NCC AB (SE:NCC.B)
:NCC.B
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NCC AB
(NCC.B)
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Rating:51Neutral
Price Target:
kr200.00
▼(-10.07% Downside)
Action:Reiterated
Date:05/01/26
The score is held back primarily by the sharp deterioration in profitability and a weak technical trend (price below key moving averages with bearish momentum). A moderate balance sheet and positive recent cash generation provide some stability, while the high dividend yield supports valuation but is offset by negative P/E tied to pressured earnings.
Positive Factors
Moderate leverage / balance sheet resilience
A moderate debt-to-equity (~0.59 TTM) gives NCC structural financial flexibility to bid for large public and private projects, absorb timing mismatches on milestone payments, and fund working capital without immediate refinancing pressure—supporting resilience across the project cycle.
Negative Factors
Severe margin compression
Net margin collapsing to ~0.2%–0.3% materially erodes the company’s buffer against cost overruns and pricing pressure on fixed-price contracts. Over time, persistently thin margins reduce retained earnings, weaken returns on invested capital and constrain reinvestment into operations and risk mitigation.
Read all positive and negative factors
Positive Factors
Negative Factors
Moderate leverage / balance sheet resilience
A moderate debt-to-equity (~0.59 TTM) gives NCC structural financial flexibility to bid for large public and private projects, absorb timing mismatches on milestone payments, and fund working capital without immediate refinancing pressure—supporting resilience across the project cycle.
Read all positive factors
NCC AB (NCC.B) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr17.28B
Dividend Yield4.17%
Average Volume (3M)238.32K
Price to Earnings (P/E)―
Beta (1Y)0.84
Revenue Growth-11.18%
EPS Growth-93.98%
CountrySE
Employees11,800
SectorGeneral
Sector StrengthN/A
IndustryEngineering & Construction
Share Statistics
EPS (TTM)0.94
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)16.8
Revenue Forecast (FY)kr57.64B
NCC AB Business Overview & Revenue Model
Company Description
NCC AB (publ) operates as a construction and property development company in Sweden, Norway, Denmark, and Finland. It operates through five segments: NCC Infrastructure, NCC Building Sweden, NCC Building Nordic, NCC Industry, and NCC Property Deve...
How the Company Makes Money
NCC primarily makes money by delivering construction and civil engineering projects under contract for customers and recognizing revenue as project work is performed. Its core revenue streams typically come from (1) building construction contracti...
NCC AB Financial Statement Overview
Summary
Income Statement
44
Neutral
Balance Sheet
58
Neutral
Cash Flow
55
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 54.29B | 55.72B | 61.61B | 56.93B | 54.20B | 53.41B |
| Gross Profit | 5.43B | 5.47B | 5.28B | 4.69B | 4.00B | 4.52B |
| EBITDA | 1.72B | 2.11B | 3.36B | 3.08B | 2.60B | 3.11B |
| Net Income | 92.00M | 142.00M | 1.57B | 1.57B | 1.07B | 1.51B |
Balance Sheet | ||||||
| Total Assets | 29.15B | 30.58B | 32.03B | 31.95B | 29.57B | 29.42B |
| Cash, Cash Equivalents and Short-Term Investments | 1.22B | 1.51B | 3.72B | 1.41B | 1.00B | 3.48B |
| Total Debt | 4.31B | 3.88B | 5.08B | 5.29B | 4.30B | 4.21B |
| Total Liabilities | 21.80B | 22.66B | 23.36B | 24.63B | 22.38B | 23.58B |
| Stockholders Equity | 7.35B | 7.92B | 8.66B | 7.32B | 7.18B | 5.84B |
Cash Flow | ||||||
| Free Cash Flow | 1.33B | 1.54B | 3.94B | 99.00M | -707.00M | 1.49B |
| Operating Cash Flow | 1.80B | 1.91B | 4.64B | 807.00M | 265.00M | 2.26B |
| Investing Cash Flow | -769.00M | -761.00M | -647.00M | -446.00M | -401.00M | -363.00M |
| Financing Cash Flow | -2.47B | -3.17B | -1.79B | -187.00M | -1.90B | -1.49B |
NCC AB Technical Analysis
Negative
222.40
Price Trends
203.22
Negative
209.39
Negative
203.84
Negative
Market Momentum
-4.68
Positive
35.13
Neutral
6.86
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 200.76, above the 50-day MA of 203.22, and above the 200-day MA of 203.84, indicating a bearish trend. The MACD of -4.68 indicates Positive momentum. The RSI at 35.13 is Neutral, neither overbought nor oversold. The STOCH value of 6.86 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 | kr101.15B | 22.36 | 10.45% | 3.18% | -6.15% | -7.78% | |
68 Neutral | kr23.03B | 21.03 | ― | 4.22% | -3.08% | 14.91% | |
64 Neutral | kr25.93B | -39.37 | 10.55% | 3.26% | -3.41% | -23.95% | |
63 Neutral | kr46.60B | 20.25 | 18.52% | 2.20% | 2.68% | 0.49% | |
61 Neutral | kr13.06B | 15.02 | 6.31% | 4.09% | -6.24% | -29.72% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
51 Neutral | kr17.28B | -27.18 | 1.79% | 4.17% | -11.18% | -93.98% |
* General Sector Average
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NCC AB Corporate Events
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...
NCC Schedules Q1 2026 Interim Report and Investor Webcast
Apr 15, 2026
NCC will publish its interim report for the first quarter of 2026 on April 29, with the release scheduled for early morning on the company’s investor relations website. Later the same morning, CEO Tomas Carlsson and CFO Susanne Lithander wil...
NCC Wins Major Partnering Contract for New Kiruna Hospital
Apr 15, 2026
NCC AB has been awarded a partnering contract by Region Norrbotten to develop a new hospital in Kiruna, one of Sweden’s largest geographical healthcare regions. The project leverages NCC’s extensive experience in large, complex hospita...
NCC Wins SEK 650m Contract for New Mon Waterworks in Skutskär
Apr 1, 2026
Nordic construction group NCC has secured a contract from municipal utility Gästrike Vatten to build a new waterworks in Mon, Skutskär, Sweden, as part of a broader program to reinforce water supply in the Gävle and Älvkarleby ...
NCC AB Calls 2026 AGM With Dividend Hike, Incentive Plans and Buyback Mandate on the Agenda
Mar 31, 2026
NCC AB has called shareholders to its Annual General Meeting in Stockholm on May 5, 2026, setting out procedures for registration, proxy voting and participation, including requirements for trustee-registered shareholders to secure voting rights. ...
NCC Wins SEK 650 Million LKAB Groundworks Contract for New Gällivare Sorting Plant
Mar 31, 2026
NCC has secured a contract worth about SEK 650 million from mining company LKAB to execute initial groundworks, foundation engineering and extensive concreting for a new sorting plant in Vitåfors, Gällivare, adjacent to the existing faci...
NCC Wins SEK 700 Million Contract for New Östersund Waterworks
Mar 31, 2026
NCC has secured a partnering contract worth about SEK 700 million from Östersund Municipality to build a new Minnesgärde waterworks, adjacent to the existing facility, with construction starting immediately and completion expected in 202...
NCC wins SEK 580m contract to build multi-purpose arena in Fredrikstad
Mar 30, 2026
NCC has secured a SEK 580 million contract from Fredrikstad Municipality in Norway to build Arena Fredrikstad, a new ice center and multi-purpose sports arena that will replace the municipality’s existing ice facility. The arena will feature...
NCC Wins SEK 260 Million Contract to Reinforce Key Roads in Norrbotten
Mar 30, 2026
NCC has secured a contract worth approximately SEK 260 million from the Swedish Transport Administration to reinforce and repave nine secondary roads in Norrbotten County, in the municipalities of Överkalix, Kalix, Pajala and Jokkmokk. The tw...
NCC Wins SEK 500 Million Contract for New Järfälla Waterworks Groundworks
Mar 26, 2026
NCC has secured a contract from water utility Norrvatten for the initial earth and groundworks of a new waterworks in Järfälla, north of Stockholm, a facility designed to bolster drinking water capacity for 14 municipalities. The order i...
NCC Wins SEK 200 Million Contract for New Elderly Care Facility in Svalöv
Mar 24, 2026
NCC has been commissioned by Svalövs Samhällslokaler to build Lantlyckan, a modern residential care facility in Svalöv with 56 apartments tailored for people with special housing needs. The turnkey partnering contract, valued at aro...
NCC Wins SEK 285 Million Sustainable Road Maintenance Contract in Sweden
Mar 13, 2026
NCC has secured a two-year contract worth about SEK 285 million from the Swedish Transport Administration to carry out road maintenance and paving works across Dalarna and Gävleborg counties from summer 2026. The project covers several key re...
NCC Wins SEK 800 Million Contract to Refurbish Historic Laksegade Block in Copenhagen
Mar 11, 2026
NCC has secured an approximately SEK 800 million contract from Danish real estate company Thylander to carry out the first phase of refurbishing the historic Laksegade city block in central Copenhagen. The project covers five offices and two store...
NCC Brings Forward Q2 2026 Report and Updates Financial Calendar
Mar 4, 2026
NCC, a major Nordic construction group active in building and infrastructure contracts, asphalt and stone materials production, and commercial property development, reported 2025 sales of about SEK 56 billion and employs roughly 11,500 people. The...
NCC’s Nomination Committee Proposes New Board Line-Up for 2026
Feb 26, 2026
NCC’s Nomination Committee has proposed a seven-member Board of Directors without deputies for 2026, including the re-election of Chairman Alf Göransson and five existing directors, underscoring continuity in the company’s governa...
NCC Wins SEK 300 Million Contract to Upgrade Key E4 Stretch in Northern Sweden
Feb 25, 2026
NCC has secured a contract worth about SEK 300 million from the Swedish Transport Administration to upgrade the E4 expressway between Hörnefors and Stöcksjö, a key traffic artery south of Umeå in northern Sweden. The project, b...
NCC wins major student housing project at Chalmers in Gothenburg
Feb 24, 2026
NCC has secured a contract from Chalmers Student Housing to build the Nya Holtermanska student and researcher housing complex next to Chalmers University of Technology in Gothenburg, adding three residential buildings with 386 apartments and space...
NCC Wins SEK 180 Million Road Paving Contracts in Norway
Feb 12, 2026
NCC has secured two asphalt paving contracts from Innlandet County Municipality in Norway, with a combined value of approximately SEK 180 million, covering key municipal road stretches including Gudbrandalen, Valdres, Norra Østerdalen, Rendal...
NCC Delivers Record Operating Earnings in Key Units but Books Property Impairment and Retains Industry Arm In-House
Feb 5, 2026
NCC reported strong underlying profitability for the fourth quarter and full year 2025, with operating profit before items affecting comparability at SEK 692 million in Q4 and SEK 1,938 million for the year, driven by record earnings in the Indust...
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.