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NCC AB
(NCC.B)
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Rating:48Neutral
Price Target:
kr171.00
▼(-3.77% Downside)
Action:Reiterated
Date:10/16/26
The score is held back primarily by sharply weakened TTM profitability (very thin net margin) and a very high P/E that reflects a depressed earnings base, alongside bearish price trends versus key moving averages. Support comes from a comparatively stable balance sheet and still-positive operating/free cash flow, though cash-flow consistency remains a watch item.
Positive Factors
Manageable leverage
Manageable leverage and a substantial equity base provide NCC with financial flexibility while it executes construction and infrastructure projects. This balance-sheet support can help the company absorb project variability and continue funding operations, although weaker profitability reduces the margin of safety.
Negative Factors
Material revenue contraction
A material revenue decline signals weaker project volume, execution, or demand and reduces the scale over which NCC can spread its operating base. If sustained, lower activity can weaken bargaining power, limit resource utilization, and make recovery in earnings dependent on renewed order intake.
Read all positive and negative factors
Positive Factors
Negative Factors
Manageable leverage
Manageable leverage and a substantial equity base provide NCC with financial flexibility while it executes construction and infrastructure projects. This balance-sheet support can help the company absorb project variability and continue funding operations, although weaker profitability reduces the margin of safety.
Read all positive factors
NCC AB (NCC.B) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr16.21B
Dividend Yield5.84%
Average Volume (3M)284.77K
Price to Earnings (P/E)230.6
Beta (1Y)0.92
Revenue Growth-10.38%
EPS Growth-95.01%
CountrySE
Employees10,714
SectorGeneral
Sector StrengthN/A
IndustryEngineering & Construction
Share Statistics
EPS (TTM)0.79
Shares Outstanding92,995,280
10 Day Avg. Volume277,629
30 Day Avg. Volume284,773
Financial Highlights & Ratios
PEG Ratio-1.67
Price to Book (P/B)2.72
Price to Sales (P/S)0.39
P/FCF Ratio13.94
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)12.43
Revenue Forecast (FY)kr52.66B
NCC AB Business Overview & Revenue Model
Company Description
NCC AB (publ) is a leading construction and real estate development enterprise operating throughout the Nordic region, specifically in Sweden, Norway, Denmark, and Finland. The company's diverse activities are structured across five key segments: ...
How the Company Makes Money
NCC makes money mainly by delivering contracted construction and infrastructure projects and by selling construction materials and related services. A major revenue stream comes from project-based contracting in its construction and civil engineer...
NCC AB Financial Statement Overview
Summary
Income Statement
42
Neutral
Balance Sheet
66
Positive
Cash Flow
53
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 53.97B | 55.72B | 61.61B | 56.93B | 54.20B | 53.41B |
| Gross Profit | 5.47B | 5.47B | 5.28B | 4.69B | 4.00B | 4.52B |
| EBITDA | 1.71B | 2.11B | 3.36B | 3.08B | 2.60B | 3.11B |
| Net Income | 77.00M | 142.00M | 1.57B | 1.57B | 1.07B | 1.51B |
Balance Sheet | ||||||
| Total Assets | 33.28B | 30.58B | 32.03B | 31.95B | 29.57B | 29.42B |
| Cash, Cash Equivalents and Short-Term Investments | 896.00M | 1.51B | 3.49B | 1.21B | 1.00B | 3.48B |
| Total Debt | 5.45B | 3.88B | 5.08B | 5.29B | 4.30B | 4.21B |
| Total Liabilities | 26.06B | 22.66B | 23.36B | 24.63B | 22.38B | 23.58B |
| Stockholders Equity | 7.22B | 7.92B | 8.66B | 7.32B | 7.18B | 5.84B |
Cash Flow | ||||||
| Free Cash Flow | 705.00M | 1.54B | 4.16B | 99.00M | -707.00M | 1.49B |
| Operating Cash Flow | 1.15B | 1.91B | 4.64B | 807.00M | 265.00M | 2.26B |
| Investing Cash Flow | -767.00M | -761.00M | -647.00M | -446.00M | -401.00M | -363.00M |
| Financing Cash Flow | -1.39B | -3.17B | -1.79B | -187.00M | -1.90B | -1.49B |
NCC AB Technical Analysis
Positive
177.70
Price Trends
178.01
Positive
179.27
Positive
192.39
Negative
Market Momentum
0.73
Negative
57.68
Neutral
92.22
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:NCC.B, the sentiment is Positive. The current price of 177.7 is above the 20-day moving average (MA) of 176.88, below the 50-day MA of 178.01, and below the 200-day MA of 192.39, indicating a neutral trend. The MACD of 0.73 indicates Negative momentum. The RSI at 57.68 is Neutral, neither overbought nor oversold. The STOCH value of 92.22 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:NCC.B.
NCC AB Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | kr31.35B | 20.77 | ― | 2.48% | 4.26% | 30.00% | |
73 Outperform | kr50.07B | 21.09 | 18.37% | 2.67% | 5.87% | 7.65% | |
67 Neutral | kr116.34B | 17.65 | 10.96% | 4.95% | -5.70% | 6.78% | |
66 Neutral | kr14.41B | 16.91 | 6.63% | 4.69% | -3.51% | -7.54% | |
65 Neutral | kr27.02B | 11.81 | 13.52% | 3.54% | 3.75% | 38.40% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
48 Neutral | kr16.21B | 230.63 | 1.00% | 6.10% | -10.38% | -95.01% |
* General Sector Average
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NCC AB Corporate Events
NCC Wins SEK 170 Million Heritage School Refurbishment in Helsinki
Oct 15, 2026
NCC has been commissioned by the City of Helsinki to refurbish and upgrade a heritage-listed elementary school and preschool in central Helsinki, in a project valued at approximately SEK 170 million. The historic building, whose oldest sections da...
NCC wins SEK 250m contract for new swim and bowling center in Örkelljunga
Oct 15, 2026
NCC has signed a turnkey partnering contract with Örkelljunga Municipality to build a new swim center and bowling alley in the southern Swedish town, an order valued at approximately SEK 250 million. The project, which follows a joint plannin...
NCC Sells Nordic Industry Unit for SEK 8.2 Billion to Refocus on Contracting
Oct 7, 2026
NCC has agreed to sell its Industry business area, a leading Nordic producer of stone materials and asphalt, to Heidelberg Materials and CRH for an enterprise value of SEK 8.2 billion. Heidelberg Materials will take over operations in Sweden and N...
NCC Wins SEK 180 Million Project to Convert Historic Turku Factory into Rental Housing
Oct 5, 2026
NCC has signed an agreement with the Turku University Foundation to convert the culturally historic Sanitas factory in Turku into a modern rental housing complex, including a new extension and underground parking. The project, valued at approximat...
NCC Wins SEK 1 Billion Power Line Contract in Västra Götaland
Sep 25, 2026
NCC has secured a major infrastructure contract from Swedish grid operator Svenska kraftnät to build 70 kilometers of new 400 kV overhead power lines in Västra Götaland, along the corridor between the Breared substation in Halmstad ...
NCC Wins SEK 200 Million Contract for Sustainable Nursing Home in Turku
Sep 24, 2026
NCC has secured a contract from social infrastructure investor Hemsö to build a modern nursing home in Turku, Finland, for approximately SEK 200 million, strengthening its position in the Nordic care facilities segment. The 7,800-square-metre...
NCC Secures SEK 3–5 Billion Long-Term Deal for Security Classified Projects
Sep 22, 2026
NCC AB has entered a ten-year strategic partnering agreement with an undisclosed customer to deliver multiple security classified construction and civil engineering projects across Sweden. The framework, valued at an estimated SEK 3 to 5 billion, ...
NCC wins SEK 150m sustainable care facility project in Turku
Sep 21, 2026
NCC has secured a SEK 150 million contract from Nordic Income+ (NIP), a fund managed by Urban Partners, to build a 4,600-square-meter residential care facility in Turku’s expanding Herttuankulma neighborhood, providing 114 care places. Devel...
NCC Wins SEK 1.2 Billion Office Redevelopment Contract in Denmark
Sep 17, 2026
Nordic construction group NCC has secured a major commission from pension provider Velliv to refurbish and expand a large office complex in Lyngby, north of Copenhagen, Denmark. The turnkey contract, conducted in partnering form with Velliv, archi...
NCC Wins SEK 440 Million Finnish Customs Contract in Vantaa
Sep 10, 2026
NCC AB has secured a SEK 440 million contract from state-owned Senate Properties to build new premises for Finnish Customs in Vantaa, north of Helsinki, in a technically demanding project adjacent to the Radiation and Nuclear Safety Authority of F...
NCC to Build New Artillery Regiment Base in Kristinehamn
Sep 8, 2026
NCC has entered into a partnering agreement with the Swedish Fortifications Agency to plan and later build a new artillery regiment base at Harberget in eastern Kristinehamn, re-establishing Swedish Armed Forces operations in the region. The base,...
NCC Wins SEK 220 Million Aalborg Housing Refurbishment Deal
Sep 4, 2026
NCC AB has secured a refurbishment contract from municipal housing company Himmerlands Boligförening to upgrade 350 residential units in Aalborg, Denmark, with an order value of approximately SEK 220 million. The project covers row houses and...
NCC Intensifies Worksite Safety With Sixteenth Nordic Awareness Day
Sep 2, 2026
NCC is a major Nordic construction group serving Sweden, Denmark, Norway, and Finland with building and infrastructure projects, asphalt and stone materials, and commercial property development. The company’s scale, with SEK 56 billion in 20...
NCC AB Adjusts Voting Rights Following August Share Conversions
Aug 31, 2026
NCC AB has announced a conversion of shares during August 2026, in line with its articles of association that allow holders of Series A shares to convert them into Series B shares, a process that reduces the company’s total voting rights. Fo...
NCC Wins SEK 300 Million Contract for New Junior High School in Turku
Aug 10, 2026
NCC has secured a partnering contract from municipal property company KOy Turun monitoimitilat to build the new St Olof’s School in Turku, Finland, an approximately 9,000-square-meter junior high facility for around 600 students. The project...
NCC Wins SEK 190m Danish Grid Contract to Support Green Transition
Aug 4, 2026
NCC has been awarded a contract by Danish transmission operator Energinet to build a 400 kV air-insulated switchgear substation at Ringsbjerg on Zealand and to expand the existing facility at Bjäverskov, in a deal valued at about SEK 190 mill...
NCC Wins SEK 500m Contract to Expand Fishing Port in Northern Norway
Jul 17, 2026
Nordic construction group NCC AB has secured a major infrastructure contract from the Norwegian Coastal Administration to expand and upgrade the Kjøllefjord fishing port in Finnmark, northern Norway. The roughly SEK 500 million project unders...
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.