olivLaw · European equity research
NKT A/S NKT.CO
Denmark · Nasdaq Copenhagen · ISIN DK0010287663 · Vertical: Listed companies from Denmark
NKT A/S is a producer and installer of high-voltage power cables for electricity transmission, active across three business lines: Transmission, Grid Solutions & Accessories and Distribution. In the first half of 2026 the company reported revenue at standard metal prices of 1,267 million EUR and operational EBITDA of 104 million EUR in the second quarter, amid strong demand for grid infrastructure and ongoing capacity investment.
At the close of 05 Nov 2026, NKT A/S (NKT.CO) stock was 823.00 DKK (−1.32% on the day), with beta 0.97, 52-week range 699.50–1,112.00 DKK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 41.3
- weak (30–45)
- Bollinger (20, 2)
- 802.76 – 878.29
- in the lower half of the band · %B 0.27 · band width 9.0%
- SMA 50 / 200
- 883.16 / 901.28
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -12.43 / -14.88
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −7.7% | +0.4% | −8.1 pp | — |
| 3 months | −11.8% | −3.3% | −8.6 pp | — |
| 6 months | −16.0% | +4.0% | −20.0 pp | — |
| Year to date | +4.2% | +8.1% | −3.9 pp | — |
| 1 year | +15.0% | +10.7% | +4.3 pp | −7.7% |
| 3 years | +130.7% | +50.1% | +80.6 pp | −0.6% |
| 5 years | +185.5% | +43.6% | +141.9 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2025 |
|---|---|
| Revenue | 3.6 bn |
| Revenue YoY | unavailable |
| Net income | 264.0 m |
| Net income YoY | unavailable |
| Diluted EPS | 4.92 |
| Diluted EPS YoY | unavailable |
| net % | 7.4% |
| Free cash flow | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.2 bn EUR
- Financial debt
- 125.0 m EUR
- Net debt
- -1.1 bn EUR
- Equity
- 2.2 bn EUR
- Total assets
- 5.6 bn EUR
- Debt / equity
- 0.06x
- Current ratio
- 1.33x
- ROE
- unavailable
- ROA
- 4.7%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Income statement · EUR
Balance sheet · EUR
| Line | 2025 | Source (latest year) |
|---|---|---|
| Cash | 1.2 bn | esef· 27 May 2026verified |
| Inventories | 439.0 m | esef· 27 May 2026verified |
| Current assets | 2.6 bn | esef· 27 May 2026verified |
| Property, plant & equipment, net | 2.2 bn | esef· 27 May 2026verified |
| Goodwill | 428.0 m | esef· 27 May 2026verified |
| Intangibles (excl. goodwill) | 270.0 m | esef· 27 May 2026verified |
| Total assets | 5.6 bn | esef· 27 May 2026verified |
| Long-term debt | 125.0 m | esef· 27 May 2026verified |
| Current liabilities | 2.0 bn | esef· 27 May 2026verified |
| Total liabilities | 3.4 bn | esef· 27 May 2026verified |
| Equity | 2.2 bn | esef· 27 May 2026verified |
| Shares outstanding at year end | 53.5 m | esef· 02 Sept 2026derived |
Cash flow · EUR
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 1 of at least 6
- score weight coverage: 6.2% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
6% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 54.76 – 83.38 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E54.76 – 83.38 (Mid 64.79)17 companies used · median multiple 13.2x · quartiles 11.1x – 16.9x3NOV25.CO, BAVA.CO, BIOMAR.CO, CEMAT.CO, CHEMM.CO, EGNETY.CO, FLS.CO, GJ.CO, GN.CO, GREENM.CO, GUBRA.CO, ISS.CO, JDAN.CO, MATAS.CO, NORTHM.CO, PFINV.CO, PNDORA.CO
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 1 of at least 6; score weight coverage: 6.2% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 7.4% | 71 (vs peers) | 100% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial71/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
NKT A/S (NKT.CO). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 3.6 bn EUR in 2025; net margin 7.4%; ROE 12.5%.
The estimated value range is 54.76–83.38 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 1 of at least 6; score weight coverage: 6.2% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 7.4%
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Denmark · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| DEMANT.CODemant A | 79.7 bn | 51.6 | 15.0% | 6.7% | +2.5% | +72% / +30% |
| PNDORA.COPandora A | 68.8 bn | 13.2 | 133.4% | 16.1% | unavailable | +16% / −3% |
| NEWCAP.CONewcap Holding A | 65.3 bn | 13,125.0 | 29.1% | 41.6% | −99.9% | +121% / +62% |
| ISS.COIss A | 50.8 bn | 19.8 | 27.7% | 3.1% | +1.1% | +43% / +158% |
| BAVA.COBavarian Nordic A | 19.2 bn | 13.9 | 10.9% | 22.0% | unavailable | +33% / +47% |
| GN.COGn Store Nord A | 18.1 bn | 27.7 | 6.3% | 6.8% | unavailable | +20% / −23% |
| NETC.CONetcompany Group A | 16.8 bn | 66.2 | 7.2% | 3.3% | unavailable | +11% / +64% |
| BIOMAR.COBiomar Group A | 12.1 bn | 16.9 | 28.3% | 4.3% | −0.5% | unavailable / unavailable |
| JDAN.COJeudan A | 11.1 bn | 11.1 | 7.7% | 57.1% | unavailable | +2% / −7% |
| DFDS.CODfds A | 8.7 bn | — | -0.2% | -0.1% | +1.9% | +73% / −25% |
| GUBRA.COGubra A | 4.8 bn | 2.9 | 149.6% | 64.1% | +892.2% | −40% / +157% |
| MATAS.COMatas A | 3.1 bn | 12.9 | 6.6% | 2.8% | +4.7% | −31% / −21% |
| CBRAIN.COCbrain A | 2.4 bn | 54.7 | 13.8% | 17.2% | −6.2% | −21% / −52% |
| BO.COBang & Olufsen A | 1.7 bn | — | -10.0% | -4.3% | −3.3% | −24% / +12% |
| COLUM.COColumbus A | 1.2 bn | 84.0 | 2.0% | 0.9% | unavailable | −5% / +30% |
| NNIT.CONnit A | 1.0 bn | — | -3.0% | -1.3% | −3.4% | −16% / −54% |
| NORTHM.CONorth Media A | 873.1 m | 13.2 | 5.5% | 5.1% | −0.4% | +11% / −16% |
| FFARMS.COFirstfarms A | 789.8 m | — | -2.3% | -5.4% | −16.5% | −9% / −1% |
| HUSCO.COHusCompagniet A | 507.2 m | — | -1.3% | -0.9% | +28.7% | −41% / −46% |
| BIOPOR.COBioporto A | 456.2 m | — | -117.6% | -203.8% | +11.2% | −8% / −53% |
| GABR.COGabriel Holding A | 429.4 m | 57.5 | 2.8% | 1.4% | +6.7% | −10% / −29% |
| GREENM.COGreenMobility A | 392.5 m | 11.9 | 74.3% | 21.5% | +20.0% | −19% / +91% |
| EGNETY.COEgnsinvest Ejendomme Tyskland A | 320.0 m | 13.0 | 4.0% | 40.9% | −2.6% | −21% / +11% |
| PFINV.COPapirfabrikken Invest A | 300.9 m | 13.5 | 5.4% | 29.7% | +0.9% | −3% / +36% |
| CEMAT.COCemat A | 213.9 m | 3.5 | 28.7% | 37.5% | +318.0% | −9% / +3% |
1- and 3-year price returns: for NKT.CO from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
NKT A/S is a producer and installer of high-voltage power cables for electricity transmission, active across three business lines: Transmission, Grid Solutions & Accessories and Distribution. In the first half of 2026 the company reported revenue at standard metal prices of 1,267 million EUR and operational EBITDA of 104 million EUR in the second quarter, amid strong demand for grid infrastructure and ongoing capacity investment.
SWOT
Strengths
- Leading position in high-voltage direct current technology and a high order backlog that supports future revenue.
- Own fleet of cable-laying vessels and integrated installation capacity, which reduces reliance on third parties.
- Solid balance sheet with a net cash position and a high solvency ratio, supporting investment.
Weaknesses
- Dependence on large projects with variable execution timing makes quarterly results volatile.
- Free cash flow was negative in the second quarter of 2026 because of working capital and investments.
- The Distribution line saw margin decline due to material costs and capacity ramp-up.
Opportunities
- If capacity investments are completed on time, the company could take on additional interconnector and offshore projects.
- The addressable transmission market estimated for 2024-2030 provides a framework for long-term growth.
- Demand for connecting renewable energy to the grid could keep activity high in the Grid Solutions & Accessories line.
Threats
- Disruptions in global supply chains and rising material costs can affect margins.
- Delays in project execution or investment timelines could postpone expected benefits.
- Competition from European and Asian cable producers could pressure prices on competitive projects.
Risks
- Large project executionhigh
High-voltage projects are complex, and delays or technical issues can affect timing and profitability.
- Working capital and cash flowmedium
Differences between customer payments and project execution can generate significant short-term cash outflows.
- Material costsmedium
Rising raw material prices and disrupted supply chains can reduce margins, particularly in the Distribution line.
- Geopolitical and policy risksmedium
Changes in energy policy or geopolitical tensions can alter the timing of grid infrastructure investment.
- Dependence on large customerslow
The portfolio is dominated by European transmission system operators, concentrating credit and contract risk.
Investment thesis
What would need to be true (bull case)
- If demand for high-voltage transmission stays high and projects are executed as planned, the company could benefit from a solid order backlog and its technology leadership.
- Completion of capacity investments in 2027 could allow the company to take on larger projects and grow volumes.
- Organic growth in the Grid Solutions & Accessories line shows that accessories and repair activity can support results alongside large projects.
What would break the thesis
- If project execution remains uneven, quarterly results could stay volatile and hard to predict.
- Negative free cash flow and large working capital needs could reduce financial flexibility if investment pace increases.
- Cost pressures and competition on contestable projects could limit margins over the medium term.
What to watch
- Operational EBITDA and revenue guidance for 2026 at the annual report2027
- Execution pace of Transmission projects and evolution of the order backlogQ1 2027
- Commissioning of the Karlskrona factory and the new cable-laying vessel2027
- Free cash flow and working capital trends relative to project payment timingnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
NKT A/S manufactures power cables and accessories for electricity transmission and distribution networks, including high-voltage direct current cables, and installs them using its own cable-laying vessels. The company reports three business lines: Transmission, Grid Solutions & Accessories and Distribution. For fiscal 2025, revenue was 3,565 million EUR and revenue at standard metal prices was 2,722 million EUR 1.
The business model relies on large projects delivered over several years, so revenue and cash flow can vary from quarter to quarter depending on project phasing. The company notes that milestone payments do not always coincide with project execution.
To support growth, NKT is investing in production and installation capacity, including a new high-voltage factory in Karlskrona and a second cable-laying vessel, both expected to become operational in 2027 1.
Segments
Transmission
The Transmission business line reported revenue of 787 million EUR in the first half of 2026, down from 889 million EUR a year earlier, reflecting the completion of the Champlain Hudson Power Express project. Operational margin improved in the second quarter and the order backlog remained high 1.
Grid Solutions & Accessories
This line grew organically by 15% in the second quarter of 2026, supported by offshore repair projects, cable operations and orders for high- and medium-voltage accessories 1.
Distribution
The Distribution line benefited from solid demand for the power distribution grid, but profitability declined due to higher material costs and capacity ramp-up costs in Denmark 1.
Market context
Demand for transmission infrastructure remains at a high level, with new contracts announced in the first half of 2026. The company anticipates that its addressable transmission market will exceed 10 billion EUR per year between 2024 and 2030 1. Demand is concentrated in high-voltage direct current technology, where NKT considers itself a market leader.
With Transmission revenue down because of one large project, the market remains solid, but quarterly results depend on execution pace. The company says it anticipated this decline and that it was affected by disruptions in global supply chains 1.
Trends
- High demand for high-voltage transmissiontailwind
Numerous interconnector and offshore wind projects are in execution in Europe and North America, and the Transmission order backlog remains high 1.
- Expansion of production capacitytailwind
Investments in the Karlskrona and Cologne factories are expected to become operational in 2027, which could support future volumes 1.
- Pressure on material costsheadwind
Higher costs for certain materials, linked to the situation in the Middle East, affected profitability in the Distribution line in the second quarter of 2026 1.
- Working capital swingsmixed
Cash outflows from working capital can strongly influence free cash flow from one quarter to the next, depending on payment and project timing 1.
Competitive position
The high-voltage cable market is concentrated, and competition comes mainly from a small number of European and Asian producers with comparable manufacturing and installation capacity for large projects. The analysed source does not explicitly name competitors, so their market positions cannot be confirmed.
The advantages reported by the company include its leading position in high-voltage direct current technology, its large order backlog and its own fleet of cable-laying vessels 1.
- European high-voltage cable producers
Regional competitors on interconnector and offshore projects, named generically in sector analysis rather than identified in the source.
- Asian cable manufacturers
Competitors on large projects, especially in markets where price is decisive; the source does not name them.
- Integrated transmission system suppliers
Companies offering complete transmission solutions that may compete on certain projects, not named in the analysed source.
- Grid accessories suppliers
Competition in the Grid Solutions & Accessories line, not explicitly identified in the analysed source.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202602 Sept 2026
- Annual report 202627 May 2026
Sources
- [1] Annual report, fiscal year ended 2026-06-30 (ESEF) · SEC / NKT A/S · 30 Jun 2026
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.