NCAB Group AB (publ) (NCAB.ST) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-51.9%

SEK 39.37

vs SEK 81.80 price

Levered DCF

SEK 36.61

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

4.99

Safe zone

Rating

B-

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	43.45×	47.43×	33.91×	29.13×	57.61×	37.43×	20.53×	13.08×
P/B	6.21×	8.33×	10.26×	10.16×	21.17×	6.78×	7.55×	4.63×
P/S	2.39×	3.34×	3.35×	2.72×	5.08×	2.24×	1.48×	0.85×
EV / EBITDA	21.88×	25.66×	20.63×	19.32×	38.64×	23.23×	14.59×	10.21×
Gross margin	14.3%	36.9%	35.7%	31.7%	30.3%	30.0%	31.2%	30.9%
Operating margin	8.7%	10.7%	14.5%	12.3%	12.0%	8.6%	9.1%	7.9%
Net margin	5.5%	7.1%	9.9%	9.4%	8.8%	6.0%	7.2%	6.5%
Current ratio	1.78×	1.75×	1.8×	1.9×	1.31×	2.27×	1.43×	1.68×
Debt / equity	0.8×	0.74×	0.8×	0.77×	1.13×	0.52×	0.36×	0.35×
Interest coverage	6.43×	6.07×	8.71×	17.82×	35.61×	14.67×	29.95×	18.48×
Dividend yield	0.0%	1.7%	1.5%	0.9%	1.7%	0.0%	2.9%	0.2%
Payout ratio	0.0%	80.7%	50.9%	26.9%	98.4%	0.0%	59.1%	2.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	14.3%	17.6%	30.2%	34.9%	36.8%	18.2%	36.9%	35.2%
Return on invested capital	9.0%	10.9%	18.0%	19.0%	17.8%	13.1%	26.7%	29.0%
Return on assets	5.9%	7.5%	12.5%	13.7%	10.7%	8.6%	14.7%	14.5%
Free cash flow yield	3.2%	2.9%	4.7%	4.3%	0.3%	4.1%	5.6%	4.9%
Earnings yield	2.3%	2.1%	2.9%	3.4%	1.7%	2.7%	4.9%	7.6%
Enterprise value	SEK 9.8B	SEK 12.8B	SEK 14.3B	SEK 12.7B	SEK 17.1B	SEK 4.7B	SEK 2.7B	SEK 1.4B
Net debt / EBITDA	1.85×	1.54×	0.85×	0.86×	1.66×	-0.43×	0.24×	-0.08×
Cash conversion cycle (days)	47	43	40	66	81	42	38	38