NCAB Group AB (NCAB) AI Stock Analysis

• Market Cap: kr9.39B
• Dividend Yield: 2.5%
• Average Volume (3M): 124.03K
• Price to Earnings (P/E): 50.6
• Beta (1Y): 1.16
• Revenue Growth: -3.96%
• EPS Growth: -46.00%
• Country: SE
• Employees: 607
• Sector: Technology
• Sector Strength: 85
• Industry: Hardware, Equipment & Parts
• EPS (TTM): 0.22
• Shares Outstanding: 186,971,240
• 10 Day Avg. Volume: 214,793
• 30 Day Avg. Volume: 124,031
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: kr53.50
• Price Target Upside: 7.34% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2

• Rating: 58 Neutral
• Price Target: kr52.00 ▲(4.33% Upside)

NCAB Group AB's overall stock score is primarily influenced by its mixed financial performance, with stable balance sheet metrics but challenges in revenue growth and cash flow. Technical analysis indicates a neutral to slightly bearish trend, while valuation concerns arise from a high P/E ratio and lack of dividend yield. Addressing revenue growth and improving profitability margins are crucial for enhancing the stock's attractiveness.

Positive Factors

Business Model Strength

NCAB's tailored PCB solutions and high-mix, low-volume production capabilities provide a competitive edge, catering to diverse industry needs.

Competitive Advantage

NCAB's strategic partnerships enhance its production flexibility and scalability, supporting its competitive position in the global PCB market.

Balance Sheet Health

NCAB's moderate debt-to-equity ratio reflects a stable financial structure, providing resilience and capacity for future investments.

Negative Factors

Revenue Growth Challenges

Declining revenue growth suggests challenges in market expansion or product demand, potentially impacting long-term financial performance.

Profitability Pressure

Decreasing profit margins indicate pressure on profitability, which could affect NCAB's ability to reinvest and grow sustainably.

Cash Flow Concerns

Negative free cash flow growth suggests challenges in cash generation, potentially limiting NCAB's financial flexibility and investment capacity.

NCAB Group AB Business Overview & Revenue Model

Company Description

NCAB Group AB (publ) manufactures and sells printed circuit boards (PCBs) worldwide. The company offers multilayer, high-density interconnect, radio frequency, insulated metal base, flexible, rigid-flex, semi-flex, and double sided PCBs. The company serves aerospace and defense, automotive, datacom, industrial, medical, power and energy, railway, safety-critical, and telecom industries. NCAB Group AB (publ) was founded in 1993 and is headquartered in Bromma, Sweden.

How the Company Makes Money

NCAB Group AB makes money through the sale of printed circuit boards (PCBs) to a wide range of industries globally. The company's revenue model primarily revolves around providing tailored PCB solutions that cater to the specific requirements of various sectors, including industrial, power, medical, and automotive industries. Key revenue streams include the design, manufacturing, and delivery of PCBs, leveraging its extensive network of production partners and stringent quality assurance processes to ensure high standards. NCAB's earnings are further supported by its ability to offer high-mix, low-volume production capabilities, which cater to specialized client needs. Significant partnerships with manufacturing facilities allow NCAB to maintain flexibility and scalability in production, contributing to its profitability and competitive edge in the global market.

NCAB Group AB Financial Statement Overview

Summary

NCAB Group AB demonstrates a mixed financial performance. The income statement reflects challenges in revenue growth and profitability margins, while the balance sheet shows stability with moderate leverage. The cash flow statement indicates efficient cash management despite a decline in free cash flow growth. The company needs to address revenue growth challenges to enhance its financial performance further.

Income Statement

NCAB Group AB's income statement shows a mixed performance. The TTM (Trailing-Twelve-Months) data indicates a decline in revenue growth rate by 3%, following a previous annual decline. Gross profit margin and net profit margin have decreased compared to the previous year, reflecting pressure on profitability. However, the company maintains a reasonable EBIT and EBITDA margin, indicating operational efficiency. The declining revenue trend is a concern, but the company still shows resilience in maintaining profitability.

Balance Sheet

The balance sheet of NCAB Group AB is relatively stable. The debt-to-equity ratio is moderate at 0.77, indicating a balanced approach to leverage. Return on equity has decreased in the TTM period but remains healthy, suggesting effective use of equity capital. The equity ratio is stable, reflecting a sound capital structure. Overall, the balance sheet indicates financial stability with manageable leverage levels.

Cash Flow

NCAB Group AB's cash flow statement shows some challenges. The TTM free cash flow growth rate is negative, indicating a decline in cash generation. The operating cash flow to net income ratio has decreased, suggesting less cash conversion from profits. However, the free cash flow to net income ratio remains high, indicating efficient cash management. The negative growth in free cash flow is a concern, but the company maintains good cash conversion efficiency.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	3.62B	3.61B	4.09B	4.46B	3.22B	2.12B
Gross Profit	1.28B	1.33B	1.46B	1.41B	974.09M	633.91M
EBITDA	436.50M	499.60M	700.13M	655.98M	423.28M	202.93M
Net Income	184.10M	254.90M	403.74M	416.96M	284.92M	127.37M
Balance Sheet
Total Assets	3.43B	3.39B	3.22B	3.04B	2.66B	1.48B
Cash, Cash Equivalents and Short-Term Investments	283.60M	310.60M	478.63M	357.84M	136.71M	449.03M
Total Debt	1.08B	1.08B	1.07B	923.49M	871.18M	363.74M
Total Liabilities	2.04B	1.94B	1.89B	1.85B	1.89B	783.07M
Stockholders Equity	1.40B	1.45B	1.34B	1.20B	773.43M	699.71M
Cash Flow
Free Cash Flow	303.00M	349.20M	647.75M	525.34M	43.53M	192.28M
Operating Cash Flow	311.20M	354.20M	700.43M	568.09M	48.28M	194.33M
Investing Cash Flow	-403.90M	-281.70M	-490.75M	-218.37M	-575.92M	-167.79M
Financing Cash Flow	-28.20M	-269.10M	-78.22M	-140.81M	200.75M	345.56M

NCAB Group AB Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 49.84
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:NCAB, the sentiment is Neutral. The current price of 49.84 is below the 20-day moving average (MA) of 50.33, below the 50-day MA of 51.95, and below the 200-day MA of 53.05, indicating a bearish trend. The MACD of -0.77 indicates Negative momentum. The RSI at 47.70 is Neutral, neither overbought nor oversold. The STOCH value of 68.24 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SE:NCAB.

NCAB Group AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
HANZA	75 Outperform	kr5.58B	33.29		0.65%	16.37%	11.35%
Sector *	61 Neutral	$36.69B	12.42	-10.20%	1.85%	8.50%	-7.32%
NCAB	58 Neutral	kr9.39B	50.62		2.50%	-3.96%	-46.00%
NQA	―	€510.02M	21.58	16.64%	―	―	―

NCAB Group AB Corporate Events

NCAB Group AB Reports Marginal Sales Decline Amid Strategic Moves

NCAB Group AB reported a marginal decrease in net sales for the first half of 2025, with a notable impact from exchange rates on its financial performance. Despite a slight increase in order intake, the company’s EBITA and profit after tax saw significant declines compared to the previous year. The company has taken strategic steps, including acquiring B&B Leiterplattenservice GmbH and refinancing its loans, to strengthen its market position and support future growth.

NCAB Group to Present Half-Year Report on July 22, 2025

NCAB Group AB announced the release of its half-year and second-quarter report on July 22, 2025, with a webcast and teleconference scheduled for the same day. This event will feature presentations by CEO Peter Kruk and CFO Timothy Benjamin, followed by a Q&A session, highlighting the company’s ongoing commitment to transparency and stakeholder engagement.