Weak quality (41/100) and above fair value at the same time, the margin of safety is missing on both counts. The model range is unusually wide (kr 290.48 to kr 960.68). The outcome hinges heavily on assumptions, so read the point estimate with caution.
Where does the earnings growth of NKT A/S (NKT) come from?
Earnings per share at NKT A/S grew +21.9 % a year from 2014 to 2025. Broken into its drivers: revenue per share −3.1 %, EBIT margin +17.4 %, tax rate +7.1 %, residual (interest, one-offs) +0.1 %. 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 NKT A/S

How large is the market capitalisation of NKT A/S (NKT)?
The market capitalisation of NKT A/S is 48.8B DKK (≈ $7.4B). 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 NKT A/S (NKT)?
The price-to-sales ratio of NKT A/S is 1.87 (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 NKT A/S (NKT)?
Earnings per share at NKT A/S are kr 37.50 (price ÷ EPS = P/E 24.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of NKT A/S (NKT)?
The dividend yield of NKT A/S is 0.0% (payout 0.5%). 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 NKT A/S (NKT)?
The net margin of NKT A/S is 7.7% (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 NKT A/S (NKT)?
The return on equity (ROE) of NKT A/S is 13.4% (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 NKT A/S (NKT)?
On an EBIT basis the return on assets of NKT A/S is 6.5% (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 NKT A/S (NKT)?
The operating margin of NKT A/S is 7.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at NKT A/S (NKT)?
Revenue at NKT A/S is growing +3.2% versus a year earlier (3y avg +19.7%). 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 NKT A/S (NKT)?
Earnings per share at NKT A/S are growing +8.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does NKT A/S (NKT) generate?
The free cash flow of NKT A/S is −€244M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does NKT A/S (NKT) hold?
NKT A/S holds more cash than debt, €963M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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