NCAB Group AB (NCAB) AI Stock Analysis

• Market Cap: kr9.82B
• Dividend Yield: 2.5%
• Average Volume (3M): 199.86K
• Price to Earnings (P/E): 52.6
• Beta (1Y): 1.14
• Revenue Growth: -3.96%
• EPS Growth: -46.00%
• Country: SE
• Employees: 607
• Sector: Technology
• Sector Strength: 83
• Industry: Hardware, Equipment & Parts
• EPS (TTM): 0.22
• Shares Outstanding: 186,971,240
• 10 Day Avg. Volume: 65,877
• 30 Day Avg. Volume: 199,861
• PEG Ratio: -1.28
• Price to Book (P/B): 8.33
• Price to Sales (P/S): 3.34
• P/FCF Ratio: 34.53
• 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: kr56.00
• Price Target Upside: 4.28% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2

• Rating: 63 Neutral
• Price Target: kr57.00 ▲(6.15% Upside)

NCAB Group AB's stock score is primarily influenced by its mixed financial performance and technical indicators. The company faces challenges in revenue growth and profitability, but maintains operational efficiency and financial stability. The technical analysis suggests a positive trend, though the high P/E ratio indicates potential overvaluation. The absence of earnings call data and corporate events limits further insights.

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 solid operational performance with healthy margins and cash flow ratios. However, declining profitability, stagnant revenue growth, and a slight increase in leverage present challenges. Continued focus on revenue growth and cost management will be key to sustaining financial stability and shareholder value.

Income Statement

The company shows a stable gross profit margin of 29.3% TTM with a consistent revenue base. However, there's a decline in net profit margin from 7.0% in 2024 to 6.0% TTM, indicating increased costs or reduced efficiency. The revenue growth rate is slightly negative at -0.3% TTM, suggesting stagnation in sales growth. EBIT and EBITDA margins are healthy at 9.4% and 12.7% TTM, respectively, but show a decline from previous years, which may affect future profitability.

Balance Sheet

The debt-to-equity ratio stands at 0.79 TTM, reflecting manageable leverage. However, the company's equity ratio has decreased slightly to 41.9% TTM, indicating a shift towards more debt financing. Return on equity has decreased from 17.6% in 2024 to 16.0% TTM, suggesting decreased shareholder returns. These factors point to potential risk if debt levels continue to rise without corresponding income growth.

Cash Flow

The operating cash flow to net income ratio is strong at 1.47 TTM, indicating robust cash generation relative to earnings. The free cash flow to net income ratio is also healthy at 1.45 TTM. However, the free cash flow growth rate is negative at -10.0% TTM, highlighting a potential concern in maintaining cash flow levels amid fluctuating revenues and increased capital expenditures.

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: Positive
• Last Price: 53.70
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Negative
• MACD: Positive
• 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 Positive. The current price of 53.7 is above the 20-day moving average (MA) of 52.92, above the 50-day MA of 51.00, and below the 200-day MA of 53.88, indicating a neutral trend. The MACD of 0.23 indicates Positive momentum. The RSI at 56.20 is Neutral, neither overbought nor oversold. The STOCH value of 41.51 is Neutral, 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
NCAB	63 Neutral	kr9.82B	52.56		2.50%	-3.96%	-46.00%
Sector *	61 Neutral	$34.98B	7.37	-10.82%	1.91%	8.82%	-8.66%
NQA	―	€502.69M	20.88	16.64%	―	―	―
HANZA	75 Outperform	kr5.24B	31.16		0.70%	16.37%	11.35%

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.

NCAB Group Strengthens German Market Position with Acquisition of B&B Leiterplattenservice

NCAB Group AB has completed the acquisition of B&B Leiterplattenservice GmbH, a German company specializing in supplying the industry and power sectors, with additional sales in Italy. The acquisition, valued at SEK 135 million with a potential earnout of SEK 28 million, is expected to enhance NCAB’s earnings in 2025 and strengthen its market position in Germany through synergies in suppliers, payment terms, and logistics.