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NCC AB
(NCC.B)
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Rating:48Neutral
Price Target:
kr171.00
▼(-23.11% Downside)
Action:Reiterated
Date:07/16/26
The score is driven primarily by weak recent profitability (very thin TTM net margins and lower revenue) and a bearish technical trend (below key moving averages with negative MACD). A reasonably stable balance sheet and currently positive cash flow provide some support, but the very high P/E keeps valuation risk elevated despite the attractive dividend yield.
Positive Factors
Manageable leverage and stable balance sheet
NCC's debt-to-equity around 0.5–0.7 and substantial equity provide structural resilience for a cyclical construction firm. Manageable leverage supports bidding discipline, access to bank financing for large projects, and a larger capital cushion to absorb project delays or cost overruns over the next several quarters.
Negative Factors
Sharp revenue decline and compressed net margin
A materially lower revenue base and a TTM net margin around 0.2% leave very little buffer against cost overruns or contract disputes. Persistently thin margins reduce retained earnings, weaken project-level resilience and constrain the firm’s ability to absorb shocks or invest in margin-improving initiatives over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Manageable leverage and stable balance sheet
NCC's debt-to-equity around 0.5–0.7 and substantial equity provide structural resilience for a cyclical construction firm. Manageable leverage supports bidding discipline, access to bank financing for large projects, and a larger capital cushion to absorb project delays or cost overruns over the next several quarters.
Read all positive factors
NCC AB (NCC.B) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr15.38B
Dividend Yield4.17%
Average Volume (3M)238.32K
Price to Earnings (P/E)182.1
Beta (1Y)0.86
Revenue Growth-10.38%
EPS Growth-95.01%
CountrySE
Employees11,800
SectorGeneral
Sector StrengthN/A
IndustryEngineering & Construction
Share Statistics
EPS (TTM)0.79
Shares Outstanding92,982,380
10 Day Avg. Volume160,756
30 Day Avg. Volume238,325
Financial Highlights & Ratios
PEG Ratio-1.67
Price to Book (P/B)2.72
Price to Sales (P/S)0.39
P/FCF Ratio13.94
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)15.99
Revenue Forecast (FY)kr55.47B
NCC AB Business Overview & Revenue Model
Company Description
NCC AB (publ) is a leading construction and real estate development enterprise operating throughout the Nordic region, specifically in Sweden, Norway, Denmark, and Finland. The company's diverse activities are structured across five key segments: ...
How the Company Makes Money
NCC makes money primarily by delivering construction and civil engineering projects under customer contracts and recognizing revenue as work is performed (or at completion, depending on contract terms and accounting). Key revenue streams generally...
NCC AB Financial Statement Overview
Summary
Income Statement
42
Neutral
Balance Sheet
66
Positive
Cash Flow
53
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 53.97B | 55.72B | 61.61B | 56.93B | 54.20B | 53.41B |
| Gross Profit | 5.47B | 5.47B | 5.28B | 4.69B | 4.00B | 4.52B |
| EBITDA | 1.71B | 2.11B | 3.36B | 3.08B | 2.60B | 3.11B |
| Net Income | 77.00M | 142.00M | 1.57B | 1.57B | 1.07B | 1.51B |
Balance Sheet | ||||||
| Total Assets | 33.28B | 30.58B | 32.03B | 31.95B | 29.57B | 29.42B |
| Cash, Cash Equivalents and Short-Term Investments | 1.13B | 1.51B | 3.72B | 1.41B | 1.00B | 3.48B |
| Total Debt | 0.00 | 3.88B | 5.08B | 5.29B | 4.30B | 4.21B |
| Total Liabilities | 26.06B | 22.66B | 23.36B | 24.63B | 22.38B | 23.58B |
| Stockholders Equity | 7.22B | 7.92B | 8.66B | 7.32B | 7.18B | 5.84B |
Cash Flow | ||||||
| Free Cash Flow | 705.00M | 1.54B | 3.87B | 99.00M | -707.00M | 1.49B |
| Operating Cash Flow | 1.15B | 1.91B | 4.64B | 807.00M | 265.00M | 2.26B |
| Investing Cash Flow | -767.00M | -761.00M | -647.00M | -446.00M | -401.00M | -363.00M |
| Financing Cash Flow | -1.39B | -3.17B | -1.79B | -187.00M | -1.90B | -1.49B |
NCC AB Technical Analysis
Negative
222.40
Price Trends
190.95
Negative
198.94
Negative
203.97
Negative
Market Momentum
-3.84
Positive
27.89
Positive
11.43
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:NCC.B, the sentiment is Negative. The current price of 222.4 is above the 20-day moving average (MA) of 189.37, above the 50-day MA of 190.95, and above the 200-day MA of 203.97, indicating a bearish trend. The MACD of -3.84 indicates Positive momentum. The RSI at 27.89 is Positive, neither overbought nor oversold. The STOCH value of 11.43 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:NCC.B.
NCC AB Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | kr104.45B | 18.15 | 10.45% | 3.18% | -6.15% | -7.78% | |
69 Neutral | kr27.80B | 19.97 | ― | 4.22% | 1.66% | 26.04% | |
63 Neutral | kr47.37B | 22.01 | 18.52% | 2.20% | 2.68% | 0.49% | |
61 Neutral | kr27.12B | 12.66 | 10.55% | 3.26% | 2.19% | 36.51% | |
60 Neutral | kr11.48B | 14.90 | 6.31% | 4.09% | -5.02% | -15.85% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
48 Neutral | kr15.38B | 182.13 | 1.79% | 4.17% | -10.38% | -95.01% |
* General Sector Average
SE:NCC.B
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NCC AB Corporate Events
NCC Delivers Solid Q2 With Strong Industry Earnings and Robust Order Backlog
Jul 14, 2026
NCC AB reported a solid second quarter of 2026, with higher orders received in its contracting operations and improved margins, even though group operating profit dipped slightly due to increased costs from ongoing disputes. The order backlog rema...
NCC Wins SEK 340 Million School and Sports Hall Contract in Norway
Jul 7, 2026
NCC has secured a contract worth approximately SEK 340 million from Nesodden Municipality in Norway to build a new elementary school and multi-purpose sports hall in Nesoddtangen, while refurbishing the existing school, nearby community center and...
NCC Wins SEK 1.4 Billion Atløy Link Infrastructure Contract in Norway
Jul 7, 2026
NCC has secured a turnkey contract worth about SEK 1.4 billion from Vestland County Council to build the Atløy Link in western Norway, one of the region’s largest infrastructure projects. The scheme will connect Atløy island with t...
NCC Wins SEK 340m School and Sports Hall Project in Lilla Edet
Jul 2, 2026
NCC has secured a turnkey partnering contract with municipal property company EdetHus and Lilla Edet Municipality to build Ekebergs School for 500 pupils and a full-scale sports hall in Lödöse, at an order value of about SEK 340 million....
NCC Wins SEK 300m Sustainable Housing Refurbishment in Upplands-Bro
Jul 2, 2026
NCC AB has secured a turnkey partnering contract worth about SEK 300 million to refurbish 119 rental apartments and build 45 new loft units in ten buildings in Upplands-Bro, north of Stockholm. The properties, originally built in 1969 and now unde...
NCC to Present First-Half 2026 Results in Investor Audiocast
Jun 30, 2026
NCC AB, a leading Nordic construction group, operates across building and infrastructure contracting, asphalt and stone materials production, and commercial property development, supported by extensive experience in complex construction projects. ...
NCC Sells First Section of Bromma Hangar 5 Project for SEK 790 Million
Jun 30, 2026
NCC has agreed to sell the first section of its Hangar 5 property project in Bromma, Stockholm, for SEK 790 million to Delcore Fastigheter, a property company jointly owned by AMF and ICA Fastigheter. The divested unit, a 11,000-square-meter moder...
NCC Wins SEK 220 Million Falkenberg Water Treatment Upgrade
Jun 29, 2026
NCC has secured a SEK 220 million contract from Vivab to remodel the Kärreberg water treatment plant in Falkenberg, including associated internal and external water distribution networks. The project is designed to increase capacity, strength...
NCC Wins Major Infrastructure Contract for New Stora Sköndal District in Stockholm
Jun 17, 2026
NCC has been selected by Stora Sköndals Bygg and Stora Sköndals Framtidsutveckling to deliver the infrastructure for the next phase of the new Stora Sköndal district in southern Stockholm. The agreement covers extensive earthworks, ...
NCC Secures SEK 900 Million Contract for Next Phase of LKAB Sorting Plant in Gällivare
Jun 17, 2026
NCC has signed a contract worth approximately SEK 900 million with mining company LKAB to advance to the next construction phase of a new sorting plant in Vitåfors, Gällivare, adjacent to the existing facility. The project, handled by th...
NCC wins SEK 185 million contract to modernize Hiab industrial site in Finland
Jun 15, 2026
NCC has secured a SEK 185 million contract from Hiab Finland Oy to remodel and expand the latter’s industrial site in Raisio, near Turku, in a move that reinforces NCC’s growing presence in Nordic industrial construction. The project, ...
NCC wins SEK 170 million contract for key Skåne water infrastructure project
May 29, 2026
NCC has secured a SEK 170 million construction contract from water utility Sydvatten to build a new pumping station and backup power plant at the Ringsjöverket waterworks in Stehag, Skåne. The facility will connect to a new pipeline from...
NCC climbs into top tier of Europe’s best employers ranking
May 21, 2026
Nordic construction group NCC has strengthened its employer brand after being named one of Europe’s best workplaces in a Financial Times and Statista survey, which ranks companies with at least 500 employees across the continent. The company...
NCC Wins NOK-Weighted Asphalt Deals as Norway Tightens CO₂ Criteria
May 13, 2026
NCC’s industry division has secured 12 one-year asphalt contracts across multiple Norwegian counties and regions from the Norwegian Public Roads Administration, with a combined value of about SEK 680 million that will support a strong produc...
NCC Wins SEK 270 Million School Construction Contract in Porvoo, Finland
May 12, 2026
NCC has secured a SEK 270 million contract from the City of Porvoo to build the Peippo elementary school in Porvoo, Finland, a 7,000-square-meter facility designed for about 450 students from preschool to grade six and for broader community use in...
NCC AGM Approves Extra Dividend, New Incentive Program and Share Buyback Mandate
May 5, 2026
At its 2026 Annual General Meeting, NCC’s shareholders approved the 2025 financial statements, granted discharge from liability to the Board and President, and confirmed unchanged guidelines for executive remuneration, while setting total bo...
NCC Wins SEK 480 Million Contract to Refurbish Finland’s National Archives
May 5, 2026
NCC AB has secured a SEK 480 million contract from Senatfastigheter to completely refurbish and remodel the historic main building of Finland’s National Archives in Helsinki. The project, carried out in partnering form with the Finnish Herit...
NCC Wins SEK 200 Million Retail Construction Contract in Norway
Apr 30, 2026
NCC has secured a contract from Arcandum Eiendom to build a SEK 200 million retail-focused property at Lysaker in Norway’s Bærum Municipality, comprising an underground parking garage and two floors of commercial retail space totaling a...
NCC Adjusts Voting Structure Through April Conversion of Series A Shares
Apr 30, 2026
NCC AB has reported a change in its share capital structure following shareholder-initiated conversions of Series A shares into Series B shares. This mechanism, embedded in the company’s articles of association, allows owners of higher-votin...
NCC Holds Stable in Seasonally Weak Quarter as Orders and Dividends Support Outlook
Apr 29, 2026
NCC reported a seasonally weak but broadly stable first quarter of 2026, with orders received rising to SEK 14.8 billion while net sales declined and operating loss widened slightly, reflecting a colder-than-usual winter and normal seasonal patter...
NCC Wins SEK 200 Million Low-Carbon Paving Framework in Lund
Apr 21, 2026
NCC has secured a framework agreement with Lund Municipality and municipal property company LKF for asphalt paving and related civil engineering services in Lund, Sweden. The deal, valid for up to four years and capped at approximately SEK 200 mil...
NCC Names New General Counsel and Elevates Focus on Green Industry Transformation
Apr 17, 2026
NCC has appointed Mattias Andersson as its new General Counsel, with a latest start date of October 2026, and he will join the Senior Management Team. He brings extensive legal and commercial experience from roles at Stegra, Kinnevik, SKF and majo...
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.