Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
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Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
NCAB Group AB (publ) is a leading provider of printed circuit boards (PCBs) and related services, operating across Sweden, the Nordic region, rest of Europe, North America, and Asia. The company specializes in sourcing high-quality PCBs from external manufacturers, primarily in China, following customer orders. It offers a diverse portfolio including multilayer, high-density interconnect, radio frequency, insulated metal base, flexible, rigid-flex, semi-flex, heavy copper, and double-sided PCBs. Comprehensive support encompasses design assistance, prototyping, production, and rigorous quality control. NCAB Group AB (publ) serves critical industries such as aerospace, defense, automotive, datacom, industrial, medical, power/energy, railway, safety-critical, and telecom. Its operations are structured into four key segments: Nordic, Europe, East, and North America, with Europe being a primary revenue contributor through subsidiaries in the UK, Poland, France, Italy, Germany, and Spain. Founded in 1993 and headquartered in Sundbyberg, Sweden, NCAB Group AB (publ) plays a vital role in the global electronics supply chain by delivering customized PCB solutions to demanding sectors.
kr 81.85
+kr 1.65 (+2.06%)
Live · 11:06 PM · Twelve Data
Operating margin is thin at 8.89%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue grew 3.6%, steady but not accelerating. Free cash flow declined 20% despite revenue growth, conversion is weakening.
At 67x earnings, the current multiple leaves limited room for execution misses or growth deceleration. Free cash flow declined 20% versus the prior year, cash generation momentum has weakened.
67.1x earnings, 52.6x FCF. The market is pricing in years of above-average growth. If that thesis breaks, downside from multiple compression alone could be 30%+. This is a stock where you're paying for the future, not the present.
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
kr 3.86B
▲ +3.6% YoY
Net Income (TTM)
kr 229M
▼ -19.1% YoY
Op. Margin
9.35%
▼ -1.8pp YoY
ROIC
9.77%
▼ -1.9pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
kr 291M
▼ -19.7% YoY
Op. Cash Flow (TTM)
kr 350M
▼ -23.8% YoY
Net Debt
kr 824M
Cash & Equiv.
kr 334M
3Y CAGR: -5.7%
3Y CAGR: -18.9%
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At a P/E of 67.1 and a price-to-free-cash-flow of 52.6, NCAB Group AB (publ) (NCAB.XSTO) trades above a two-stage DCF intrinsic value of about SEK 74.15 per share, so at SEK 81.85 the stock looks overvalued (9.4% above estimated intrinsic value). A high multiple is not the same as overvalued: fast-growing, high-quality businesses can deserve a premium. See the general approach in how to tell if a stock is overvalued.
On quality, NCAB Group AB (publ) scores 20/100 on Intrinsiqq's quality scorecard (a lower-quality business on these measures), weighing growth, margins, returns on capital, share count, and balance-sheet strength. All figures are computed from SEC filings; read the full methodology. This is analysis, not investment advice.
Intrinsiqq's two-stage DCF estimates an intrinsic value of about SEK 74.15 per share for NCAB.XSTO, projecting its recent free cash flow forward with a growth rate that fades toward a long-run rate and discounting it back to today. Applying a 25% margin of safety gives a more conservative fair-value entry around SEK 55.62. At today's SEK 81.85, that puts the stock about 9.4% above estimated intrinsic value. The result is sensitive to the growth and discount-rate inputs, so it is best to run conservative, base and optimistic cases. You can adjust all of them yourself with the sliders on the DCF tab.
NCAB Group AB (publ) scores 20 out of 100 on Intrinsiqq's quality score, a weighted blend of 8 metrics each scored 0 to 100, which makes it a lower-quality business on these measures. Recent fundamentals include a 9.4% operating margin and a 9.8% return on invested capital. The score weighs revenue and free-cash-flow growth, operating margins, return on invested capital, share-count change, and balance-sheet strength, all computed from SEC filings, not opinion. Because valuation only means something relative to quality, the full metric-by-metric breakdown is on the quality scorecard.
That depends on valuation and quality together, not either alone. NCAB.XSTO currently trades above its estimated intrinsic value and scores 20/100 on quality (lower-quality). A cheap price is only a bargain if the business is durable, and a premium can be justified by genuine quality, so the two questions, "is it cheap?" and "is it good?", only make sense side by side. Read the valuation against the quality scorecard, run the DCF on your own assumptions, and decide for yourself. This is analysis from SEC filings, not investment advice.