Nordisk Bergteknik AB Series B (NORB-B) fair value: what the stock is really worth
As of Oct 19, 2026: fair value (intrinsic value) of Nordisk Bergteknik AB Series B stock SEK 11.65, price SEK 9.40, upside +23.9%, quality 51 out of 100. Rating: undervalued. 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 2, 2026.
How to read this chart
60‑month range kr 9.10 – kr 43.50 · fair‑value band kr 8.15 – kr 14.84 · the kr 9.40 price screens below the kr 11.65 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 2, 2026.
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Nordisk Bergteknik AB (publ), together with its subsidiaries, provides rock handling, foundation work, and mining services for the infrastructure, construction, and mining industries in Sweden, Norway, Finland, and internationally.
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It operates in three segments: Rock Sweden, Rock Norway, and Foundation Sweden.
The company offers foundation works, foundation reinforcement, sheet piling, soil reinforcement, transport and excavation, drilling and excavation, rock crushing, mining and prospect drilling, rock reinforcement, concrete rehabilitation, rock splitting, foundation construction, grounding, groundwater lowering, wire sawing, rock stabilization, and foundation reinforcement services.
It also provides rock excavation, rock fracturing, concrete spraying, piling, grouting, and soil nailing services. The company's services are used in local and national infrastructure, construction projects and contracts, wind farms, mines, natural environments, and other applications.
Nordisk Bergteknik AB (publ) was founded in 1966 and is headquartered in Gothenburg, Sweden.
Stock analysis
Nordisk Bergteknik AB Series B (NORB-B) currently trades at kr 9.40, while our model-based Fair Value estimate is kr 11.65, implying the stock looks roughly 19.3% undervalued today.
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Valuation
Bull case: the Economic Profit group reads highest at a median of kr 12.51 per share, and 11 of the 18 models we run sit above the kr 9.40 price.
Bear case: the Asset-Based group reads lowest at kr 2.48, and 7 of the 18 models stay below the price. Data coverage for this calculation is low.
Scenario range: kr 8.15 (bear) to kr 14.84 (bull), the price of kr 9.40 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 51/100 (solid quality), in the Industrials sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Nordisk Bergteknik AB Series B reported revenue of 3.5B SEK in FY2025 versus 1.9B SEK in FY2021, a compound +15.8%/yr. Reported net income was 28.5M SEK in FY2025, compounding −10.6%/yr from FY2021.
Key figures
Market cap 538M SEK (≈ $54.3M) Micro · P/E ratio 19.2 · P/S ratio 0.15 · EPS (TTM) kr 0.4900 · Net margin 0.8% · Return on equity 2.2% · Return on assets (EBIT) 4.3% · Operating margin 3.5%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 25 out of 100 (low confidence).
What moves the price
The share trades about 39% below its 52-week high and 3% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −35% fair-value upside, at 24%, NORB-B screens cheaper than that median.
Fair Value models
Bearkr 8.15Fair Value kr 11.65Bullkr 14.84
Price kr 9.40 · Upside +23.9%
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 0.3933 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.62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+4.4%
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.
+0.5%
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.
+16.9%
Start year 2020 (pandemic)
Revenue growth 7 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.
+31.4%
’18
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’25
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.
−10.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year−10.2%
Dividend (yield on the price)0.0%
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.8% → 4%
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
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).
+74.6%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Sweden: IMF forecast 2.0% a year to 2030, 2.9% from 2016 to 2025) that is about +71.2% a year for the price.
Compare Nordisk Bergteknik AB Series B with another stock
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 · 787 stocks
Beats the industry median on 6/13 measures
A mixed picture versus its industry peers.
Valuation
Quality Score51 · Above median
Fair Value upside+23.9% · Above median
Profitability
Return on equity (12 months)2.2% · Below median
Return on assets0.8% · Below median
Net margin (12 months)0.8% · Below median
Operating margin (12 months)3.5% · Below median
Growth and dividend
Revenue growth (quarter YoY)12.7% · Above median
Balance sheet
Debt / equity0.93× · Highest 25%
Valuation Multiplesvs Engineering & Construction 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). "Nordisk Bergteknik AB Series B Fair Value". https://www.fairvalue-calculator.com/stock/NORB-B
Frequently asked questions
Is Nordisk Bergteknik AB Series B (NORB-B) overvalued or undervalued?
As of Oct 2, 2026, our model estimates a fair value of kr 11.65 versus a price of kr 9.40, about +24% upside (undervalued).
What is the fair value of NORB-B?
Our model-based fair value for Nordisk Bergteknik AB Series B is kr 11.65 (as of Oct 2, 2026), built from audited fundamentals. The current price: kr 9.40.
What is the quality score of NORB-B?
Nordisk Bergteknik AB Series B has a Quality Score of 51/100. 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 Nordisk Bergteknik AB Series B (NORB-B)?
Our model-based price target is the fair value of kr 11.65 (as of Oct 2, 2026) from 21 valuation models. Cautious scenario kr 8.15, optimistic scenario kr 14.84. It is a calculation from audited fundamentals, not an analyst target.
What is the Nordisk Bergteknik AB Series B stock forecast for 2026?
Our models put fair value at kr 11.65, about +24% upside versus a price of kr 9.40 (undervalued). Cautious scenario kr 8.15, optimistic scenario kr 14.84. The calculation is refreshed regularly with new filings.
What is the revenue of Nordisk Bergteknik AB Series B (NORB-B)?
Nordisk Bergteknik AB Series B reported trailing-twelve-month revenue of about 3.5B SEK (latest available figure, as of Oct 2, 2026).
What growth is priced into Nordisk Bergteknik AB Series B (NORB-B)?
For today's price to be fair in a discounted-cash-flow model, Nordisk Bergteknik AB Series B would have to grow free cash flow by +74.6 % per year for five years (discount rate 12.5 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +16.9 % per year. As of Oct 2, 2026.
What discount rate (WACC) does the fair value of NORB-B use?
Our models discount Nordisk Bergteknik AB Series B at 12.5 %: a base by market capitalisation (micro), 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 Nordisk Bergteknik AB Series B that is +74.6 % per year a year over ten years, using the same discount rate (12.5 %) and the same formula as our fair value.
How much growth has Nordisk Bergteknik AB Series B (NORB-B) delivered so far?
Over the past 5 years revenue at Nordisk Bergteknik AB Series B grew +16.9 % a year. The price currently implies +74.6 % 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 Nordisk Bergteknik AB Series B (NORB-B) growing?
The median revenue growth in the sector is +7.5 % a year. That is the yardstick for the growth priced into Nordisk Bergteknik AB Series B (+74.6 % 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 Nordisk Bergteknik AB Series B (NORB-B)?
The free-cash-flow yield on the price is 1.12 %: that much free cash flow Nordisk Bergteknik AB Series B produces per unit of market value. When it exceeds the discount rate of our models (12.5 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Nordisk Bergteknik AB Series B (NORB-B)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Nordisk Bergteknik AB Series B it is kr 11.65 per share (as of Oct 2, 2026), against a price of kr 9.40. It is the blended result of 21 valuation models (cash flow, earnings, asset, dividend).
Is Nordisk Bergteknik AB Series B stock overvalued or undervalued in 2026?
As of Oct 2, 2026, NORB-B trades below its calculated fair value: price kr 9.40, fair value kr 11.65, a gap of about +24% (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 NORB-B?
No. The price is what the market pays today (kr 9.40); the fair value is what the company's own numbers justify (kr 11.65). For Nordisk Bergteknik AB Series B the two are kr 2.25 per share apart. That gap is exactly why we show both numbers side by side.
How much is Nordisk Bergteknik AB Series B worth?
The market values Nordisk Bergteknik AB Series B at about 538M SEK (market capitalisation, as of Oct 2, 2026). Per share that is kr 9.40; our models calculate a fair value of kr 11.65 per share.
What do the bullish and bearish scenarios say about NORB-B?
Our models span a range for Nordisk Bergteknik AB Series B: cautious scenario kr 8.15, base kr 11.65, optimistic kr 14.84 per share (as of Oct 2, 2026, price kr 9.40). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of NORB-B?
Nordisk Bergteknik AB Series B trades at a price-to-earnings ratio of 19.2 (as of Oct 2, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 11.65 is built from several models across several years. Other multiples: P/B 0.4, P/S 0.2, EV/EBITDA 5.4.
How solid is the balance sheet of Nordisk Bergteknik AB Series B (NORB-B)?
Balance-sheet figures for Nordisk Bergteknik AB Series B (as of Oct 2, 2026): return on equity 2.2%, debt of 0.93 per unit of equity. They feed the Quality Score of 51/100, which measures business quality independently of the share price.
How far is NORB-B from its 52-week high?
Nordisk Bergteknik AB Series B trades at kr 9.40, about 39% below its 52-week high of kr 15.50 and 3% above the low of kr 9.10 (as of Oct 19, 2026). Distance from the high says nothing about value: that is what the fair value of kr 11.65 is for.
Which stocks are comparable to Nordisk Bergteknik AB Series B?
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 Nordisk Bergteknik AB Series B stock attractive at the current price?
The data as of Oct 2, 2026: price kr 9.40, calculated fair value kr 11.65 (+24%), Quality Score 51/100, from 21 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 NORB-B calculated?
We run Nordisk Bergteknik AB Series B through 21 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 11.65, 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. Nordisk Bergteknik AB Series B currently trades 19 % 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 Nordisk Bergteknik AB Series B (NORB-B)?
The closing price on Oct 19, 2026 was kr 9.40. Our model-based fair value is kr 11.65, about +24% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Nordisk Bergteknik AB Series B right now?
Solid quality (51/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (kr 8.15 to kr 14.84) leaves room in how you read the outcome. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
Key figures of Nordisk Bergteknik AB Series B
How large is the market capitalisation of Nordisk Bergteknik AB Series B (NORB-B)?
The market capitalisation of Nordisk Bergteknik AB Series B is 538M SEK (≈ $54.3M). 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 Nordisk Bergteknik AB Series B (NORB-B)?
The price-to-sales ratio of Nordisk Bergteknik AB Series B is 0.15 (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 Nordisk Bergteknik AB Series B (NORB-B)?
Earnings per share at Nordisk Bergteknik AB Series B are kr 0.4900 (price ÷ EPS = P/E 19.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Nordisk Bergteknik AB Series B (NORB-B)?
The net margin of Nordisk Bergteknik AB Series B is 0.8% (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 Nordisk Bergteknik AB Series B (NORB-B)?
The return on equity (ROE) of Nordisk Bergteknik AB Series B is 2.2% (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 Nordisk Bergteknik AB Series B (NORB-B)?
On an EBIT basis the return on assets of Nordisk Bergteknik AB Series B is 4.3% (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 Nordisk Bergteknik AB Series B (NORB-B)?
The operating margin of Nordisk Bergteknik AB Series B is 3.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Nordisk Bergteknik AB Series B (NORB-B)?
Revenue at Nordisk Bergteknik AB Series B is growing +12.7% versus a year earlier (3y avg +0.5%). 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 Nordisk Bergteknik AB Series B (NORB-B)?
Earnings per share at Nordisk Bergteknik AB Series B are growing −42.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Nordisk Bergteknik AB Series B (NORB-B) carry?
The net debt of Nordisk Bergteknik AB Series B is 1.7B SEK (fiscal year 2025). 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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Oct 2, 2026