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NCAB Group AB
(NCAB)
Select Model
Select Model
Rating:58Neutral
Price Target:
kr89.00
▲(94.07% Upside)
Action:Reiterated
Date:07/23/26
The score is anchored by a generally solid financial profile (stable TTM revenue growth and acceptable leverage), but it is held back by recovery-stage margins/cash flow versus 2022–2023 peaks and a mixed technical picture with negative MACD. The largest drag is valuation: a high P/E with only a modest dividend yield.
Positive Factors
Sourcing Model
NCAB's sourcing-and-assurance model embeds technical support, supplier qualification, quality control and logistics in PCB delivery. This creates customer value beyond a transaction, supports repeat production orders, and can make the company a durable procurement partner across several end markets.
Negative Factors
Margin Recovery
TTM net margin is about 6%, down from roughly 9–10% in 2022–2023, and operating margin is also below 2023. The decline reduces earnings cushion and suggests profitability has not yet returned to its earlier peak, limiting near-term compounding capacity.
Read all positive and negative factors
Positive Factors
Negative Factors
Sourcing Model
NCAB's sourcing-and-assurance model embeds technical support, supplier qualification, quality control and logistics in PCB delivery. This creates customer value beyond a transaction, supports repeat production orders, and can make the company a durable procurement partner across several end markets.
Read all positive factors
NCAB Group AB (NCAB) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr16.04B
Dividend Yield1.26%
Average Volume (3M)314.06K
Price to Earnings (P/E)59.9
Beta (1Y)1.40
Revenue Growth13.03%
EPS Growth48.02%
CountrySE
Employees671
SectorGeneral
Sector StrengthN/A
IndustryHardware, Equipment & Parts
Share Statistics
EPS (TTM)1.46
Shares Outstanding186,971,240
10 Day Avg. Volume297,495
30 Day Avg. Volume314,064
Financial Highlights & Ratios
PEG Ratio-2.27
Price to Book (P/B)6.21
Price to Sales (P/S)2.39
P/FCF Ratio31.52
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)2.17
Revenue Forecast (FY)kr4.81B
NCAB Group AB Business Overview & Revenue Model
Company Description
NCAB Group AB (publ) operates globally as a manufacturer and supplier of printed circuit boards (PCBs). The company provides a comprehensive selection of PCB technologies, including multilayer, high-density interconnect (HDI), radio frequency (RF)...
How the Company Makes Money
NCAB primarily makes money by selling printed circuit boards to customers through a sourcing-and-supply model. Revenue is generated from customer orders for PCBs, where NCAB manages the end-to-end procurement process: it works with an approved net...
NCAB Group AB Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
67
Positive
Cash Flow
60
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 4.09B | 3.74B | 3.61B | 4.09B | 4.46B | 3.22B |
| Gross Profit | 949.80M | 535.83M | 1.33B | 1.46B | 1.41B | 974.09M |
| EBITDA | 521.70M | 446.10M | 499.68M | 692.48M | 657.61M | 442.63M |
| Net Income | 272.40M | 206.00M | 254.90M | 403.74M | 416.96M | 284.92M |
Balance Sheet | ||||||
| Total Assets | 4.17B | 3.52B | 3.39B | 3.22B | 3.04B | 2.66B |
| Cash, Cash Equivalents and Short-Term Investments | 344.20M | 333.80M | 310.60M | 478.63M | 357.84M | 136.71M |
| Total Debt | 1.31B | 1.16B | 1.08B | 1.07B | 923.49M | 871.18M |
| Total Liabilities | 2.68B | 2.08B | 1.94B | 1.89B | 1.85B | 1.89B |
| Stockholders Equity | 1.49B | 1.44B | 1.45B | 1.34B | 1.20B | 773.43M |
Cash Flow | ||||||
| Free Cash Flow | 316.20M | 283.50M | 349.20M | 647.75M | 525.34M | 43.53M |
| Operating Cash Flow | 322.10M | 286.90M | 354.20M | 700.43M | 568.09M | 48.28M |
| Investing Cash Flow | -289.80M | -271.90M | -281.70M | -490.75M | -218.37M | -575.92M |
| Financing Cash Flow | 27.10M | 52.30M | -269.10M | -78.22M | -140.81M | 200.75M |
NCAB Group AB Technical Analysis
Positive
45.86
Price Trends
80.10
Positive
78.91
Positive
67.35
Positive
Market Momentum
1.86
Positive
57.36
Neutral
42.59
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:NCAB, the sentiment is Positive. The current price of 45.86 is below the 20-day moving average (MA) of 85.06, below the 50-day MA of 80.10, and below the 200-day MA of 67.35, indicating a bullish trend. The MACD of 1.86 indicates Positive momentum. The RSI at 57.36 is Neutral, neither overbought nor oversold. The STOCH value of 42.59 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:NCAB.
NCAB Group AB Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | kr5.08B | 29.58 | 10.25% | 0.96% | 10.48% | 22.01% | |
63 Neutral | kr10.59B | 26.62 | ― | 0.90% | 60.99% | 71.83% | |
58 Neutral | kr16.04B | 59.86 | ― | 1.26% | 13.03% | 48.02% | |
56 Neutral | kr5.05B | 20.62 | 14.63% | 4.37% | 3.96% | -3.46% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
53 Neutral | kr723.08M | -226.92 | ― | 0.63% | -9.23% | -111.03% |
* General Sector Average
SE:NCAB
NCAB Group AB
87.40
40.50
86.35%
SE:EPEN
Beijer Electronics Group AB
156.80
41.07
35.48%
SE:NOTE
NOTE AB
179.20
-17.50
-8.90%
SE:HANZA
Hanza AB
167.20
61.73
58.53%
SE:ALCA
Alcadon Group AB
29.50
8.20
38.50%
SE:KBC
KB Components AB
38.00
-6.48
-14.57%
NCAB Group AB Corporate Events
NCAB Group Schedules Webcast for Third-Quarter 2026 Report
Sep 30, 2026
NCAB Group AB, a Nasdaq Stockholm-listed specialist in printed circuit boards, serves demanding customers globally with sustainably produced PCBs delivered on time and at the lowest total cost. Founded in 1993, the company has expanded to 19 count...
NCAB Group expands into Australia with acquisition of IMP Electronics Solutions
Sep 16, 2026
NCAB Group has agreed to acquire the operations of IMP Electronics Solutions in Adelaide, gaining its 12-person team and established PCB trading business in Australia and New Zealand. The deal, which adds a new geography to NCAB’s global net...
NCAB Group Rides Strained PCB Supply to Strong Q2 Growth
Jul 22, 2026
NCAB Group reported a sharp rebound in the second quarter of 2026, with net sales rising 25% to SEK 1,167.5 million and EBITA up 48%, lifting the margin to 11.9%. Order intake surged 59% in SEK, driven by price increases, pre-buying and underlying...
NCAB Group Sets November 2026 Capital Markets Day
Jul 22, 2026
NCAB Group AB has scheduled a Capital Markets Day for 19 November 2026, to be held at its Sundbyberg headquarters and broadcast via webcast. The event targets investors, analysts and media with a detailed update on the company’s market envir...
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.