olivLaw · European equity research
Nederman Holding Aktiebolag NMAN.ST
Sweden · Nasdaq Stockholm · ISIN SE0011204510 · Vertical: Listed companies from Sweden
Nederman Holding is a global supplier of industrial air purification solutions covering the capture, filtration, monitoring and reporting of emissions for factories worldwide. The company increasingly links its equipment with digital tools and services, which makes it relevant as industry integrates air control into production processes. According to its annual report for fiscal 2025, Nederman has production and assembly units in 13 countries.
At the close of 05 Nov 2026, Nederman Holding Aktiebolag (NMAN.ST) stock was 141.80 SEK (−1.80% on the day), with market capitalisation 5.0 bn SEK, P/E 18.2 on diluted EPS of 7.80 SEK over the last 12 months, dividend yield 2.82%, beta 0.61, 52-week range 115.80–171.40 SEK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 61.3
- strong (55–70)
- Bollinger (20, 2)
- 135.20 – 143.64
- in the upper half of the band · %B 0.78 · band width 6.1%
- SMA 50 / 200
- 133.11 / 132.63
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 2.41 / 2.30
- 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 | +9.9% | −0.6% | +10.6 pp | — |
| 3 months | +4.1% | −4.2% | +8.3 pp | — |
| 6 months | +17.4% | +4.3% | +13.0 pp | — |
| Year to date | −16.4% | +7.5% | −23.9 pp | — |
| 1 year | −13.0% | +9.9% | −22.9 pp | −8.5% |
| 3 years | −11.4% | +49.8% | −61.2 pp | +12.3% |
| 5 years | −31.2% | +42.8% | −74.0 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
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.
Today's P/E sits at the 0 percentile of its own 3-quarter history (min 18.5, median 21.7, max 22.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 6.2 bn | 5.9 bn | 5.8 bn |
| Revenue YoY | unavailable | −4.7% | −2.0% |
| Net income | 340.9 m | 345.2 m | 273.9 m |
| Net income YoY | unavailable | +1.3% | −20.7% |
| Diluted EPS | 9.71 | 9.83 | 7.80 |
| Diluted EPS YoY | unavailable | +1.2% | −20.7% |
| net % | 5.5% | 5.9% | 4.7% |
| Free cash flow | 472.4 m | 434.5 m | 260.1 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 667.5 m SEK
- Financial debt
- 1.9 bn SEK
- Net debt
- 1.2 bn SEK
- Equity
- 2.5 bn SEK
- Total assets
- 6.8 bn SEK
- Debt / equity
- 0.76x
- Current ratio
- 1.62x
- ROE
- 10.5%
- ROA
- 3.9%
- FCF margin
- 4.5%
Financial statements (source on every figure)
Revenue and net income (SEK)
Margins
Income statement · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 6.2 bn | 5.9 bn | 5.8 bn | esef· 26 Oct 2026verified |
| Cost of revenue | 3.9 bn | 3.6 bn | 3.5 bn | esef· 26 Oct 2026verified |
| Gross profit | 2.2 bn | 2.3 bn | 2.3 bn | esef· 26 Oct 2026verified |
| Research & development | 78.6 m | 99.1 m | 107.3 m | esef· 26 Oct 2026verified |
| Operating income | 592.8 m | 592.5 m | 504.3 m | esef· 26 Oct 2026verified |
| Interest expense | 147.1 m | 148.0 m | 145.1 m | esef· 26 Oct 2026verified |
| Pre-tax income | 476.2 m | 480.7 m | 385.1 m | esef· 26 Oct 2026verified |
| Income tax | 135.3 m | 135.5 m | 111.1 m | esef· 26 Oct 2026verified |
| Net income | 340.9 m | 345.2 m | 273.9 m | esef· 26 Oct 2026verified |
| Diluted EPS | 9.71 | 9.83 | 7.80 | esef· 26 Oct 2026verified |
| Dividend per share | 3.95 | 4.00 | — | esef· 26 Oct 2026verified |
Balance sheet · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 815.2 m | 825.2 m | 667.5 m | esef· 26 Oct 2026verified |
| Inventories | 873.3 m | 869.3 m | 810.1 m | esef· 26 Oct 2026verified |
| Current assets | 3.0 bn | 3.1 bn | 2.8 bn | esef· 26 Oct 2026verified |
| Property, plant & equipment, net | 443.5 m | 568.5 m | 560.5 m | esef· 26 Oct 2026verified |
| Total assets | 6.4 bn | 7.3 bn | 6.8 bn | esef· 26 Oct 2026verified |
| Short-term debt | 54.4 m | 32.4 m | — | esef· 08 May 2025verified |
| Long-term debt | 1.9 bn | 1.9 bn | 1.9 bn | esef· 26 Oct 2026verified |
| Current liabilities | 1.9 bn | 2.0 bn | 1.7 bn | esef· 26 Oct 2026verified |
| Total liabilities | 4.1 bn | 4.5 bn | 4.3 bn | esef· 26 Oct 2026verified |
| Equity | 2.4 bn | 2.7 bn | 2.5 bn | esef· 26 Oct 2026verified |
| Shares outstanding at year end | 35.1 m | 35.1 m | 35.1 m | esef· 26 Oct 2026derived |
Cash flow · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 576.3 m | 595.9 m | 381.7 m | esef· 26 Oct 2026verified |
| Capex | 103.9 m | 161.4 m | 121.6 m | esef· 26 Oct 2026verified |
| Free cash flow | 472.4 m ≈ | 434.5 m ≈ | 260.1 m ≈ | esef· 26 Oct 2026derived |
| Investing cash flow | -236.7 m | -293.5 m | -372.7 m | esef· 26 Oct 2026verified |
| Financing cash flow | -224.2 m | -321.2 m | -102.1 m | esef· 26 Oct 2026verified |
| Share repurchases | — | 0 | 2.2 m | esef· 26 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
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
- score weight coverage: 58.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 5.0 bn SEK
Key indicators
Coverage and freshness
Score by group
58% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 58.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 9.5% | 43 (vs peers) | 18% |
| Net margin · Quality | 4.7% | 56 (vs peers) | 11% |
| FCF conversion · Quality | 95.0% | 93 (on a fixed band) | 11% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 3.5x | 30 (on a fixed band) | 11% |
| Current ratio · Balance sheet | 1.6x | 69 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 18.2x | 65 (vs peers) | 18% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 5.2% | 65 (on a fixed band) | 14% |
| Shareholder yield (distributions) · Returns | 0.0% | 1 (on a fixed band) | 11% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet46/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality60/100 · 3/3 factors with a value
- Returns· partial1/100 · 1/2 factors with a value
- Valuation65/100 · 2/3 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
Nederman Holding Aktiebolag (NMAN.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 5.8 bn SEK in 2025; YoY growth -2.0%; net margin 4.7%; ROE 10.5%.
The estimated value range is 70.56–117.17 SEK per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 89.32 SEK, the price of 141.80 SEK leaves a potential of -37.0% (value / price − 1) and a margin of safety of -58.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 58.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 95.0%
What contradicts it
- Shareholder yield (distributions): 0.0%
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Listed companies from Sweden · 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 | |
|---|---|---|---|---|---|---|
| ALFA.STAlfa Laval AB | 223.0 bn | 27.0 | 19.4% | 11.9% | +4.1% | +21% / +38% |
| BOL.STBoliden Ab | 143.0 bn | 15.2 | 13.3% | 10.1% | +4.8% | +12% / +81% |
| CAST.STCastellum Aktiebolag | 66.6 bn | 71.0 | 1.2% | 9.8% | −2.6% | +27% / +6% |
| AAK.STAak Ab (publ) | 47.5 bn | 13.9 | 17.2% | 7.5% | +2.2% | −31% / −14% |
| CAMX.STCamurus AB | 42.5 bn | 58.5 | 19.5% | 32.5% | +21.3% | +16% / +55% |
| BRAV.STBravida Holding AB | 30.1 bn | 24.5 | 13.7% | 4.4% | −4.9% | +84% / +123% |
| ASKER.STAsker Healthcare Group AB | 29.8 bn | 60.5 | 9.8% | 2.9% | +11.7% | −18% / unavailable |
| ALLEI.STAlleima AB | 22.7 bn | 33.8 | 4.1% | 3.6% | −5.4% | +11% / +19% |
| BURE.STBure Equity AB | 22.6 bn | — | -21.0% | — | unavailable | +20% / +19% |
| AQ.STAQ Group AB | 19.7 bn | 29.2 | 14.9% | 7.5% | +6.0% | +14% / +119% |
| ALTRA.STAltra Fastigheter AB | 18.4 bn | 33.9 | 3.0% | 15.1% | −2.2% | +9% / +19% |
| ATT.STAttendo AB (publ) | 16.8 bn | 20.7 | 15.1% | 4.3% | +0.1% | +34% / +223% |
| AFRY.STAfry Ab | 14.9 bn | 18.7 | 6.2% | 3.1% | −5.2% | −17% / +4% |
| ATRLJ-B.STAtrium Ljungberg AB | 14.0 bn | 17.1 | 2.9% | 23.9% | −2.0% | −33% / −44% |
| ALIG.STAlimak Group AB (publ) | 12.7 bn | 21.3 | 8.2% | 8.8% | −3.2% | −18% / +50% |
| ACAD.STAcadeMedia AB | 12.7 bn | 15.5 | 12.7% | 4.3% | +9.7% | +22% / +138% |
| APOTEA.STApotea AB (publ) | 10.7 bn | 46.8 | 31.3% | 3.2% | +10.1% | +15% / unavailable |
| BOOZT.STBoozt AB | 10.6 bn | 37.9 | 10.4% | 3.6% | +0.5% | +58% / +44% |
| BUFAB.STBufab AB (publ) | 5.0 bn | 9.2 | 15.1% | 6.9% | −7.4% | +36% / +110% |
| NMAN.STNederman Holding Aktiebolag | 5.0 bn | 18.2 | 10.5% | 4.7% | −2.0% | −11% / −25% |
| ACTI.STActive Biotech AB (publ) | 4.9 bn | — | -84.5% | — | unavailable | −32% / −77% |
| CEVI.STCellaVision AB | 4.7 bn | 30.8 | 18.0% | 20.2% | +4.9% | +20% / +12% |
| COOR.STCoor Service Management Holding AB | 4.7 bn | 18.2 | 13.0% | 2.2% | +16.7% | +1% / +25% |
| BHG.STBHG Group AB | 4.5 bn | 31.1 | 2.5% | 1.4% | +6.2% | −18% / +113% |
| CARA.STCarasent AB (publ) | 1.8 bn | 51.7 | 4.1% | 10.1% | +24.9% | −8% / +87% |
1- and 3-year price returns: for NMAN.ST 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
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (SEK)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 78.35 Total return -43% · Per year -43% | 138.99 Total return 1% · Per year 1% | 209.98 Total return 51% · Per year 51% |
| 3 years | 66.45 Total return -47% · Per year -19% | 133.52 Total return 2% · Per year 1% | 222.84 Total return 67% · Per year 19% |
| 5 years | 56.36 Total return -51% · Per year -13% | 128.28 Total return 4% · Per year 1% | 236.48 Total return 85% · Per year 13% |
- Exit P/E± 33.38
- Net margin± 23.37
- Annual revenue growth± 20.45
- Annual dilution± 1.96
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
Nederman Holding is a global supplier of industrial air purification solutions covering the capture, filtration, monitoring and reporting of emissions for factories worldwide. The company increasingly links its equipment with digital tools and services, which makes it relevant as industry integrates air control into production processes. According to its annual report for fiscal 2025, Nederman has production and assembly units in 13 countries 1.
SWOT
Strengths
- The company has a broad product range, a global presence with production in several countries and long customer relationships, according to the report 1.
- The innovation centre and testing capacity support rapid development of new products 1.
- Integrating hardware with software and services gives customers a complete solution rather than equipment alone 1.
Weaknesses
- The report indicates that volumes and margins were affected in recent periods, showing sensitivity to the industrial cycle 1.
- Reorganising production and the supply chain involves costs and implementation time 1.
- A divisional portfolio with different business logics can complicate coordination of materials and production 1.
Opportunities
Risks
- Dependence on the investment cyclemedium
Demand for purification equipment depends on industrial investment, which can fall in periods of economic uncertainty 1.
- Execution of the reorganisationmedium
Investment in automation and regional production could face delays or costs above plan, affecting margins 1.
- Competitive pressuremedium
Specialist suppliers could cut prices or offer comparable digital solutions, limiting the company's advantage 1.
- Supply chainsmedium
Dependence on components and key suppliers could expose the company to delivery disruptions, although the report describes consolidation measures 1.
- Regulatory changeslow
Changes to emissions or reporting requirements could alter demand for certain products, either positively or negatively 1.
Investment thesis
What would need to be true (bull case)
- If digitalisation and services keep growing, recurring revenue could become a larger and more stable part of the business 1.
- Stricter environmental rules could support demand for monitoring solutions and upgrades, especially for customers with older installations 1.
- If volumes recover, investment in automation and regional production could improve margins, as the report suggests 1.
What would break the thesis
What to watch
- Development of order volumes and profitability after the production reorganisation2026
- Growth of service and digital contract revenue2026
- Results of the Monitoring & Control Technology divisionQ1 2027
- Pace of industrial customer investment and its effect on equipment demandnext 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
Nederman develops and sells industrial air purification systems, from extraction and filtration of dust and welding fume to continuous emissions monitoring. Its integrated Nederman Clean Air Concept combines products, digital solutions and services in one flow, which can be used as a complete solution or in stages 1. The company says its market leadership rests on technical expertise, advanced filters and long customer relationships 1.
Activity is organised in four divisions: Extraction & Filtration Technology, Process Technology, Duct & Filter Technology and Monitoring & Control Technology 1. In 2025 the company opened an innovation centre in Helsingborg, Sweden, bringing together technology, test capacity and specialist skills for new product development 1. The report also mentions the launch of the mobile welding fume extraction system GoMax and certification testing of the Auburn PM1 Pro dust sensor 1.
The company puts growing emphasis on services and digitalisation through Nederman SAVE, myAir ONE and Nederman Insight, which enable proactive maintenance and longer service contracts 1. The report also states that the strategy aims to raise profitability as volumes recover, through investment in automation, regional production and more robust supply chains 1.
Segments
Extraction & Filtration Technology
This division covers air extraction and filtration, including solutions for welding fume such as the mobile GoMax system, which captures fume directly at the source 1. The products are designed for integration into robotic cells and for manual operation 1.
Monitoring & Control Technology
This division provides emissions and dust monitoring and control through systems such as the Auburn PM1 Pro, which detects particles in stacks and ducts, and the Gasmet CMM AutoQAL, designed for hot, humid and corrosive gases 1. These products support compliance with emissions rules 1.
Market context
The report treats industrial air purification as a supporting function alongside heating and ventilation, which is becoming more integrated into production through digital technology and artificial intelligence 1. As industry pays more attention to worker health, emissions and stricter regulation, the supplier's role in decisions on new installations could grow 1. The company also notes that industries outsourcing support functions may prefer services and remote monitoring 1.
Nederman stresses that many customers, in manufacturing and in waste management, look for solutions that combine safety, energy efficiency and real-time reporting 1. According to the company, this demand could support upgrade sales for existing installations and recurring service revenue 1.
Trends
- Digitalisation and recurring servicestailwind
Industrial customers tend to combine equipment with monitoring, optimisation and maintenance, which could extend Nederman's service contracts 1.
- Tighter environmental regulationtailwind
Industry faces increasingly demanding requirements on emissions and air quality, and real-time reporting is becoming a necessity, which could support demand for the company's products 1.
- Industrial investment cyclemixed
The report says profitability could rise as volumes recover, but industrial investment remains sensitive to economic conditions and project timing 1.
- Cost and supply chain pressureheadwind
The company is reorganising production and sourcing to reduce risk and shorten lead times, which involves investment and margin pressure during the transition 1.
Competitive position
The report does not name competitors in the sections analysed, but it describes Nederman as a market leader, which suggests several specialist suppliers of industrial air purification exist 1. The advantages the company cites are its broad portfolio, digital solutions and global service capability 1.
Competition may play out on filtration technology, digital integration and local service networks, and the ability to offer complete solutions could be a decisive factor for customers 1.
- Specialist filtration and industrial ventilation suppliers
Competitors are not identified in the sources analysed; the report only mentions the company's market leadership 1.
- Emissions monitoring system manufacturers
Continuous emissions monitoring is contested by specialist suppliers, not named in the sources 1.
- Industrial environmental solution integrators
Competition in integrated solutions is implied, without names in the sources analysed 1.
- Regional industrial service providers
Local service providers could influence competition for service contracts, but the report does not detail them 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202526 Oct 2026
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Nederman Holding Aktiebolag · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.