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Nordrest Holding (NREST) Fair Value & Analysis

Consumer Cyclical · SE · Market cap 3.2B SEK

NH Nordrest Holding NREST · ST
Pricekr 253.00
Fair Valuekr 293.25
Upside+15.9%
Quality58/100
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Healthy Growth
Thin margins · 7.3% net margin
Low debt · generates free cash flow
3.43% dividend yield
Ranks above peers (9/14)
Wide moat 67/100
Evidence: Medium Range kr 221.52 – kr 903.35 Share as image

Fair value as of: Jul 16, 2026

From 24 valuation models · updated 25 days ago

Share price +0.4% over the past month.

A solid business, screening 16% undervalued on our models.

What matters now

  • The model range is unusually wide (kr 221.52 to kr 903.35). The outcome hinges heavily on assumptions, so read the point estimate with caution.
  • Our model range runs from kr 221.52 (bear) to kr 903.35 (bull), base kr 293.25. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 58/100 (solid quality) with medium evidence: read the verdict with care.
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Price vs Fair Value (2 years)

kr 334.84 kr 99.61 Fair Value kr 293.25 May 2024 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 16, 2026.

How to read this chart

27‑month range kr 99.61 – kr 334.84 · fair‑value band kr 221.52 – kr 903.35 · the kr 253.00 price screens below the kr 293.25 fair value. Dashed = 300-day average. As of Jul 16, 2026.

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Analysis

Nordrest Holding (NREST) currently trades at kr 253.00, while our model-based Fair Value estimate is kr 293.25, implying the stock looks roughly 15.9% undervalued today. The Quality Score stands at 58/100 (solid quality), in the Consumer Cyclical sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: medium), always confirm before acting.

Over the trailing twelve months, Nordrest Holding generated revenue of 2.8B SEK at a net margin of 7.3%. Revenue grew 30.5% year over year. It earns a return on equity of 69.8%. The balance sheet holds a net cash position of 80.7M SEK. Fundamentals as of Jul 16, 2026

Our scenario range runs from kr 221.52 (bear case) to kr 903.35 (bull case); at kr 253.00, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 27% below its 52-week high and 61% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at -47% fair-value upside, at 16%, NREST screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

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
Highest evidence
Growth DCF kr 220.16 kr 410.80 kr 717.94 80
Residual Income kr 116.88 kr 203.47 kr 5,322 76
Rev-Margin DCF kr 213.98 kr 376.13 kr 715.39 74
All 24 models by family
DCF Models
FCF DCF kr 233.84 kr 355.10 kr 733.18 38
Owner Earnings kr 280.73 kr 611.05 kr 1,279 31
5Y Revenue Exit kr 194.68 kr 330.00 kr 613.20 39
5Y EBITDA Exit kr 232.25 kr 405.95 kr 746.63 41
5Y P/E Exit kr 244.01 kr 535.26 kr 932.36 38
10Y Revenue Exit kr 202.62 kr 431.83 kr 577.12 36
10Y EBITDA Exit kr 236.08 kr 510.88 kr 988.93 37
10Y P/E Exit kr 244.47 kr 535.63 kr 1,014 35
Earnings-Based
Graham-Dodd kr 104.77 kr 730.66 kr 1,025 54
Lynch FV kr 377.49 kr 539.27 kr 701.05 50
PEG = 1.0 kr 377.49 kr 539.27 kr 701.05 46
EPV kr 116.93 kr 133.95 kr 148.63 59
Multiples
P/E Multiple kr 231.11 kr 308.15 kr 385.19 63
P/S Multiple kr 196.45 kr 261.93 kr 327.41 58
P/B Multiple kr 44.28 kr 59.04 kr 73.80 55
EV/EBIT kr 236.62 kr 312.45 kr 388.28 53
EV/EBITDA kr 224.31 kr 296.04 kr 367.76 54
EV/Revenue kr 162.48 kr 228.20 kr 293.92 43
Asset-Based
NCAV (Graham) kr 9.84 kr 13.19 kr 19.68 50
Growth DCF
Growth DCF kr 220.16 kr 410.80 kr 717.94 80
Rev-Margin DCF kr 213.98 kr 376.13 kr 715.39 74
Economic Profit
Residual Income kr 116.88 kr 203.47 kr 5,322 76
ROIC Compounder kr 130.52 kr 169.06 kr 213.64 72
Growth Earnings
Growth-Adj P/E kr 486.42 kr 694.88 kr 903.35 68

Widest divergence: Growth Earnings (kr 694.88) versus Asset-Based (kr 13.19). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 2.8B SEK
Revenue growth (YoY) +30.5%
Net margin 7.3%
Return on equity 69.8%
Free cash flow 180M SEK FY2025
P/E ratio 18.7
More key figures
Operating margin 8.3%
EPS (TTM) kr 15.40
Dividend yield 3.1%
EPS growth (YoY) +10.8%
Net cash 80.7M SEK FY2025

Figures from reported company fundamentals · as of Jul 16, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 58/100

Of which business quality 59 · Market factors (momentum, volatility) 54

Profitability 75
Margins and returns on capital today
Quality Growth 42
Are margins and returns improving?
Cashflow 50
Earnings quality: real cash, not paper profit
Fin. Strength 66
Balance sheet, leverage, solvency risk
Investment 33
Disciplined investing over empire-building
Low Volatility 70
Calm price path (market factor)
Momentum 41
Price trend over the last 3–12 months (market factor)
52W Momentum 57
Distance to the 52-week high (market factor)
Net Issuance 77
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Nordrest Holding AB (publ) operates as a foodservice company in Sweden and internationally. The company operates restaurants. It also provides catering services.

Full company description

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.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Nordrest Holding reported revenue of kr 2.5B in FY2025 versus kr 489M in FY2021, a compound +51.1%/yr. Reported net income was kr 196M in FY2025, compounding +87.7%/yr from FY2021.

Growth Quality 90/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
2.5B SEK
Latest YoY
+33.4%
Avg. growth/yr (3Y) 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.
+28.2%
Revenue +51.1%/yr
FY21 kr 489M
FY22 kr 1.2B
FY23 kr 1.8B
FY24 kr 1.9B
FY25 kr 2.5B
Net income +87.7%/yr
FY21 kr 15.8M
FY22 kr 25.4M
FY23 kr 80.7M
FY24 kr 120M
FY25 kr 196M

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Cite: Fair Value Calculator (2026). "Nordrest Holding Fair Value". https://www.fairvalue-calculator.com/stock/NREST

Peer Group

Restaurants · 227 stocks

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.

Quality Score 58 · Above median
Fair Value upside +16% · Above median
Return on equity (TTM) 70% · Top 25%
Return on assets 20% · Top 25%
Net margin (TTM) 7% · Top 25%
Operating margin (TTM) 8% · Above median
Revenue growth 31% · Top 25%
Dividend yield (TTM) 3.4% · Above median
Debt / equity 0.18× · Higher than median

Valuation Multiples vs Restaurants median · lower = cheaper

P/E (TTM) 15.9× · Cheaper than median
P/B 12.65× · Pricier than 75% of peers
P/S (TTM) 1.15× · Pricier than median
P/FCF 1.9× · Pricier than median
EV/EBITDA 8.6× · Pricier than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 55 · sector 28
FUTURE 100 · sector 20
PAST 100 · sector 16
HEALTH 91 · sector 97
DIVIDEND 69 · sector 58

Insider activity: 40/100

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Restaurants stocks, each showing price versus our Fair Value estimate (as of Jul 16, 2026).

Stock Price Fair Value vs Fair Value
McDonald's Corporation MCDS C$24.01 C$10.84 -55%
Starbucks Corporation SBUX $105.49 $35.83 -66%
Chipotle Mexican Grill, Inc CMG $34.63 $18.43 -47%
Yum! Brands, Inc YUM $163.54 $59.66 -64%
Restaurant Brands International Inc QSR C$104.19 C$36.37 -65%
Darden Restaurants, Inc DRI $195.74 $173.68 -11%
Yum China Holdings YUMC $43.90 $55.10 +26%
Texas Roadhouse, Inc TXRH $197.03 $104.89 -47%
Dutch Bros Inc BROS $68.36 $12.80 -81%
Domino's Pizza, Inc DPZ $322.18 $231.96 -28%

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Frequently asked questions

Is Nordrest Holding (NREST) overvalued or undervalued?
As of Jul 16, 2026, our model estimates a fair value of kr 293.25 versus a price of kr 253.00, about +16% (undervalued).
What is the fair value of NREST?
Our model-based fair value for Nordrest Holding is kr 293.25 (as of Jul 16, 2026), built from audited fundamentals. The current price is kr 253.00.
What is the quality score of NREST?
Nordrest Holding 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 revenue of Nordrest Holding (NREST)?
Nordrest Holding reported trailing-twelve-month revenue of about 2.8B SEK (latest available figure, as of Jul 16, 2026).
What is the net profit margin of NREST?
The net profit margin of Nordrest Holding is about 7.3%, meaning it keeps roughly 7.3% of revenue as net income. Based on the latest reported figures.
Does Nordrest Holding pay a dividend?
Nordrest Holding currently shows a dividend yield of about 3.05% relative to its recent price (as of Jul 16, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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