Nederman Holding AB (SE:NMAN)
:NMAN
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Nederman Holding AB
(NMAN)
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Rating:53Neutral
Price Target:
kr135.00
▼(-16.87% Downside)
Action:ReiteratedDate:04/18/26
The score is held back primarily by weakened cash generation/cash conversion and a clear downtrend in the share price versus key moving averages. Financial profitability remains fairly solid but is softening, and the earnings call suggests near-term demand uncertainty despite operational efficiency gains and a late-quarter activity pickup. Valuation is reasonable but not clearly compelling given the current growth and order-intake pressure.
Positive Factors
Service & Aftermarket Revenue
A growing Service segment and stronger vehicle offering create recurring, higher‑visibility revenue and improve gross margin mix. Services and consumables are less cyclical than project sales, supporting cash flow stability and customer stickiness, which helps navigate lower new order periods.
Negative Factors
Weak Cash Conversion
Materially lower cash conversion reduces internal funding for capex, acquisitions, dividends and debt repayment. Persistent sub‑par conversion increases refinancing and liquidity risk, limits strategic flexibility and magnifies the impact of any future revenue or margin shocks over coming quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Service & Aftermarket Revenue
A growing Service segment and stronger vehicle offering create recurring, higher‑visibility revenue and improve gross margin mix. Services and consumables are less cyclical than project sales, supporting cash flow stability and customer stickiness, which helps navigate lower new order periods.
Read all positive factors
Nederman Holding AB (NMAN) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr4.98B
Dividend Yield2.41%
Average Volume (3M)16.46K
Price to Earnings (P/E)21.7
Beta (1Y)0.78
Revenue Growth2.05%
EPS Growth-11.66%
CountrySE
Employees2,492
SectorIndustrials
Sector Strength72
IndustryIndustrial - Machinery
Share Statistics
EPS (TTM)1.22
Shares Outstanding35,146,020
10 Day Avg. Volume13,179
30 Day Avg. Volume16,464
Financial Highlights & Ratios
PEG Ratio-1.06
Price to Book (P/B)2.37
Price to Sales (P/S)1.03
P/FCF Ratio37.89
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)7.66
Revenue Forecast (FY)kr5.56B
Nederman Holding AB Business Overview & Revenue Model
Company Description
Nederman Holding AB (publ) operates as an environmental technology company in Sweden and internationally. The company operates through four segments: Nederman Extraction & Filtration Technology; Nederman Duct & Filter Technology; Nederman Process ...
How the Company Makes Money
Nederman primarily makes money by selling industrial air filtration and dust/fume extraction solutions to businesses that need to control emissions, improve workplace safety, and comply with environmental and occupational health regulations. Its r...
Nederman Holding AB Earnings Call Summary
Earnings Call Date:Apr 17, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 10, 2026
Earnings Call Sentiment Neutral
The call presents a mixed but resilient picture: short‑term top‑line pressure from lower order intake, negative currency effects and reduced EBITDA/EPS versus last year, contrasted with clear operational improvements, margin resilience in several divisions, successful acquisitions (Euro‑Equip), product innovation and a late‑Q1 pickup with a healthy pipeline. Management emphasizes structural growth opportunities (service expansion, Food/Pharma/Life Science entries) and continued investments to convert improving activity into higher profitability.Positive Updates
Resilient Profitability and Operational Efficiency
EBITDA of SEK 117 million (Q1 2026) with an EBITDA margin of 9.3% (down from 10.1% prior year) but supported by increased factory productivity and automation investments (AGVs, Charlotte and Thomasville investments) that helped maintain margins despite lower volumes.
Negative Updates
Overall Orders and Sales Decline vs Prior Year
Group orders received SEK 1.267 billion vs just over SEK 1.5 billion in Q1 last year. Orders down 6.7% currency‑neutral and organic decline ~9.2%. Sales SEK 1.257 billion; currency‑neutral sales down 2% and organic sales down 5.5%.
Read all updates
Q1-2026 Updates
Positive
Negative
Resilient Profitability and Operational Efficiency
EBITDA of SEK 117 million (Q1 2026) with an EBITDA margin of 9.3% (down from 10.1% prior year) but supported by increased factory productivity and automation investments (AGVs, Charlotte and Thomasville investments) that helped maintain margins despite lower volumes.
Read all positive updates
Company Guidance
Guidance: Management said demand remains subdued but the growing Service segment and a strong vehicle offering underpin resilience; activity picked up late in March and, if sustained, should bode well for coming quarters while pipelines remain strong but order intake is low and uncertainty continues. Key Q1 metrics cited: orders received SEK 1,267 million (vs just over SEK 1,500m a year ago; currency‑neutral -6.7%, organic -9.2%), sales SEK 1,257m (currency‑neutral -2%, organic -5.5%), EBITDA SEK 117m (vs SEK 143m), EBITDA margin 9.3% (vs 10.1%), EPS SEK 1.31 (vs SEK 1.69), cash flow from operations slightly negative and net debt broadly unchanged. Division highlights underpinning the outlook: E&FT orders SEK 578m (CN -8.6%) and sales SEK 592m with adjusted EBIT margin 12.2% (up from 11.6%); Process Technology orders SEK 346m (CN +14%, organic +2.9%) and sales SEK 321m with adjusted EBITDA SEK 29m (9.1%); Duct & Filter orders SEK 180m (vs SEK 224m; CN -7.4%) and sales SEK 194m with adjusted EBIT SEK 37m (18.9%); Monitoring & Control orders SEK 163m (vs SEK 249m; CN -28.5%) and sales SEK 168m with adjusted EBIT SEK 20m (12.1%). Management noted a ~9% negative currency impact on orders/sales in Q1, the US dollar was nearly 15% weaker year‑on‑year, about SEK 12m of the EBITDA decline was pure currency effect, anticipated quarterly tariff costs of ~SEK 5m, R&D at ~3% of sales last year, and continued investments in operational efficiency (manufacturing projects in Charlotte/Detroit/Thomasville, Nordfab, automation) that should allow modest volume recoveries to meaningfully lift margins.Nederman Holding AB Financial Statement Overview
Summary
Income Statement
63
Positive
Balance Sheet
58
Neutral
Cash Flow
46
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 5.63B | 5.78B | 5.90B | 6.19B | 5.18B | 4.04B |
| Gross Profit | 2.24B | 2.29B | 2.32B | 2.25B | 1.87B | 1.52B |
| EBITDA | 771.80M | 791.90M | 900.10M | 863.80M | 704.50M | 632.10M |
| Net Income | 260.80M | 273.90M | 345.20M | 340.90M | 328.70M | 305.30M |
Balance Sheet | ||||||
| Total Assets | 6.92B | 6.79B | 7.25B | 6.42B | 6.22B | 4.73B |
| Cash, Cash Equivalents and Short-Term Investments | 582.50M | 667.50M | 825.20M | 815.20M | 721.20M | 541.60M |
| Total Debt | 2.51B | 2.48B | 2.48B | 2.12B | 2.13B | 1.51B |
| Total Liabilities | 4.29B | 4.27B | 4.53B | 4.05B | 4.03B | 3.01B |
| Stockholders Equity | 2.63B | 2.51B | 2.72B | 2.37B | 2.19B | 1.72B |
Cash Flow | ||||||
| Free Cash Flow | 149.90M | 157.20M | 343.20M | 380.70M | 174.90M | 410.80M |
| Operating Cash Flow | 346.50M | 381.70M | 595.90M | 576.30M | 345.70M | 519.80M |
| Investing Cash Flow | -198.60M | -372.70M | -293.50M | -236.70M | -615.30M | -120.90M |
| Financing Cash Flow | -114.20M | -102.10M | -321.20M | -224.20M | 402.70M | -356.80M |
Nederman Holding AB Technical Analysis
Negative
162.40
Price Trends
140.18
Negative
148.97
Negative
158.12
Negative
Market Momentum
0.10
Negative
39.54
Neutral
45.27
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:NMAN, the sentiment is Negative. The current price of 162.4 is above the 20-day moving average (MA) of 137.47, above the 50-day MA of 140.18, and above the 200-day MA of 158.12, indicating a bearish trend. The MACD of 0.10 indicates Negative momentum. The RSI at 39.54 is Neutral, neither overbought nor oversold. The STOCH value of 45.27 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:NMAN.
Nederman Holding AB Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | kr15.14B | 25.46 | 12.07% | 1.33% | 1.51% | -11.25% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
61 Neutral | kr12.38B | 25.44 | 9.59% | 2.09% | -1.74% | 26.36% | |
59 Neutral | kr2.15B | 35.34 | ― | 1.51% | -8.97% | -31.59% | |
53 Neutral | kr4.98B | 21.74 | ― | 2.41% | 2.05% | -11.66% | |
50 Neutral | kr6.54B | 1,168.13 | 12.49% | 2.57% | -5.67% | -33.12% | |
44 Neutral | kr962.02M | -12.66 | -39.97% | ― | 11.85% | 6.39% |
* Industrials Sector Average
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Nederman Holding AB Corporate Events
Nederman Holds Margins Amid Weaker Q1 Orders and Bets on Energy Transition Growth
Apr 17, 2026
Nederman reported a soft first quarter of 2026 as deferred industrial investments and geopolitical uncertainty weighed on demand for air filtration projects. Orders fell 6.7% on a currency-neutral basis and net sales declined 2.0%, while adjusted ...
Nederman convenes 2026 AGM, proposes dividend and new chairman
Mar 17, 2026
Nederman Holding AB has called shareholders to its Annual General Meeting in Helsingborg on 21 April 2026, setting out formal participation procedures for registered and nominee-held shares, as well as proxy rules. The agenda includes the CEO̵...
Nederman Releases 2025 Annual and Sustainability Report Highlighting Integrated Clean Air Strategy
Mar 17, 2026
Nederman Holding AB has published its Annual and Sustainability Report 2025, detailing its operational performance, sustainability agenda and governance structure, along with full financial statements in Swedish kronor. The report consolidates the...
Nederman Banks Modest Growth, Lower Margins but Signals Stronger Platform for Recovery
Feb 12, 2026
Nederman reported modest currency-neutral growth in orders and sales for 2025, but lower earnings and margins, as weaker foreign currencies, U.S. customs duties and prior non-recurring items weighed on adjusted EBITA, while cash flow from operatio...
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.