olivLaw · European equity research
NCAB Group AB (publ) NCAB.ST
Sweden · Nasdaq Stockholm · ISIN SE0017160773 · Vertical: Listed companies from Sweden
NCAB Group is a Swedish company that sources, prototypes and assembles printed circuit boards for industrial and medical customers. In 2025 it reported net sales of 1,800.3 million Swedish kronor with an EBITA margin of 9.4 percent, in a demand environment that stabilised in some regions.
At the close of 05 Nov 2026, NCAB Group AB (publ) (NCAB.ST) stock was 74.50 SEK (−6.87% on the day), with market capitalisation 14.0 bn SEK, P/E 67.7 on diluted EPS of 1.10 SEK over the last 12 months, dividend yield 0.00%, beta 1.31, 52-week range 38.84–89.60 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)
- 36.6
- weak (30–45)
- Bollinger (20, 2)
- 76.51 – 91.39
- below the lower band · %B -0.14 · band width 17.7%
- SMA 50 / 200
- 83.45 / 70.79
- mixed trend
- MACD (12, 26, 9)
- -0.60 / 0.32
- 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 | −16.2% | −0.6% | −15.5 pp | — |
| 3 months | +3.5% | −4.2% | +7.6 pp | — |
| 6 months | +2.1% | +4.3% | −2.3 pp | — |
| Year to date | +55.9% | +7.5% | +48.3 pp | — |
| 1 year | +34.2% | +9.9% | +24.3 pp | −8.5% |
| 3 years | +32.3% | +49.8% | −17.5 pp | +12.3% |
| 5 years | −5.0% | +42.8% | −47.8 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 100 percentile of its own 3-quarter history (min 34.1, median 43.5, max 47.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 4.1 bn | 3.6 bn | 3.7 bn |
| Revenue YoY | unavailable | −11.6% | +3.6% |
| Net income | 403.7 m | 254.7 m | 206.0 m |
| Net income YoY | unavailable | −36.9% | −19.1% |
| Diluted EPS | 2.15 | 1.36 | 1.10 |
| Diluted EPS YoY | unavailable | −36.7% | −19.1% |
| net % | 9.9% | 7.0% | 5.5% |
| Free cash flow | 695.6 m | 349.4 m | 283.4 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 333.8 m SEK
- Financial debt
- unavailable SEK
- Net debt
- unavailable SEK
- Equity
- 1.4 bn SEK
- Total assets
- 3.5 bn SEK
- Debt / equity
- unavailable
- Current ratio
- 1.78x
- ROE
- 14.3%
- ROA
- 6.0%
- FCF margin
- 7.6%
Financial statements (source on every figure)
Revenue and net income (SEK)
Margins
Income statement · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 4.1 bn | 3.6 bn | 3.7 bn | esef· 26 Oct 2026verified |
| Operating income | 591.4 m | 386.1 m | 336.1 m | esef· 26 Oct 2026verified |
| Depreciation & amortisation | 98.6 m | 113.6 m | 119.7 m | esef· 26 Oct 2026verified |
| EBITDA | 690.0 m ≈ | 499.7 m ≈ | 455.9 m ≈ | esef· 26 Oct 2026derived |
| Interest expense | 69.0 m | 71.3 m | 66.7 m | esef· 26 Oct 2026verified |
| Pre-tax income | 533.6 m | 340.0 m | 273.9 m | esef· 26 Oct 2026verified |
| Income tax | 129.7 m | 85.3 m | 67.8 m | esef· 26 Oct 2026verified |
| Net income | 403.7 m | 254.7 m | 206.0 m | esef· 26 Oct 2026verified |
| Diluted EPS | 2.15 | 1.36 | 1.10 | esef· 26 Oct 2026verified |
| Weighted average diluted shares | 187.6 m | 187.4 m | 187.2 m | esef· 26 Oct 2026verified |
| Dividend per share | 1.10 | 1.10 | 0.00 | esef· 26 Oct 2026derived |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 478.6 m | 310.6 m | 333.8 m | esef· 26 Oct 2026verified |
| Receivables | 1.2 bn | 1.1 bn | — | esef· 08 May 2025verified |
| Inventories | 315.2 m | 293.9 m | 329.9 m | esef· 26 Oct 2026verified |
| Current assets | 1.5 bn | 1.4 bn | 1.5 bn | esef· 26 Oct 2026verified |
| Goodwill | 1.3 bn | 1.6 bn | 1.6 bn | esef· 26 Oct 2026verified |
| Intangibles (excl. goodwill) | 251.6 m | 252.9 m | 223.2 m | esef· 26 Oct 2026verified |
| Total assets | 3.2 bn | 3.4 bn | 3.5 bn | esef· 26 Oct 2026verified |
| Current liabilities | 838.5 m | 809.5 m | 872.5 m | esef· 26 Oct 2026verified |
| Total liabilities | 1.9 bn | 1.9 bn | 2.1 bn | esef· 26 Oct 2026verified |
| Equity | 1.3 bn | 1.4 bn | 1.4 bn | esef· 26 Oct 2026verified |
| Shares outstanding at year end | 186.9 m | 187.3 m | 187.3 m | esef· 26 Oct 2026derived |
Cash flow · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 700.4 m | 354.2 m | 286.8 m | esef· 26 Oct 2026verified |
| Capex | 4.8 m | 4.7 m | 3.4 m | esef· 26 Oct 2026verified |
| Free cash flow | 695.6 m ≈ | 349.4 m ≈ | 283.4 m ≈ | esef· 26 Oct 2026derived |
| Investing cash flow | -490.7 m | -281.7 m | -271.9 m | esef· 26 Oct 2026verified |
| Financing cash flow | -78.2 m | -269.1 m | 52.3 m | esef· 26 Oct 2026verified |
| Dividends paid | 205.7 m | 205.8 m | 98.0 k | 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: 52.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 14.0 bn SEK
Key indicators
Coverage and freshness
Score by group
52% · 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: 52.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 5.5% | 56 (vs peers) | 12% |
| FCF conversion · Quality | 137.6% | 100 (on a fixed band) | 12% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 5.0x | 54 (on a fixed band) | 12% |
| Current ratio · Balance sheet | 1.8x | 81 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 67.7x | 4 (vs peers) | 20% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 2.0% | 25 (on a fixed band) | 16% |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 12% |
| Payout ratio (FCF) · Returns | 0.0% | 100 (on a fixed band) | 8% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet65/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality78/100 · 2/3 factors with a value
- Returns40/100 · 2/2 factors with a value
- Valuation13/100 · 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
NCAB Group AB (publ) (NCAB.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 3.7 bn SEK in 2025; YoY growth 3.6%; net margin 5.5%; ROE 14.3%.
The estimated value range is 17.07–37.17 SEK per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 23.40 SEK, the price of 74.50 SEK leaves a potential of -68.6% (value / price − 1) and a margin of safety of -218.4% (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: 52.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 137.6%
- Current ratio: 1.8x
- Payout ratio (FCF): 0.0%
What contradicts it
- P/E (TTM): 67.7x
- FCF yield: 2.0%
- Shareholder yield (distributions): 0.0%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA.
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% |
| NCAB.STNCAB Group AB (publ) | 14.0 bn | 67.7 | 14.3% | 5.5% | +3.6% | +42% / +14% |
| 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% |
| 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 NCAB.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 | 43.63 Total return -41% · Per year -41% | 77.17 Total return 4% · Per year 4% | 116.28 Total return 56% · Per year 56% |
| 3 years | 41.56 Total return -44% · Per year -18% | 82.79 Total return 11% · Per year 4% | 137.10 Total return 84% · Per year 23% |
| 5 years | 39.60 Total return -47% · Per year -12% | 88.83 Total return 19% · Per year 4% | 161.63 Total return 117% · Per year 17% |
- Exit P/E± 20.70
- Net margin± 14.49
- Annual revenue growth± 12.00
- Annual dilution± 1.22
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
NCAB Group is a Swedish company that sources, prototypes and assembles printed circuit boards for industrial and medical customers. In 2025 it reported net sales of 1,800.3 million Swedish kronor with an EBITA margin of 9.4 percent 1, in a demand environment that stabilised in some regions.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Industrial demandmedium
Demand depends on industrial activity and capital investment, and the recovery is uneven across sectors and regions 1.
- Concentration in Asiahigh
A large part of global board production remains in China, and geopolitical changes could affect production and transport 1.
- Capacity and supply-demand balancemedium
Sudden shifts in demand could create overcapacity or shortages, with effects on prices and deliveries 1.
- Currency riskmedium
Operating in several currencies can affect reported results, as seen in 2025 1.
- Trade tensionshigh
New tariffs may change costs and product flows, affecting certain product lines 1.
Investment thesis
What would need to be true (bull case)
- If demand in North America keeps growing, the segment with the highest margin could contribute more to group results 1.
- The capital-light model may support acquisitions funded from internal cash flow, according to the company's description 1.
- A still modest market share leaves room for organic growth if the niche position strengthens 1.
What would break the thesis
- If currency effects and product mix continue to weigh on margins, operating results could stay below earlier levels 1.
- Trade tensions and dependence on factories in Asia could cause delivery disruptions or extra costs 1.
- Weak organic growth in 2025 suggests reliance on acquisitions to reach growth goals 1.
What to watch
- Development of net sales and EBITA margin against the target of 8 billion kronor2026
- Effects of trade tariffs on product flows from Asia2026
- North America segment results and order developmentQ1 2027
- Re-evaluation of financial targets announced by management2027
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
NCAB Group offers procurement, prototyping and short-run production of printed circuit boards, working with a global network of partner factories. The company runs a capital-light, decentralised model with regional offices close to customers. According to the 2025 annual report, it differentiates on quality, reliability and sustainability 1.
The medium-term strategy combines organic growth with acquisitions, and the company set a target of net sales of 8 billion kronor in 2026, with roughly equal parts organic and acquired growth 1. Management indicated that the financial targets will be re-evaluated ahead of 2027 1.
The company is listed on Nasdaq Stockholm's Mid Cap list and has a sizeable share of institutional and foreign shareholders 1.
Segments
Europe
Europe is the core of the group's activity, and the annual report describes it as anchored in long-term relationships with industrial customers in the region 1.
Market context
The company describes the printed circuit board market as fragmented, with many local and regional distributors, and demand depends on industrial activity and capital investment 1. It estimates a market share of about 2% in the US, which leaves room for growth 1.
Demand stabilised in 2025, particularly in North America and Scandinavia, while parts of Europe remained weak 1. Inflation pressure and uneven recovery across industries remain sources of uncertainty 1.
Trends
- Industrial demand recoverytailwind
A stabilising or improving demand in North America and Scandinavia could support volumes if industrial investment continues 1.
- Tariffs and trade tensionsheadwind
Tariffs between China and the US, and new trade measures, may affect product flows and costs, which the company identifies as a risk 1.
- Diversifying production away from Chinamixed
Expanding production in Southeast Asia and Europe could reduce dependence on one main supplier region, but takes time and investment 1.
- Currency effectsheadwind
Currency movements reduced EBITA in 2025, and exchange rate developments remain a factor influencing reported results 1.
Competitive position
Competition comes from Asian suppliers selling directly to customers and from global distributors offering lower-cost alternatives 1. NCAB differentiates through quality, close customer relationships and technical expertise, according to the annual report 1.
Because the market is fragmented, there is no clear leader with a dominant share, and competitive pressure was described as stable in 2025 1.
- Direct Asian suppliers
Manufacturers in Asia selling directly to global customers, cited by the company as a constant source of competitive pressure 1.
- Global circuit board distributors
Global players offering lower-cost alternatives to customers seeking lower prices 1.
- Local and regional trading companies
Numerous local distributors active in regional markets, contributing to market fragmentation 1.
- Board makers with in-house capacity
Companies integrating manufacturing and distribution, competing for the same industrial customers 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 / NCAB Group AB (publ) · 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.