Nederman Holding AB (SE:NMAN)
:NMAN
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Nederman Holding AB
(NMAN)
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Rating:54Neutral
Price Target:
kr132.00
▼(-18.72% Downside)
Action:ReiteratedDate:02/18/26
The score is held back primarily by weakening cash flow/cash conversion, softer year-over-year profitability, and a technically weak setup (below major moving averages with negative MACD). Offsetting factors include a still-reasonable valuation with a moderate dividend yield and a cautiously improving outlook from the earnings call driven by better order momentum and operational efficiency gains.
Positive Factors
Aftermarket & Service Growth
Growing service, upgrades and aftermarket demand increases recurring revenue and raises backbone stability versus project cyclicality. A larger installed base boosts high-margin spare parts and service cash flows, improving revenue visibility and resilience across cycles.
Negative Factors
Weakened Cash Generation
Substantially lower cash conversion reduces financial flexibility to fund capex, pay dividends or de-lever. Persistently weaker operating cash flow raises refinancing risk, constrains strategic investments and limits the company's ability to self-fund growth or weather prolonged downturns.
Read all positive and negative factors
Positive Factors
Negative Factors
Aftermarket & Service Growth
Growing service, upgrades and aftermarket demand increases recurring revenue and raises backbone stability versus project cyclicality. A larger installed base boosts high-margin spare parts and service cash flows, improving revenue visibility and resilience across cycles.
Read all positive factors
Nederman Holding AB (NMAN) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr4.74B
Dividend Yield2.41%
Average Volume (3M)16.46K
Price to Earnings (P/E)21.7
Beta (1Y)0.76
Revenue Growth2.05%
EPS Growth-11.66%
CountrySE
Employees2,492
SectorIndustrials
Sector Strength72
IndustryIndustrial - Machinery
Share Statistics
EPS (TTM)1.86
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)7.52
Revenue Forecast (FY)kr5.40B
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 makes money primarily by selling industrial air filtration and extraction products and delivering engineered solutions to industrial customers. Key revenue streams typically include: (1) equipment and system sales—standard products (e.g.,...
Nederman Holding AB Earnings Call Summary
Earnings Call Date:Feb 12, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 17, 2026
Earnings Call Sentiment Neutral
The call presents a balanced picture: operational improvements, currency-neutral sales growth, strong cash flow and targeted investments are positives that position the company well for a recovery. However, adverse currency effects, tariff costs, lower reported profitability and EPS, regional softness (notably APAC) and postponed large projects temper near-term outlook. Divisional efficiency gains and growing service/aftermarket revenues are encouraging, but headline profitability and some volume declines leave performance mixed for the period.Positive Updates
Currency-Neutral Sales and Organic Growth in Q4
Q4 sales showed currency-neutral growth with organic growth of 4.7% in the quarter and a combined currency-neutral increase of ~7.3% when including recent acquisitions (Euro-Equip, Duroair). Management highlights this as a positive result given market conditions.
Negative Updates
Negative Currency Effects and Tariff Impact
Currency headwinds materially impacted reported figures: a negative currency effect of over ~9% in the quarter and an estimated currency impact on EBITA of slightly under SEK 70m for the full year. U.S. tariffs added approximately SEK 15m to group costs.
Read all updates
Q4-2025 Updates
Positive
Negative
Currency-Neutral Sales and Organic Growth in Q4
Q4 sales showed currency-neutral growth with organic growth of 4.7% in the quarter and a combined currency-neutral increase of ~7.3% when including recent acquisitions (Euro-Equip, Duroair). Management highlights this as a positive result given market conditions.
Read all positive updates
Company Guidance
Management's guidance was cautious but constructive: demand remains dampened but orders picked up after September and continued in Q4, and if that momentum persists they expect a stronger H1 2026 with higher margins while continuing targeted CapEx and R&D investments supported by a strong balance sheet; key figures cited include Q4 orders/sales around SEK 1.38bn (organic Q4 growth 4.7%, currency‑neutral including recent acquisitions ~7.3%), full‑year order intake SEK 5.55bn (currency‑neutral +1.5%, organic -1.3%) and full‑year sales SEK 5.78bn (currency‑neutral +3.5%), Q4 adjusted EBITA SEK 159m (margin 10.6%) and full‑year adjusted EBITA SEK 627m (margin 10.8%, vs SEK 708m/12% in 2024), Q4 EPS SEK 1.86 (FY SEK 7.8 vs SEK 9.83), very strong Q4 cash flow with FY cash flow SEK 382m, net debt down over the last two quarters (but above the level 12 months ago), currency headwinds (quarterly currency effect >9% and ~slightly under SEK 70m on FY EBITA), U.S. tariffs ~SEK 5m/quarter (~SEK 15m FY) and one‑offs ~just under SEK 100m in 2024; the board proposes an unchanged dividend of SEK 4/share and published the FY calendar (annual report 17 Mar, Q1 report 17 Apr, AGM 21 Apr).Nederman Holding AB Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
58
Neutral
Cash Flow
46
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 5.78B | 5.90B | 6.19B | 5.18B | 4.04B |
| Gross Profit | 2.29B | 2.32B | 2.25B | 1.87B | 1.52B |
| EBITDA | 791.90M | 900.10M | 863.80M | 704.50M | 632.10M |
| Net Income | 273.90M | 345.20M | 340.90M | 328.70M | 305.30M |
Balance Sheet | |||||
| Total Assets | 6.79B | 7.25B | 6.42B | 6.22B | 4.73B |
| Cash, Cash Equivalents and Short-Term Investments | 667.50M | 825.20M | 815.20M | 721.20M | 541.60M |
| Total Debt | 2.48B | 2.48B | 2.12B | 2.13B | 1.51B |
| Total Liabilities | 4.27B | 4.53B | 4.05B | 4.03B | 3.01B |
| Stockholders Equity | 2.51B | 2.72B | 2.37B | 2.19B | 1.72B |
Cash Flow | |||||
| Free Cash Flow | 157.20M | 343.20M | 380.70M | 174.90M | 410.80M |
| Operating Cash Flow | 381.70M | 595.90M | 576.30M | 345.70M | 519.80M |
| Investing Cash Flow | -372.70M | -293.50M | -236.70M | -615.30M | -120.90M |
| Financing Cash Flow | -102.10M | -321.20M | -224.20M | 402.70M | -356.80M |
Nederman Holding AB Technical Analysis
Negative
162.40
Price Trends
142.94
Negative
151.83
Negative
160.57
Negative
Market Momentum
-3.19
Negative
43.70
Neutral
69.09
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 137.05, above the 50-day MA of 142.94, and above the 200-day MA of 160.57, indicating a bearish trend. The MACD of -3.19 indicates Negative momentum. The RSI at 43.70 is Neutral, neither overbought nor oversold. The STOCH value of 69.09 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 | kr13.75B | 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 | kr11.65B | 25.44 | 9.59% | 2.09% | -1.74% | 26.36% | |
59 Neutral | kr2.04B | 35.34 | ― | 1.51% | -8.97% | -31.59% | |
54 Neutral | kr4.74B | 21.74 | ― | 2.41% | 2.05% | -11.66% | |
50 Neutral | kr5.58B | 59.83 | 12.49% | 2.57% | -5.67% | -33.12% | |
44 Neutral | kr930.87M | -12.66 | -39.97% | ― | 11.85% | 6.39% |
* Industrials Sector Average
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Nederman Holding AB Corporate Events
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.