olivLaw · European equity research
NTG Nordic Transport Group A/S NTG.CO
Denmark · Nasdaq Copenhagen · ISIN DK0061141215 · Vertical: Listed companies from Denmark
NTG Nordic Transport Group is a transport and logistics operator with road, air and ocean divisions, mainly active in Northern Europe and Germany. In the second quarter of fiscal 2026 net revenue rose 16.6% to DKK 3,330 million, supported by higher freight rates, and the company narrowed its adjusted EBIT guidance to a range of DKK 625 to 650 million.
At the close of 06 Nov 2026, NTG Nordic Transport Group A/S (NTG.CO) stock was 319.50 DKK (−0.47% on the day), with beta 0.88, 52-week range 153.40–337.50 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)
- 55.3
- strong (55–70)
- Bollinger (20, 2)
- 293.49 – 343.21
- in the upper half of the band · %B 0.52 · band width 15.6%
- SMA 50 / 200
- 295.78 / 227.07
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 8.93 / 10.51
- MACD below 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 | +12.5% | −0.6% | +13.1 pp | — |
| 3 months | +20.8% | −4.2% | +25.0 pp | — |
| 6 months | +71.2% | +4.3% | +66.9 pp | — |
| Year to date | +68.7% | +7.5% | +61.2 pp | — |
| 1 year | +77.1% | +9.9% | +67.2 pp | −7.6% |
| 3 years | +26.0% | +49.8% | −23.8 pp | +1.3% |
| 5 years | −41.9% | +42.8% | −84.7 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
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 |
|---|
| Revenue |
| Revenue YoY |
| Net income |
| Net income YoY |
| Diluted EPS |
| Diluted EPS YoY |
| net % |
| Free cash flow |
Balance sheet & financial health
Financial statements (source on every figure)
Balance sheet · DKK
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Cash | — | 384.0 m | 409.0 m | esef· 02 Sept 2026verified |
| Current assets | — | 2.2 bn | 2.7 bn | esef· 02 Sept 2026verified |
| Property, plant & equipment, net | — | 146.0 m | 147.0 m | esef· 02 Sept 2026verified |
| Goodwill | — | 2.8 bn | 2.8 bn | esef· 02 Sept 2026verified |
| Intangibles (excl. goodwill) | — | 6.0 m | 9.0 m | esef· 02 Sept 2026verified |
| Total assets | — | 6.4 bn | 6.9 bn | esef· 02 Sept 2026verified |
| Short-term debt | — | 31.0 m | 63.0 m | esef· 02 Sept 2026verified |
| Long-term debt | — | 1.5 bn | 1.5 bn | esef· 02 Sept 2026verified |
| Current liabilities | — | 2.2 bn | 2.7 bn | esef· 02 Sept 2026verified |
| Total liabilities | — | 4.8 bn | 5.2 bn | esef· 02 Sept 2026verified |
| Equity | 1.3 bn | 1.6 bn | 1.7 bn | esef· 02 Sept 2026verified |
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: 4.2% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
4% · 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: indicators available: 1 of at least 6; score weight coverage: 4.2% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| 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 | 1.0x | 18 (on a fixed band) | 100% |
| 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· partial18/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 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
NTG Nordic Transport Group A/S (NTG.CO). Latest full fiscal year: 2026; data up to 2026-06-30.
Financial indicators are unavailable.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 1 of at least 6; score weight coverage: 4.2% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
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.
What contradicts it
- Current ratio: 1.0x
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, 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 40 companies
Multiples and returns vs the median
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 | 69.4 bn | 13.3 | 133.4% | 16.1% | unavailable | +17% / −2% |
| NEWCAP.CONewcap Holding A | 64.6 bn | 13,000.0 | 29.1% | 41.6% | −99.9% | +118% / +60% |
| ISS.COIss A | 49.6 bn | 19.3 | 27.7% | 3.1% | +1.1% | +40% / +152% |
| BAVA.COBavarian Nordic A | 18.8 bn | 13.7 | 10.9% | 22.0% | unavailable | +30% / +44% |
| GN.COGn Store Nord A | 18.0 bn | 27.6 | 6.3% | 6.8% | unavailable | +19% / −23% |
| NETC.CONetcompany Group A | 16.5 bn | 65.0 | 7.2% | 3.3% | unavailable | +9% / +61% |
| BIOMAR.COBiomar Group A | 12.0 bn | 16.9 | 28.3% | 4.3% | −0.5% | unavailable / unavailable |
| JDAN.COJeudan A | 11.0 bn | 11.0 | 7.7% | 57.1% | unavailable | +1% / −9% |
| DFDS.CODfds A | 8.4 bn | — | -0.2% | -0.1% | +1.9% | +69% / −27% |
| GUBRA.COGubra A | 4.9 bn | 2.9 | 149.6% | 64.1% | +892.2% | −39% / +161% |
| MATAS.COMatas A | 3.1 bn | 13.0 | 6.6% | 2.8% | +4.7% | −31% / −21% |
| CBRAIN.COCbrain A | 2.3 bn | 52.4 | 13.8% | 17.2% | −6.2% | −24% / −54% |
| BO.COBang & Olufsen A | 1.7 bn | — | -10.0% | -4.3% | −3.3% | −23% / +14% |
| COLUM.COColumbus A | 1.2 bn | 82.9 | 2.0% | 0.9% | unavailable | −7% / +28% |
| NNIT.CONnit A | 989.7 m | — | -3.0% | -1.3% | −3.4% | −18% / −55% |
| NORTHM.CONorth Media A | 882.1 m | 13.3 | 5.5% | 5.1% | −0.4% | +12% / −15% |
| FFARMS.COFirstfarms A | 787.5 m | — | -2.3% | -5.4% | −16.5% | −9% / −1% |
| HUSCO.COHusCompagniet A | 524.7 m | — | -1.3% | -0.9% | +28.7% | −38% / −45% |
| BIOPOR.COBioporto A | 451.6 m | — | -117.6% | -203.8% | +11.2% | −9% / −53% |
| GABR.COGabriel Holding A | 429.4 m | 57.5 | 2.8% | 1.4% | +6.7% | −10% / −29% |
| GREENM.COGreenMobility A | 386.6 m | 11.7 | 74.3% | 21.5% | +20.0% | −20% / +88% |
| EGNETY.COEgnsinvest Ejendomme Tyskland A | 320.0 m | 13.0 | 4.0% | 40.9% | −2.6% | −21% / +11% |
| PFINV.COPapirfabrikken Invest A | 299.0 m | 13.4 | 5.4% | 29.7% | +0.9% | −3% / +35% |
| CEMAT.COCemat A | 214.4 m | 3.5 | 28.7% | 37.5% | +318.0% | −9% / +4% |
1- and 3-year price returns: for NTG.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
NTG Nordic Transport Group is a transport and logistics operator with road, air and ocean divisions, mainly active in Northern Europe and Germany. In the second quarter of fiscal 2026 net revenue rose 16.6% to DKK 3,330 million, supported by higher freight rates, and the company narrowed its adjusted EBIT guidance to a range of DKK 625 to 650 million.
SWOT
Strengths
- Solid organic revenue growth and a visible margin improvement in the Road & Logistics division.
- Improved leverage metrics, with the leverage ratio lower than a year earlier.
- High return on invested capital, particularly relevant to the core business in Northern Europe.
Weaknesses
- The operating margin of the Air & Ocean division remains low, and adjusted profit in that division is small.
- Activity in Germany is weak and was affected by the implementation of a new IT system.
- Free cash flow is volatile and depends on working capital movements.
Opportunities
- A recovery in German activity could support growth in the Road & Logistics division.
- Synergies from recent acquisitions and cross-selling between divisions could improve conversion.
- Expansion into new locations, such as the newly opened office in North Carolina, could support air and ocean activity.
Threats
- Freight rates could fall if capacity becomes oversupplied, which would reduce divisional revenue.
- Geopolitical conflicts and Red Sea rerouting could change transport costs and routes unpredictably.
- Higher fuel prices could compress margins if they cannot be fully passed on to customers.
Risks
- Execution in Germanymedium
Delays or adoption problems with the new TMS could continue to weigh on volumes and working capital in Germany.
- Freight rate volatilityhigh
If spot rates fall, margins and revenue in both divisions could be affected quickly.
- Debt and financing costsmedium
Net interest-bearing debt, including lease liabilities, remains significant and exposes the company to changes in financing costs.
- Restructuring in Air & Oceanmedium
Restructuring costs could exceed expectations, and operational benefits could be delayed.
- Currency risklow
Currency effects influenced results in the past, and an unfavourable move in exchange rates could reduce reported revenue.
Investment thesis
What would need to be true (bull case)
- Organic revenue growth combined with margin improvement and a raised guidance range could indicate sustained profitability recovery if rates and volumes remain favourable.
- Lower leverage and high return on capital could give the company flexibility for further acquisitions or for returning capital to shareholders.
- A recovery in German activity and realised acquisition synergies could support growth in the second half of the year, mainly in Road & Logistics.
What would break the thesis
- Revenue growth in the quarter relies largely on higher freight rates, which could prove temporary if capacity normalises.
- The Air & Ocean division has a low operating margin and weaker adjusted performance over the first half, which could limit total profit growth.
- Net debt and lease liabilities are substantial, and free cash flow in the second quarter was below the prior year, which could limit financial flexibility.
What to watch
- Delivery against the narrowed adjusted EBIT guidance of DKK 625 to 650 million2026
- Activity levels and TMS rollout progress in GermanyQ3 2026
- Performance of the Air & Ocean division after restructuringQ3 2026
- Development of working capital and free cash flownext 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
NTG Nordic Transport Group A/S is a transport and logistics company offering road freight, air and ocean freight and integrated logistics solutions. According to the interim report for the first half of 2026, the company is organised into two divisions, Road & Logistics and Air & Ocean, which share a common network and cooperate through cross-selling and intercompany collaboration. The average number of employees (full-time equivalents) was 3,143 in the first six months of 2026, compared with 3,016 in the same period of 2025 1.
During 2026 the company ran a share buyback programme and made business acquisitions, including the consolidation of DTK, which contributed one month to second-quarter revenue. Acquisition spending was significantly higher in the first half of 2025, so investment cash flows are only comparable across years with caution 1.
Segments
Air & Ocean
The Air & Ocean division reported net revenue of DKK 681 million in the second quarter of 2026, up 17.4%, driven mainly by higher freight rates. Adjusted EBIT rose to DKK 18 million, but the operating margin remains low, and the division is carrying out restructuring and organisational changes to strengthen its operating platform.
Market context
Road freight markets improved slightly in the second quarter of 2026, particularly in the Scandinavian countries, while activity in Germany remained subdued. Freight rates rose on capacity constraints and higher fuel prices. In air and ocean markets, container volumes grew, supported by an early peak season and rerouting caused by the Middle East conflict and the Red Sea situation 1.
Trends
- Higher freight ratestailwind
Capacity constraints and higher fuel prices lifted spot rates, which supported organic revenue growth in both divisions in the second quarter of 2026.
- Ocean and air route disruptionsmixed
The Middle East conflict and rerouting around the Red Sea kept capacity tight and rates elevated on container and air freight lanes.
- Weakness in Germanyheadwind
Economic activity in Germany remained subdued, and the rollout of a new groupage TMS affected operations and working capital in the second quarter of 2026.
- Consolidation and acquisition synergiesmixed
The integration of DTK delivered realised synergies and helped the conversion ratio, but acquisitions also increased invested capital and debt, so the net effect depends on execution.
Competitive position
The analysed sources do not name specific competitors. The company operates in road, air and ocean transport markets, where competition comes from logistics operators and carriers of comparable size in Northern Europe and Germany, and margins depend on available capacity and spot rates.
The company's competitive position appears supported by its shared network across divisions and cross-selling, but the comparison risk remains high because the source gives no data on market share or direct comparisons with other participants.
- Logistics and road carriers in Northern Europe
Competitors in road freight and logistics in similar markets, not named in the source.
- Air freight and container operators
Competitors in the Air & Ocean segment, affected by the same rates and route disruptions.
- German road transport carriers
Competitors in the German market, where activity is subdued and competition for volumes is more intense.
- European integrated logistics providers
Competitors offering complete logistics solutions similar to the company's divisional offerings.
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 202612 May 2026
Sources
- [1] Annual report, fiscal year ended 2026-06-30 (ESEF) · SEC / NTG Nordic Transport Group 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.