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Nederman Holding AB
(NMAN)
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Rating:57Neutral
Price Target:
kr133.00
▼(-18.10% Downside)
Action:Reiterated
Date:07/17/26
The score is held back primarily by mixed financial performance: slightly declining revenue, margin compression, and weaker cash generation/cash conversion despite a resilient gross margin and manageable leverage. Valuation (moderate P/E and a ~3.1% dividend yield) provides support, while technical signals are largely neutral. The latest earnings call adds a modest positive tilt due to improving order intake/backlog and continued positive cash flow guidance, tempered by near-term profitability pressure and macro-related project delays.
Positive Factors
Gross margin resilience
Sustained gross margins near 39–40% indicate persistent pricing power and favorable product mix across equipment, engineered solutions and consumables. That resilience cushions operating leverage when volumes fall, supporting sustainable profitability as volumes recover.
Negative Factors
Sales decline & margin compression
Recent sales declines and net margin compression reduce operating leverage and earnings power. Lower margins and softer top line constrain reinvestment, weigh on ROE (down toward ~10% TTM) and make sustained improvement dependent on restoring volume growth and mix.
Read all positive and negative factors
Positive Factors
Negative Factors
Gross margin resilience
Sustained gross margins near 39–40% indicate persistent pricing power and favorable product mix across equipment, engineered solutions and consumables. That resilience cushions operating leverage when volumes fall, supporting sustainable profitability as volumes recover.
Read all positive factors
Nederman Holding AB (NMAN) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr4.50B
Dividend Yield2.41%
Average Volume (3M)16.46K
Price to Earnings (P/E)17.3
Beta (1Y)0.84
Revenue Growth-5.51%
EPS Growth-14.52%
CountrySE
Employees2,351
SectorGeneral
Sector StrengthN/A
IndustryIndustrial - Machinery
Share Statistics
EPS (TTM)6.98
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)7.23
Revenue Forecast (FY)kr5.43B
Nederman Holding AB Business Overview & Revenue Model
Company Description
Nederman Holding AB (publ) functions as a global environmental technology enterprise headquartered in Sweden. Its operations are structured into four key segments: Nederman Extraction & Filtration Technology, Nederman Duct & Filter Technology, Ned...
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:Jul 16, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 21, 2026
Earnings Call Sentiment Positive
The call conveyed cautiously optimistic momentum: order intake and backlog improved across all four divisions with notable wins (record E&FT orders, strong Duct & Filter margins, 17% order growth in Monitoring & Control APAC), solid operating cash flow, strategic acquisition and product/digital progress. However, near-term profitability and sales were held back by weaker early-quarter volumes, notable margin deterioration in Monitoring & Control, lower EPS, and continued macro uncertainty delaying larger project conversions. On balance, the positive operational and commercial developments slightly outweigh the near-term financial and market challenges.Positive Updates
Group Order Intake Recovery
Total orders received SEK 1.48 billion vs SEK 1.425 billion prior year, currency-neutral organic growth of 6.3%; management described this as second-best quarter for orders since Q1 2024 and the best on a currency-neutral basis since 2023.
Negative Updates
Quarterly Sales Decline
Group sales were down 3.7% on a currency-neutral basis (SEK 77 million lower than the same quarter last year), attributed to weak order intake in January–February reducing volumes delivered in Q2.
Read all updates
Q2-2026 Updates
Positive
Negative
Group Order Intake Recovery
Total orders received SEK 1.48 billion vs SEK 1.425 billion prior year, currency-neutral organic growth of 6.3%; management described this as second-best quarter for orders since Q1 2024 and the best on a currency-neutral basis since 2023.
Read all positive updates
Company Guidance
The company guided that the improving order momentum should drive recovery in sales, margins and cash flow: group orders received in Q2 were SEK 1.48bn (vs SEK 1.425bn LY; +6.3% organic), with sales down 3.7% currency‑neutral (SEK 77m lower), adjusted EBITA SEK 114m (8.3%) and EPS SEK 1.54 (vs 1.97); operating cash flow was SEK +69m (vs 59m) and they expect positive cash generation to continue into Q3–Q4 despite a SEK 140m dividend that increased net debt. Divisional metrics underpin the outlook — Extraction & Filtration: orders SEK 716m vs sales SEK 611m (adj. EBITA ~11%); Process Technology: orders SEK 380m, sales SEK 390m (EBITDA 8.9%); Duct & Filter: external orders SEK 194m, sales SEK 203m (EBITDA 19%); Monitoring & Control: orders SEK 192m (+17%), sales SEK 178m (EBITDA 7.2% vs 14.9% LY) — with backlog growth, shorter-cycle small/mid orders, a ~SEK 40–50m uplift in textile/India orders and operational levers (factory utilization, services growth, >1 GW Thomasville solar) expected to drive margin improvement and reduce net debt as larger Process Technology projects convert.Nederman Holding AB Financial Statement Overview
Summary
Income Statement
56
Neutral
Balance Sheet
60
Neutral
Cash Flow
48
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 5.56B | 5.78B | 5.90B | 6.19B | 5.18B | 4.04B |
| Gross Profit | 2.19B | 2.29B | 2.32B | 2.25B | 1.87B | 1.52B |
| EBITDA | 743.10M | 791.90M | 900.10M | 863.80M | 704.50M | 632.10M |
| Net Income | 245.00M | 273.90M | 345.20M | 340.90M | 328.70M | 305.30M |
Balance Sheet | ||||||
| Total Assets | 7.09B | 6.79B | 7.25B | 6.42B | 6.22B | 4.73B |
| Cash, Cash Equivalents and Short-Term Investments | 513.60M | 667.50M | 825.20M | 815.20M | 721.20M | 541.60M |
| Total Debt | 2.65B | 2.48B | 2.48B | 2.12B | 2.13B | 1.51B |
| Total Liabilities | 4.52B | 4.27B | 4.53B | 4.05B | 4.03B | 3.01B |
| Stockholders Equity | 2.57B | 2.51B | 2.72B | 2.37B | 2.19B | 1.72B |
Cash Flow | ||||||
| Free Cash Flow | 176.80M | 157.20M | 343.20M | 380.70M | 174.90M | 410.80M |
| Operating Cash Flow | 356.60M | 381.70M | 595.90M | 576.30M | 345.70M | 519.80M |
| Investing Cash Flow | -215.80M | -372.70M | -293.50M | -236.70M | -615.30M | -120.90M |
| Financing Cash Flow | -155.50M | -102.10M | -321.20M | -224.20M | 402.70M | -356.80M |
Nederman Holding AB Technical Analysis
Negative
162.40
Price Trends
124.62
Positive
128.02
Positive
140.70
Negative
Market Momentum
0.66
Positive
50.43
Neutral
38.60
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 129.55, above the 50-day MA of 124.62, and above the 200-day MA of 140.70, indicating a neutral trend. The MACD of 0.66 indicates Positive momentum. The RSI at 50.43 is Neutral, neither overbought nor oversold. The STOCH value of 38.60 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 (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
62 Neutral | kr12.43B | 18.39 | 12.07% | 1.33% | -5.65% | -16.37% | |
62 Neutral | kr2.37B | 29.44 | ― | 1.51% | -5.71% | -24.91% | |
61 Neutral | kr13.41B | 23.28 | 9.59% | 2.09% | -4.27% | -16.12% | |
57 Neutral | kr4.50B | 17.30 | ― | 2.41% | -5.51% | -14.52% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
51 Neutral | kr8.57B | 268.04 | 12.49% | 2.57% | -0.27% | -89.49% | |
44 Neutral | kr1.28B | -18.64 | -39.97% | ― | 120.73% | 7.14% |
* General Sector Average
SE:NMAN
Nederman Holding AB
128.20
-37.18
-22.48%
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Nederman Holding AB Corporate Events
Nederman lifts orders as strategy and acquisitions bolster market position
Jul 16, 2026
Nederman reported second-quarter 2026 orders of SEK 1,482m, reflecting solid currency-neutral growth, but net sales and profitability declined as earlier weak order intake fed through to revenues. Adjusted EBITA margins narrowed, and first-half ne...
Nederman boosts Australian growth with acquisition of Queensland distributor
Jun 22, 2026
Nederman has expanded its Australian footprint by acquiring long-time Brisbane-based distributor Fume Dust Control PTY LTD, strengthening its position in Queensland alongside existing strongholds in Victoria and New South Wales. The deal gives Ne...
Nederman AGM Approves Dividend, New Chair and Share Buyback Mandate
Apr 21, 2026
Nederman Holding AB’s 2026 AGM approved the 2025 accounts and a dividend of SEK 4.00 per share, with 71.1 percent of shares represented and the record date set for 23 April 2026. The meeting also discharged the board and CEO from liability, ...
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 ...
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.