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Nederman Holding AB
(NMAN)
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Rating:61Neutral
Price Target:
kr146.00
▲(11.11% Upside)
Action:Reiterated
Date:10/23/26
The score is held back primarily by weakening financial performance (TTM revenue contraction, margin compression, and only moderate cash-flow support versus debt). Offsetting factors include constructive technical trend (price above major moving averages) and a more optimistic near-term outlook from the latest earnings call (strong order intake/backlog and expectation of a stronger Q4). Valuation is reasonable but not clearly cheap given the recent slowdown, with the dividend providing some support.
Positive Factors
Growing aftermarket and recurring revenue
A growing aftermarket base can make revenue more recurring and improve resilience compared with relying only on large project sales. Management’s focus on retrofits, energy-reduction products, monitoring and service capacity supports customer retention and may gradually enhance the business mix.
Negative Factors
Revenue contraction and margin compression
The sharp TTM revenue decline and lower EBITDA and net margins indicate that recent earnings power has weakened materially. If demand remains soft, reduced operating leverage could limit reinvestment capacity and make recovery dependent on a sustained improvement in order conversion.
Read all positive and negative factors
Positive Factors
Negative Factors
Growing aftermarket and recurring revenue
A growing aftermarket base can make revenue more recurring and improve resilience compared with relying only on large project sales. Management’s focus on retrofits, energy-reduction products, monitoring and service capacity supports customer retention and may gradually enhance the business mix.
Read all positive factors
Nederman Holding AB (NMAN) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr4.83B
Dividend Yield2.91%
Average Volume (3M)34.85K
Price to Earnings (P/E)21.5
Beta (1Y)0.93
Revenue Growth-6.05%
EPS Growth-24.08%
CountrySE
Employees2,353
SectorGeneral
Sector StrengthN/A
IndustryIndustrial - Machinery
Share Statistics
EPS (TTM)6.39
Shares Outstanding35,146,020
10 Day Avg. Volume39,775
30 Day Avg. Volume34,850
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
Revenue Forecast (FY)kr5.62B
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...
Nederman Holding AB Earnings Call Summary
Earnings Call Date:Oct 21, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Feb 12, 2027
Earnings Call Sentiment Positive
The call was broadly positive. Strong order momentum, a growing backlog, robust Duct & Filter performance, improving cash flow, market expansion and continued service and digital development significantly outweighed the reported declines in group sales, EBITA, Extraction & Filtration sales and Process Technology profitability. Management remained confident that Q4 sales and profitability will improve, while acknowledging challenges in portable units, China, APAC establishment costs and the timing of Process Technology deliveries.Positive Updates
Strong Group Order Momentum
Q3 order intake increased by roughly 12% currency neutral; the reported figure was 11.8% organic growth versus Q3 2025, representing SEK 147 million of organic growth in the quarter. Year-to-date order intake was up 3.4% currency neutral, following seven essentially strong months after the slow January and February.
Negative Updates
Group Sales and Profitability Below Prior Year
Q3 was the highest sales quarter of the year, but group sales were still 1.7% behind the same quarter last year on a currency-neutral basis. EBITA was SEK 131 million versus SEK 166 million in Q3 2025, the EBITA margin was 9.2%, operating profit was SEK 104 million and earnings per share were SEK 1.68. Management said these levels were not where it wanted them to be.
Read all updates
Q3-2026 Updates
Positive
Negative
Strong Group Order Momentum
Q3 order intake increased by roughly 12% currency neutral; the reported figure was 11.8% organic growth versus Q3 2025, representing SEK 147 million of organic growth in the quarter. Year-to-date order intake was up 3.4% currency neutral, following seven essentially strong months after the slow January and February.
Read all positive updates
Company Guidance
Management said sales and therefore, profitability will clearly increase again in the fourth quarter, with the fourth quarter expected to be significantly stronger for Extraction & Filtration Technology and stronger than Q4 last year for Process Technology; the average time for backlog delivery in Process Technology is 6 to 9 months, with some revenue stretching into next year. They want to grow aftermarket faster than the solutions business over a sustained period of time, expect that portion to continue to grow, and said Monitoring & Control Technology has significantly more margin to deliver, with modest volume growth expected to produce an even bigger and even better margin. They said further cash generation is a clear target, fixed asset investments will be not at the same levels as in the last 2 years, 2.5 years, and should reduce net debt. If successful, semiconductor activity could generate tens of millions in Norwegian kroner per annum, while the AGV-enabled warehouse is to be finalized by the end of Q2 next year; they would not promise, but sincerely hope and think momentum will continue after this quarter.Nederman Holding AB Financial Statement Overview
Summary
Income Statement
56
Neutral
Balance Sheet
60
Neutral
Cash Flow
52
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 5.54B | 5.78B | 5.90B | 6.19B | 5.18B | 4.04B |
| Gross Profit | 2.17B | 2.29B | 2.32B | 2.26B | 1.87B | 1.52B |
| EBITDA | 714.70M | 791.90M | 900.10M | 863.80M | 704.50M | 632.10M |
| Net Income | 224.50M | 273.90M | 345.20M | 340.90M | 328.70M | 305.30M |
Balance Sheet | ||||||
| Total Assets | 7.28B | 6.79B | 7.25B | 6.42B | 6.31B | 4.83B |
| Cash, Cash Equivalents and Short-Term Investments | 579.30M | 667.50M | 825.20M | 815.20M | 721.20M | 541.60M |
| Total Debt | 2.66B | 2.48B | 2.48B | 2.12B | 2.13B | 1.51B |
| Total Liabilities | 4.57B | 4.27B | 4.53B | 4.05B | 4.12B | 3.11B |
| Stockholders Equity | 2.72B | 2.51B | 2.72B | 2.37B | 2.19B | 1.72B |
Cash Flow | ||||||
| Free Cash Flow | 188.60M | 157.20M | 434.50M | 380.70M | 174.90M | 410.80M |
| Operating Cash Flow | 368.70M | 381.70M | 595.90M | 576.30M | 345.70M | 519.80M |
| Investing Cash Flow | -216.10M | -372.70M | -293.50M | -236.70M | -615.30M | -120.90M |
| Financing Cash Flow | -140.10M | -102.10M | -321.20M | -224.20M | 402.70M | -356.80M |
Nederman Holding AB Technical Analysis
Positive
131.40
Price Trends
132.00
Positive
130.75
Positive
131.25
Positive
Market Momentum
2.37
Positive
56.24
Neutral
15.83
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:NMAN, the sentiment is Positive. The current price of 131.4 is below the 20-day moving average (MA) of 135.39, below the 50-day MA of 132.00, and above the 200-day MA of 131.25, indicating a bullish trend. The MACD of 2.37 indicates Positive momentum. The RSI at 56.24 is Neutral, neither overbought nor oversold. The STOCH value of 15.83 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
73 Outperform | kr17.69B | 22.14 | 13.24% | 1.71% | 3.31% | 20.40% | |
69 Neutral | kr876.07B | 33.08 | 24.21% | 1.83% | 2.72% | 0.11% | |
67 Neutral | kr228.07B | 28.02 | 17.58% | 1.63% | 4.27% | -2.41% | |
65 Neutral | kr453.34B | 23.76 | 18.92% | 1.66% | 14.34% | 29.04% | |
61 Neutral | kr4.83B | 21.53 | ― | 2.91% | -6.05% | -24.08% | |
60 Neutral | kr26.09B | 49.15 | 10.12% | 1.13% | -0.19% | 78.46% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
SE:NMAN
Nederman Holding AB
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-12.27%
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Nederman Holding AB Corporate Events
Nederman Builds Platform for Growth as Q3 Orders Stay Strong
Oct 21, 2026
Nederman Holding AB reported strong order intake in the third quarter of 2026, with orders rising 11.8 percent currency-neutral to SEK 1,414 million, even as net sales dipped slightly and margins contracted compared with a year earlier. Profitabil...
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.