NCAB Group AB (NCAB) AI Stock Analysis

• Market Cap: kr10.38B
• Dividend Yield: N/A
• Average Volume (3M): 376.40K
• Price to Earnings (P/E): 53.3
• Beta (1Y): 1.44
• Revenue Growth: 0.26%
• EPS Growth: -30.60%
• Country: SE
• Employees: 607
• Sector: Technology
• Sector Strength: 88
• Industry: Hardware, Equipment & Parts
• EPS (TTM): 0.33
• Shares Outstanding: 186,971,240
• 10 Day Avg. Volume: 226,351
• 30 Day Avg. Volume: 376,397
• 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: N/A
• Price Target Upside: N/A
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 61 Neutral
• Price Target: kr55.00 ▲(4.76% Upside)

NCAB Group AB's overall stock score is primarily influenced by its solid financial performance, particularly in revenue growth and cash flow management. However, the high P/E ratio suggests overvaluation, and technical indicators point to short-term bearish momentum. The absence of earnings call data and corporate events limits further insights.

Positive Factors

Business Model Strength

NCAB's emphasis on long-term partnerships ensures a steady revenue stream and customer loyalty, providing resilience against market fluctuations.

Cost-Efficient Production

By leveraging low-cost production regions, NCAB maintains competitive pricing and quality, enhancing its market position and profitability.

Operational Efficiency

Despite revenue challenges, NCAB's operational efficiency supports sustained profitability, highlighting effective cost management and resource utilization.

Negative Factors

Revenue Growth Challenges

Declining revenue growth indicates potential market share loss or demand issues, necessitating strategic adjustments to regain growth momentum.

Profitability Pressure

Decreased margins suggest rising costs or pricing pressures, which could impact long-term profitability if not addressed.

Decline in Cash Generation

Reduced cash generation limits financial flexibility and investment capacity, potentially hindering growth and operational initiatives.

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 generates revenue primarily through the sale of printed circuit boards to various sectors, including telecommunications, automotive, industrial electronics, and medical technology. The company employs a business model focused on long-term partnerships with customers, allowing it to secure repeat orders and foster loyalty. Key revenue streams include direct sales of PCBs, engineering services, and prototyping. Additionally, NCAB benefits from strategic partnerships with manufacturers in low-cost regions, enabling cost-efficient production while maintaining quality standards. The company's emphasis on quick delivery and customized solutions also helps to attract and retain clients, contributing significantly to its earnings.

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	3.67B	3.61B	4.09B	4.46B	3.22B	2.12B
Gross Profit	1.04B	1.33B	1.46B	1.41B	974.09M	633.91M
EBITDA	429.10M	499.60M	692.48M	655.98M	442.63M	200.68M
Net Income	194.70M	254.90M	403.74M	416.96M	284.92M	127.37M
Balance Sheet
Total Assets	3.44B	3.39B	3.22B	3.04B	2.66B	1.48B
Cash, Cash Equivalents and Short-Term Investments	374.60M	310.60M	478.63M	357.84M	136.71M	449.03M
Total Debt	1.06B	1.08B	1.07B	923.49M	871.18M	363.74M
Total Liabilities	2.01B	1.94B	1.89B	1.85B	1.89B	783.07M
Stockholders Equity	1.43B	1.45B	1.34B	1.20B	773.43M	699.71M
Cash Flow
Free Cash Flow	304.20M	349.20M	647.75M	525.34M	43.53M	192.28M
Operating Cash Flow	310.60M	354.20M	700.43M	568.09M	48.28M	194.33M
Investing Cash Flow	-340.80M	-281.70M	-490.75M	-218.37M	-575.92M	-167.79M
Financing Cash Flow	-48.70M	-269.10M	-78.22M	-140.81M	200.75M	345.56M

NCAB Group AB Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 52.50
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• 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 Neutral. The current price of 52.5 is below the 20-day moving average (MA) of 53.44, below the 50-day MA of 52.72, and above the 200-day MA of 50.08, indicating a neutral trend. The MACD of -0.42 indicates Positive momentum. The RSI at 48.07 is Neutral, neither overbought nor oversold. The STOCH value of 46.43 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	69 Neutral	kr5.88B	28.83	―	0.68%	18.96%	48.93%
NOTE	66 Neutral	€5.36B	19.67	17.21%	3.93%	-2.98%	2.44%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
NCAB	61 Neutral	kr10.38B	53.27	―	―	0.26%	-30.60%

NCAB Group AB Corporate Events

NCAB Group AB Acquires Multi-Teknik to Strengthen Swedish Market Position

NCAB Group AB has signed an agreement to acquire 100% of Multi-Teknik Mönsterkort AB, a PCB trading company with strong positions in western Sweden and offices in Gothenburg, Lithuania, and China. The acquisition, valued at SEK 141 million, is expected to close in December 2025, subject to regulatory approvals, and is anticipated to positively impact NCAB’s earnings in 2026 through synergies in suppliers, payment terms, and logistics. This strategic move enhances NCAB’s market presence in Sweden and provides Multi-Teknik with opportunities for further development within NCAB’s global framework.

The most recent analyst rating on (SE:NCAB) stock is a Hold with a SEK61.00 price target. To see the full list of analyst forecasts on NCAB Group AB stock, see the SE:NCAB Stock Forecast page.

NCAB Group Announces Nomination Committee for 2026 AGM

NCAB Group AB has announced the formation of its Nomination Committee for the 2026 Annual General Meeting, consisting of representatives from its largest shareholders and the Chairman of the Board. The committee, chaired by Simon Peterson from Carnegie Fonder, will oversee proposals regarding the Board of Directors and other key positions for the upcoming AGM, scheduled for May 7, 2026, in Sundbyberg. This development is crucial for stakeholders as it sets the stage for future leadership and strategic decisions impacting the company’s operations and market positioning.

The most recent analyst rating on (SE:NCAB) stock is a Hold with a SEK50.00 price target. To see the full list of analyst forecasts on NCAB Group AB stock, see the SE:NCAB Stock Forecast page.

NCAB Group to Release Q3 2025 Report on October 24

NCAB Group AB announced the release of its third quarter report for 2025, scheduled for October 24. The report will be presented by CEO Peter Kruk and CFO Timothy Benjamin in a webcast telephone conference, followed by a Q&A session. This event allows stakeholders to gain insights into the company’s performance and future outlook.

The most recent analyst rating on (SE:NCAB) stock is a Hold with a SEK53.00 price target. To see the full list of analyst forecasts on NCAB Group AB stock, see the SE:NCAB Stock Forecast page.