NCC AB (publ) (NCC-A.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

+13.7%

SEK 216.51

vs SEK 190.40 price

Levered DCF

SEK 159.62

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.48

Grey zone

Rating

C+

Overall 2 / 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	151.86×	10.1×	7.83×	9.45×	11.96×	12.84×	18.96×	-20.11×
P/B	2.72×	1.83×	1.68×	1.41×	3.09×	4.07×	5.44×	5.19×
P/S	0.39×	0.26×	0.22×	0.19×	0.34×	0.3×	0.28×	0.27×
EV / EBITDA	11.61×	5.37×	5.49×	5.34×	6.33×	6.66×	6.81×	-202.49×
Gross margin	9.8%	8.6%	8.2%	7.4%	8.5%	8.0%	7.0%	3.7%
Operating margin	3.6%	3.3%	3.2%	2.5%	3.4%	2.5%	2.2%	-1.3%
Net margin	0.3%	2.5%	2.8%	2.0%	2.8%	2.3%	1.5%	-1.3%
Current ratio	1.37×	1.46×	1.34×	1.38×	1.32×	1.37×	1.25×	1.13×
Debt / equity	0.49×	0.59×	0.72×	0.6×	0.72×	1.15×	1.43×	0.82×
Interest coverage	9.2×	9.28×	30.03×	15.61×	22.81×	12.36×	8.88×	-6.31×
Dividend yield	5.0%	4.9%	4.8%	6.1%	3.0%	1.7%	2.6%	5.7%
Payout ratio	757.6%	49.7%	37.3%	57.8%	35.7%	21.4%	49.5%	-114.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	1.8%	18.1%	21.5%	14.9%	25.8%	31.7%	28.7%	-25.8%
Return on invested capital	2.8%	9.9%	9.6%	7.5%	10.3%	9.4%	7.2%	-6.4%
Return on assets	0.5%	4.9%	4.9%	3.6%	5.1%	4.4%	2.9%	-2.8%
Free cash flow yield	7.2%	26.2%	0.8%	-7.0%	8.3%	5.8%	12.8%	-9.2%
Earnings yield	0.7%	9.9%	12.8%	10.6%	8.4%	7.8%	5.3%	-5.0%
Enterprise value	SEK 24.5B	SEK 18B	SEK 16.9B	SEK 13.9B	SEK 19.7B	SEK 18.6B	SEK 18.5B	SEK 16.4B
Net debt / EBITDA	1.42×	0.65×	1.49×	1.45×	0.53×	0.87×	0.72×	-14.77×
Cash conversion cycle (days)	102	87	102	96	84	86	91	75