Nordrest Holding AB (publ) (NREST) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Nordrest Holding AB (publ) SEK 398, price SEK 251, upside +58.7%, quality 58 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 24, 2026.
How to read this chart
28‑month range kr 99.61 – kr 334.84 · fair‑value band kr 219.05 – kr 703.91 · the kr 250.50 price screens below the kr 397.55 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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Nordrest Holding AB (publ) operates as a foodservice company in Sweden and internationally. The company operates restaurants. It also provides catering services.
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Nordrest Holding AB (publ) operates as a foodservice company in Sweden and internationally. The company operates restaurants. It also provides catering services. In addition, the company develops, produces, packs, and distributes complete meal solutions and food components for defence, emergency preparedness, humanitarian operations, and institutional customers under the OrifO, Surviva foods, and Outmeals names. Further, it provides meal solutions under the Taste by Nordrest, Togo by Nordrest,, PocketbyNordrest, LaGirafe, Dinners, and WayCup brands. The company serves defense, companies, colleges and universities, schools, hospitals and elderly care, and travel groups. The company was incorporated in 2013 and is based in Solna, Sweden.
Stock analysis
Nordrest Holding AB (publ) (NREST) currently trades at kr 250.50, while our model-based Fair Value estimate is kr 397.55, implying the stock looks roughly 37.0% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of kr 715.84 per share, and 17 of the 24 models we run sit above the kr 250.50 price.
Bear case: the Economic Profit group reads lowest at kr 144.12, and 7 of the 24 models stay below the price. Evidence for this calculation is high.
Scenario range: kr 219.05 (bear) to kr 703.91 (bull), the price of kr 250.50 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 58/100 (solid quality), in the Consumer Cyclical sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Nordrest Holding AB (publ) reported revenue of 2.5B SEK in FY2025 versus 489M SEK in FY2021, a compound +51.1%/yr. Reported net income was 196M SEK in FY2025, compounding +87.7%/yr from FY2021. FY2021 was a trough year, so the rate overstates the trend.
Key figures
Market cap 3.2B SEK (≈ $325M) · P/E ratio 16.0 · P/S ratio 1.23 · EPS (TTM) kr 15.67 · Dividend yield 3.4% · Net margin 7.7% · Return on equity 69.8% · Return on assets (EBIT) 19.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 53 out of 100 (low confidence).
What moves the price
The share trades about 25% below its 52-week high and 31% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at −22% fair-value upside, at 59%, NREST screens cheaper than that median.
Fair Value models
Bear kr 219.05Fair Value kr 397.55Bull kr 703.91
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 5.26 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.
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.90/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+33.4%
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.
+28.2%
’21
’22
’23
’24
’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. Basis: EBIT basis.
≈ +57.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+54.1%
Dividend (yield on the price)3.4%
Profit margin 2021 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.5% → 8%
⚠ Rate on operating basis: 2025 sits 134% above its own trend.
Growth Forecast
Little optimism in the price
The price assumes less 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).
+7.4%
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 +5.3% a year for the price.
Compare Nordrest Holding 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.Restaurants · 226 stocks
Beats the industry median on 9/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score58 · Above median
Fair Value upside+59% · Top 25%
Profitability
Return on equity (TTM)70% · Top 25%
Return on assets20% · Top 25%
Net margin (TTM)7% · Top 25%
Operating margin (TTM)8% · Above median
Growth and dividend
Revenue growth31% · Top 25%
Dividend yield (TTM)3.4% · Below median
Balance sheet
Debt / equity0.18× · Above median
Valuation Multiplesvs Restaurants 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). "Nordrest Holding AB (publ) Fair Value". https://www.fairvalue-calculator.com/stock/NREST
Frequently asked questions
Is Nordrest Holding AB (publ) (NREST) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of kr 397.55 versus a price of kr 250.50, about +59% upside (undervalued).
What is the fair value of NREST?
Our model-based fair value for Nordrest Holding AB (publ) is kr 397.55 (as of Sep 24, 2026), built from audited fundamentals. The current price: kr 250.50.
What is the quality score of NREST?
Nordrest Holding AB (publ) has a Quality Score of 58/100. 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 Nordrest Holding AB (publ) (NREST)?
Our model-based price target is the fair value of kr 397.55 (as of Sep 24, 2026) from 24 valuation models. Cautious scenario kr 219.05, optimistic scenario kr 703.91. It is a calculation from audited fundamentals, not an analyst target.
What is the Nordrest Holding AB (publ) stock forecast for 2026?
Our models put fair value at kr 397.55, about +59% upside versus a price of kr 250.50 (undervalued). Cautious scenario kr 219.05, optimistic scenario kr 703.91. The calculation is refreshed regularly with new filings.
What is the revenue of Nordrest Holding AB (publ) (NREST)?
Nordrest Holding AB (publ) reported trailing-twelve-month revenue of about 2.8B SEK (latest available figure, as of Sep 24, 2026).
Does Nordrest Holding AB (publ) pay a dividend?
Nordrest Holding AB (publ) currently shows a dividend yield of about 3.39% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Nordrest Holding AB (publ) (NREST)?
For today's price to be fair in a discounted-cash-flow model, Nordrest Holding AB (publ) would have to grow free cash flow by +7.4 % per year for five years (discount rate 9.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 4 years revenue grew +51.1 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of NREST use?
Our models discount Nordrest Holding AB (publ) at 9.9 %: a base by market capitalisation (small), damped by beta 0.59, 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 Nordrest Holding AB (publ) that is +7.4 % per year a year over ten years, using the same discount rate (9.9 %) and the same formula as our fair value.
How much growth has Nordrest Holding AB (publ) (NREST) delivered so far?
Over the past 4 years revenue at Nordrest Holding AB (publ) grew +51.1 % a year. The price currently implies +7.4 % 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 Nordrest Holding AB (publ) (NREST) growing?
The median revenue growth in the sector is +5.9 % a year. That is the yardstick for the growth priced into Nordrest Holding AB (publ) (+7.4 % 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 Nordrest Holding AB (publ) (NREST)?
The free-cash-flow yield on the price is 5.57 %: that much free cash flow Nordrest Holding AB (publ) produces per unit of market value. When it exceeds the discount rate of our models (9.9 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Nordrest Holding AB (publ) (NREST)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Nordrest Holding AB (publ) it is kr 397.55 per share (as of Sep 24, 2026), against a price of kr 250.50. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Nordrest Holding AB (publ) stock overvalued or undervalued in 2026?
As of Sep 24, 2026, NREST trades below its calculated fair value: price kr 250.50, fair value kr 397.55, 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 NREST?
No. The price is what the market pays today (kr 250.50); the fair value is what the company's own numbers justify (kr 397.55). For Nordrest Holding AB (publ) the two are kr 147.05 per share apart. That gap is exactly why we show both numbers side by side.
How much is Nordrest Holding AB (publ) worth?
The market values Nordrest Holding AB (publ) at about 3.2B SEK (market capitalisation, as of Sep 24, 2026). Per share that is kr 250.50; our models calculate a fair value of kr 397.55 per share.
What do the bullish and bearish scenarios say about NREST?
Our models span a range for Nordrest Holding AB (publ): cautious scenario kr 219.05, base kr 397.55, optimistic kr 703.91 per share (as of Sep 24, 2026, price kr 250.50). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of NREST?
Nordrest Holding AB (publ) trades at a price-to-earnings ratio of 16.0 (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 397.55 is built from several models across several years. Other multiples: P/B 12.9, P/S 1.2, EV/EBITDA 8.8.
How solid is the balance sheet of Nordrest Holding AB (publ) (NREST)?
Balance-sheet figures for Nordrest Holding AB (publ) (as of Sep 24, 2026): return on equity 69.8%, debt of 0.18 per unit of equity. They feed the Quality Score of 58/100, which measures business quality independently of the share price.
How far is NREST from its 52-week high?
Nordrest Holding AB (publ) trades at kr 250.50, about 25% below its 52-week high of kr 334.84 and 31% above the low of kr 191.25 (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of kr 397.55 is for.
Which stocks are comparable to Nordrest Holding AB (publ)?
From the same area (Consumer Cyclical) we also value McDonald's Corporation, Starbucks Corporation, Chipotle Mexican Grill, Inc, Yum! Brands, Inc, 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 Nordrest Holding AB (publ) stock attractive at the current price?
The data as of Sep 24, 2026: price kr 250.50, calculated fair value kr 397.55 (+59%), Quality Score 58/100, from 24 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 NREST calculated?
We run Nordrest Holding AB (publ) through 24 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 397.55, 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 13.0 % above its aggregate fair value. Nordrest Holding AB (publ) 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 Nordrest Holding AB (publ) (NREST)?
The closing price on Sep 24, 2026 was kr 250.50. Our model-based fair value is kr 397.55, about +59% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Nordrest Holding AB (publ) right now?
The model range is unusually wide (kr 219.05 to kr 703.91). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid quality (58/100) at a price below fair value, the discount is the argument here, not the business quality.
Key figures of Nordrest Holding AB (publ)
How large is the market capitalisation of Nordrest Holding AB (publ) (NREST)?
The market capitalisation of Nordrest Holding AB (publ) is 3.2B SEK (≈ $325M). 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 Nordrest Holding AB (publ) (NREST)?
The price-to-sales ratio of Nordrest Holding AB (publ) is 1.23 (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 Nordrest Holding AB (publ) (NREST)?
Earnings per share at Nordrest Holding AB (publ) are kr 15.67 (price ÷ EPS = P/E 16.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Nordrest Holding AB (publ) (NREST)?
The dividend yield of Nordrest Holding AB (publ) is 3.4% (payout 54.2%). 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 Nordrest Holding AB (publ) (NREST)?
The net margin of Nordrest Holding AB (publ) 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 Nordrest Holding AB (publ) (NREST)?
The return on equity (ROE) of Nordrest Holding AB (publ) is 69.8% (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 Nordrest Holding AB (publ) (NREST)?
On an EBIT basis the return on assets of Nordrest Holding AB (publ) is 19.6% (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 Nordrest Holding AB (publ) (NREST)?
The operating margin of Nordrest Holding AB (publ) is 8.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Nordrest Holding AB (publ) (NREST)?
Revenue at Nordrest Holding AB (publ) is growing +30.5% versus a year earlier (3y avg +28.2%). 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 Nordrest Holding AB (publ) (NREST)?
Earnings per share at Nordrest Holding AB (publ) are growing +10.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Nordrest Holding AB (publ) (NREST) hold?
Nordrest Holding AB (publ) holds more cash than debt, 80.7M SEK net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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