NCAB Group AB (SE:NCAB)
:NCAB
Want to see SE:NCAB full AI Analyst Report?
Top Page
NCAB Group AB
(NCAB)
Select Model
Select Model
Rating:64Neutral
Price Target:
kr78.00
▲(70.08% Upside)
Action:ReiteratedDate:04/24/26
The score is supported by healthy (though normalizing) financials and strong technical trend strength, but is held back by a demanding valuation (P/E ~43) and technically overextended momentum signals (RSI/Stoch elevated), which raise near-term downside risk.
Positive Factors
Asset-light supply-chain model
NCAB’s asset-light model outsources PCB manufacturing while owning supplier qualification, QA, logistics and technical support. This reduces capex, scales via a network of factories, and fosters sticky, recurring customer orders—supporting stable revenue and margin durability over months.
Negative Factors
Margin normalization from prior peaks
Margins have contracted materially from 2022–2023 highs to EBIT ~8.8% and net ~5.5%, indicating lasting margin pressure. Reduced profitability narrows the cushion for cost shocks, limits reinvestment capacity, and may cap sustainable free cash flow and shareholder distributions over the coming quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Asset-light supply-chain model
NCAB’s asset-light model outsources PCB manufacturing while owning supplier qualification, QA, logistics and technical support. This reduces capex, scales via a network of factories, and fosters sticky, recurring customer orders—supporting stable revenue and margin durability over months.
Read all positive factors
NCAB Group AB (NCAB) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr13.87B
Dividend YieldN/A
Average Volume (3M)376.40K
Price to Earnings (P/E)35.1
Beta (1Y)1.39
Revenue Growth6.55%
EPS Growth5.17%
CountrySE
Employees607
SectorTechnology
Sector Strength88
IndustryHardware, Equipment & Parts
Share Statistics
EPS (TTM)0.40
Shares Outstanding186,971,240
10 Day Avg. Volume226,351
30 Day Avg. Volume376,397
Financial Highlights & Ratios
PEG Ratio-2.27
Price to Book (P/B)6.21
Price to Sales (P/S)2.39
P/FCF Ratio31.52
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
kr76.00Price Target Upside65.72% Upside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)1.98
Revenue Forecast (FY)kr4.47B
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 compa...
How the Company Makes Money
NCAB primarily makes money by selling printed circuit boards to customers while outsourcing the actual manufacturing to external PCB factories. Its core revenue model is based on (1) customer orders for PCBs: NCAB quotes, procures, and delivers PC...
NCAB Group AB Financial Statement Overview
Summary
Income Statement
66
Positive
Balance Sheet
64
Positive
Cash Flow
72
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.86B | 3.74B | 3.61B | 4.09B | 4.46B | 3.22B |
| Gross Profit | 863.10M | 326.40M | 1.33B | 1.46B | 1.41B | 974.09M |
| EBITDA | 476.50M | 446.10M | 499.60M | 692.48M | 655.98M | 442.63M |
| Net Income | 228.40M | 206.00M | 254.90M | 403.74M | 416.96M | 284.92M |
Balance Sheet | ||||||
| Total Assets | 3.76B | 3.52B | 3.39B | 3.22B | 3.04B | 2.66B |
| Cash, Cash Equivalents and Short-Term Investments | 397.00M | 333.80M | 310.60M | 478.63M | 357.84M | 136.71M |
| Total Debt | 1.16B | 1.19B | 1.08B | 1.07B | 923.49M | 871.18M |
| Total Liabilities | 2.17B | 2.08B | 1.94B | 1.89B | 1.85B | 1.89B |
| Stockholders Equity | 1.58B | 1.44B | 1.45B | 1.34B | 1.20B | 773.43M |
Cash Flow | ||||||
| Free Cash Flow | 291.40M | 283.50M | 349.20M | 647.75M | 525.34M | 43.53M |
| Operating Cash Flow | 299.50M | 286.90M | 354.20M | 700.43M | 568.09M | 48.28M |
| Investing Cash Flow | -273.50M | -271.90M | -281.70M | -490.75M | -218.37M | -575.92M |
| Financing Cash Flow | 50.60M | 52.30M | -269.10M | -78.22M | -140.81M | 200.75M |
NCAB Group AB Technical Analysis
Positive
45.86
Price Trends
53.25
Positive
51.22
Positive
51.83
Positive
Market Momentum
4.41
Negative
74.28
Negative
83.28
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:NCAB, the sentiment is Positive. The current price of 45.86 is below the 20-day moving average (MA) of 58.24, below the 50-day MA of 53.25, and below the 200-day MA of 51.83, indicating a bullish trend. The MACD of 4.41 indicates Negative momentum. The RSI at 74.28 is Negative, neither overbought nor oversold. The STOCH value of 83.28 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:NCAB.
NCAB Group AB Peers Comparison
UnderperformOutperform
Sector (61)
SE:NCAB
NCAB Group AB
72.00
31.20
76.47%
SE:NOTE
NOTE AB
177.30
19.60
12.43%
SE:HANZA
Hanza AB
138.40
67.60
95.48%
NCAB Group AB Corporate Events
NCAB Group lifts Q1 sales and earnings as AI-driven PCB demand tightens capacity
Apr 23, 2026
NCAB Group reported a strong start to 2026, with first-quarter net sales up 12% in SEK and 31% in USD to SEK 1.07 billion, driven by higher prices, longer lead times and several large project orders. Order intake surged 27% in SEK and 49% in USD, ...
NCAB Group Stresses Reliability and Resilience in 2025 PCB Report
Apr 10, 2026
NCAB Group AB’s 2025 annual and sustainability report underscores its focus on delivering highly reliable printed circuit boards and maintaining a resilient supply chain for mission-critical electronics. The report highlights how the company...
NCAB Group Sets April 23 Date for First-Quarter 2026 Results Presentation
Apr 8, 2026
NCAB Group will publish its first-quarter 2026 report on April 23 at 7:30 CEST and follow it with a webcast telephone conference at 10:00 CEST, where CEO Peter Kruk and CFO Timothy Benjamin will present the results. The English-language presentati...
NCAB Group Calls 2026 AGM With Expanded Voting Options for Shareholders
Apr 7, 2026
NCAB Group AB has called its annual general meeting for 7 May 2026 at its Sundbyberg headquarters, giving shareholders the option to attend in person, by proxy or via postal voting in line with Swedish company law and its articles of association. ...
NCAB Group Ends 2025 With Strong Q4 Momentum Despite Weaker Full-Year Margins
Feb 13, 2026
NCAB Group reported a strong fourth quarter of 2025 with net sales up 9% to SEK 901.9 million and order intake up 20%, driving an improved EBITA margin of 10.9% despite negative currency effects and ongoing investments in a new IT platform. Profit...
NCAB Group Schedules Webcast for 2025 Annual Accounts and Q4 Report
Jan 27, 2026
NCAB Group will publish its annual accounts and fourth-quarter report for 2025 on Friday, 13 February 2026 at 07:30 CET, and will host a webcasted telephone conference at 10:00 CET the same day, led by CEO Peter Kruk and CFO Timothy Benjamin, foll...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.