Norma Group AG NA O.N. (NOEJ) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Norma Group AG NA O.N. €26.43, price €16.66, upside +58.7%, quality 45 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 €8.83 – €38.56 · fair‑value band €20.60 – €36.26 · the €16.66 price screens below the €26.43 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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NORMA Group SE, together with its subsidiaries, manufactures and sells engineered joining technology solutions in Europe, the Middle East, Africa, the Americas, and the Asia-Pacific. The company provides quick connectors, pipe clamps, plastic connectors, retain and fix solutions.
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NORMA Group SE, together with its subsidiaries, manufactures and sells engineered joining technology solutions in Europe, the Middle East, Africa, the Americas, and the Asia-Pacific. The company provides quick connectors, pipe clamps, plastic connectors, retain and fix solutions. It sells its products to distributors, specialized wholesalers, smaller industrial sectors, original equipment manufacturers, doit-yourself stores under the ABA, Breeze, Clamp-All, CONNECTORS, Gemi, NORMA, R.G.RAY, Serflex, and TORCA brand names. In addition, it provides water and thermal management. Further, the company's products are used in automotive, commercial vehicle and aviation industries, the infrastructure and industrial project business, shipbuilding and mechanical engineering, as well as the drinking water and irrigation industries and agriculture markets. NORMA Group SE was founded in 1896 and is headquartered in Maintal, Germany.
Stock analysis
Norma Group AG NA O.N. (NOEJ) currently trades at €16.66, while our model-based Fair Value estimate is €26.43, implying the stock looks roughly 37.0% undervalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of €24.12 per share, and 6 of the 9 models we run sit above the €16.66 price.
Bear case: the Dividend Discount group reads lowest at €4.08, and 3 of the 9 models stay below the price. Evidence for this calculation is low.
Scenario range: €20.60 (bear) to €36.26 (bull), the price of €16.66 sits below 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 45/100 (below-average quality), in the Industrials sector.
Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.
Norma Group AG NA O.N. reported revenue of €822M in FY2025 versus €1.1B in FY2021, a compound −6.9%/yr. Reported net income was −€81.8M in FY2025.
Key figures
Market cap €531M · P/S ratio 0.65 · EPS (TTM) €−3.13 · Dividend yield 0.8% · Net margin −9.9% · Return on equity −12.7% · Return on assets (EBIT) 2.8% · Operating margin 0.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).
What moves the price
The share trades about 20% below its 52-week high and 32% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −36% fair-value upside, at 59%, NOEJ screens cheaper than that median.
Fair Value models
Bear €20.60Fair Value €26.43Bull €36.26
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.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.18/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−28.9%
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.
−12.9%
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.
−2.9%
Start year 2020 (pandemic). Over 10 years: −0.8% a year
Revenue growth 18 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.
+4.3%
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Profit margin (trend) ⓘ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.
2.1% (2020) → −9.3% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed
Growth Forecast
A lot of optimism in the price
The price assumes more growth than 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).
+7.3%
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.
+3.4%
Yearly sales growth analysts expect, extended to five years.
After inflation (euro area: IMF forecast 2.2% a year to 2030, 2.6% from 2016 to 2025) that is about +5.0% a year for the price and +1.2% 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.Metal Fabrication · 262 stocks
Beats the industry median on 6/12 measures
A mixed picture versus its industry peers.
Valuation
Quality Score45 · Below median
Fair Value upside+59% · Top 25%
Profitability
Return on assets−3% · Bottom 25%
Net margin (TTM)29% · Top 25%
Operating margin (TTM)1% · Below median
Growth and dividend
Revenue growth−6% · Below median
Dividend yield (TTM)0.8% · Below median
Balance sheet
Debt / equity0.05× · Below median
Valuation Multiplesvs Metal Fabrication median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Norma Group AG NA O.N. Fair Value". https://www.fairvalue-calculator.com/stock/NOEJ
Frequently asked questions
Is Norma Group AG NA O.N. (NOEJ) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of €26.43 versus a price of €16.66, about +59% upside (undervalued).
What is the fair value of NOEJ?
Our model-based fair value for Norma Group AG NA O.N. is €26.43 (as of Sep 23, 2026), built from audited fundamentals. The current price: €16.66.
What is the quality score of NOEJ?
Norma Group AG NA O.N. has a Quality Score of 45/100. 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 Norma Group AG NA O.N. (NOEJ)?
Our model-based price target is the fair value of €26.43 (as of Sep 23, 2026) from 9 valuation models. Cautious scenario €20.60, optimistic scenario €36.26. It is a calculation from audited fundamentals, not an analyst target.
What is the Norma Group AG NA O.N. stock forecast for 2026?
Our models put fair value at €26.43, about +59% upside versus a price of €16.66 (undervalued). Cautious scenario €20.60, optimistic scenario €36.26. The calculation is refreshed regularly with new filings.
What is the revenue of Norma Group AG NA O.N. (NOEJ)?
Norma Group AG NA O.N. reported trailing-twelve-month revenue of about €825M (latest available figure, as of Sep 23, 2026).
Does Norma Group AG NA O.N. pay a dividend?
Norma Group AG NA O.N. currently shows a dividend yield of about 0.84% relative to its recent price (as of Sep 23, 2026).
What growth is priced into Norma Group AG NA O.N. (NOEJ)?
For today's price to be fair in a discounted-cash-flow model, Norma Group AG NA O.N. would have to grow free cash flow by +7.3 % per year for five years (discount rate 10.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -2.9 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of NOEJ use?
Our models discount Norma Group AG NA O.N. at 10.0 %: a base by market capitalisation (small), damped by beta 0.62, country premium for Germany. 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 Norma Group AG NA O.N. that is +7.3 % per year a year over ten years, using the same discount rate (10.0 %) and the same formula as our fair value.
How much growth has Norma Group AG NA O.N. (NOEJ) delivered so far?
Over the past 5 years revenue at Norma Group AG NA O.N. grew -2.9 % a year. The price currently implies +7.3 % 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 Norma Group AG NA O.N. (NOEJ) growing?
The median revenue growth in the sector is +4.7 % a year. That is the yardstick for the growth priced into Norma Group AG NA O.N. (+7.3 % 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 Norma Group AG NA O.N. (NOEJ)?
The free-cash-flow yield on the price is 8.93 %: that much free cash flow Norma Group AG NA O.N. produces per unit of market value. When it exceeds the discount rate of our models (10.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Norma Group AG NA O.N. (NOEJ)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Norma Group AG NA O.N. it is €26.43 per share (as of Sep 23, 2026), against a price of €16.66. It is the blended result of 9 valuation models (cash flow, earnings, asset, dividend).
Is Norma Group AG NA O.N. stock overvalued or undervalued in 2026?
As of Sep 23, 2026, NOEJ trades below its calculated fair value: price €16.66, fair value €26.43, a gap of about +59% (undervalued). 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 NOEJ?
No. The price is what the market pays today (€16.66); the fair value is what the company's own numbers justify (€26.43). For Norma Group AG NA O.N. the two are €9.77 per share apart. That gap is exactly why we show both numbers side by side.
How much is Norma Group AG NA O.N. worth?
The market values Norma Group AG NA O.N. at about €531M (market capitalisation, as of Sep 23, 2026). Per share that is €16.66; our models calculate a fair value of €26.43 per share.
What do the bullish and bearish scenarios say about NOEJ?
Our models span a range for Norma Group AG NA O.N.: cautious scenario €20.60, base €26.43, optimistic €36.26 per share (as of Sep 23, 2026, price €16.66). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the PEG ratio of NOEJ?
The PEG ratio of Norma Group AG NA O.N. is 1.01 (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 Norma Group AG NA O.N. (NOEJ)?
Balance-sheet figures for Norma Group AG NA O.N. (as of Sep 23, 2026): return on equity −12.7%, debt of 0.05 per unit of equity. They feed the Quality Score of 45/100, which measures business quality independently of the share price.
How far is NOEJ from its 52-week high?
Norma Group AG NA O.N. trades at €16.66, about 20% below its 52-week high of €20.75 and 32% above the low of €12.64 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of €26.43 is for.
Which stocks are comparable to Norma Group AG NA O.N.?
From the same area (Industrials) we also value Carpenter Technology Corporation, ATI Inc, Mueller Industries, Inc, Aurubis AG, 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 Norma Group AG NA O.N. stock attractive at the current price?
The data as of Sep 23, 2026: price €16.66, calculated fair value €26.43 (+59%), Quality Score 45/100, from 9 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 NOEJ calculated?
We run Norma Group AG NA O.N. through 9 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 €26.43, 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. Norma Group AG NA O.N. currently trades 59 % 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 Norma Group AG NA O.N. (NOEJ)?
The closing price on Sep 23, 2026 was €16.66. Our model-based fair value is €26.43, about +59% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Norma Group AG NA O.N. right now?
The price is below even our cautious bear case (€20.60). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid quality (45/100) at a price below fair value, the discount is the argument here, not the business quality.
Where does the earnings growth of Norma Group AG NA O.N. (NOEJ) come from?
Earnings per share at Norma Group AG NA O.N. grew −12.8 % a year from 2014 to 2025. Broken into its drivers: revenue per share +4.4 %, EBIT margin −10.1 %, tax rate −4.0 %, residual (interest, one-offs) −3.2 %. 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 Norma Group AG NA O.N.
How large is the market capitalisation of Norma Group AG NA O.N. (NOEJ)?
The market capitalisation of Norma Group AG NA O.N. is €531M. 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 Norma Group AG NA O.N. (NOEJ)?
The price-to-sales ratio of Norma Group AG NA O.N. is 0.65 (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 Norma Group AG NA O.N. (NOEJ)?
Earnings per share at Norma Group AG NA O.N. are €−3.13. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Norma Group AG NA O.N. (NOEJ)?
The dividend yield of Norma Group AG NA O.N. is 0.8%. 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 Norma Group AG NA O.N. (NOEJ)?
The net margin of Norma Group AG NA O.N. is −9.9% (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 Norma Group AG NA O.N. (NOEJ)?
The return on equity (ROE) of Norma Group AG NA O.N. is −12.7% (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 Norma Group AG NA O.N. (NOEJ)?
On an EBIT basis the return on assets of Norma Group AG NA O.N. is 2.8% (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 Norma Group AG NA O.N. (NOEJ)?
The operating margin of Norma Group AG NA O.N. is 0.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Norma Group AG NA O.N. (NOEJ)?
Revenue at Norma Group AG NA O.N. is growing −5.7% versus a year earlier (3y avg −12.9%). 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 Norma Group AG NA O.N. (NOEJ)?
Earnings per share at Norma Group AG NA O.N. are growing −21.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Norma Group AG NA O.N. (NOEJ) carry?
The net debt of Norma Group AG NA O.N. is €305M (fiscal year 2025, ≈ 6.4 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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