NCAB Stock Analysis: NCAB | ST
Electronic Components | ST, Sweden | Market Cap: 15.612m SEK | 12M Return: 60.8% | SE0017160773 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 23.4M
EPS Trend: -79.0%
Qual. Beats: 0
Rev. Trend: -30.6%
Qual. Beats: 0
Warnings
No concerns identified
Tailwinds
Seasonality 8.3 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
NCAB Group AB (publ) is a Sweden-based company that engages in the manufacture and sale of printed circuit boards (PCBs), with operations spanning Sweden, the Nordic region, the rest of Europe, North America, and Asia. The company offers a broad product range including multilayer, high-density interconnect (HDI), radio frequency, insulated metal base, flexible, rigid-flex, semi-flex, heavy copper, and double-sided PCBs, serving end markets such as aerospace, defense, automotive, datacom, industrial, medical, power/energy, railway, safety-critical, and telecom.
Founded in 1993 and headquartered in Sundbyberg, NCAB operates within the GICS Electronic Components sub-industry, supplying a foundational input to the broader electronics manufacturing value chain. PCBs function as the physical substrate on which electronic components are mounted and interconnected, making them essential to virtually all electronic devices and systems.
The companys wide geographic footprint and diverse end-market exposure indicate a customer base oriented toward OEMs and contract manufacturers requiring multi-technology PCB sourcing and technical support across both high-reliability and high-volume applications.
- Datacom and EV demand lifts complex multilayer PCB orders
- Copper prices and FX swings squeeze gross margins
- China sourcing concentration exposes to tariff escalation risk
| Net Income: 272.4m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.08 > 0.02 and ΔFCF/TA -1.25 > 1.0 |
| NWC/Revenue: 17.47% < 20% (prev 16.65%; Δ 0.82% < -1%) |
| CFO/TA 0.08 > 3% & CFO 322.1m > Net Income 272.4m |
| Net Debt (1.04b) to EBITDA (521.7m): 1.99 < 3 |
| Current Ratio: 1.60 > 1.5 & < 3 |
| Outstanding Shares: last quarter (187.6m) vs 12m ago 0.17% < -2% |
| Gross Margin: 23.21% > 18% (prev 35.33%; Δ -12.12% > 0.5%) |
| Asset Turnover: 107.7% > 50% (prev 105.5%; Δ 2.15% > 0%) |
| Interest Coverage Ratio: 7.92 > 6 (EBIT TTM 402.3m / Interest Expense TTM 50.8m) |
| A: 0.17 (Total Current Assets 1.91b - Total Current Liabilities 1.20b) / Total Assets 4.17b |
| B: 0.24 (Retained Earnings 985.7m / Total Assets 4.17b) |
| C: 0.11 (EBIT TTM 402.3m / Avg Total Assets 3.80b) |
| D: 0.56 (Book Value of Equity 1.49b / Total Liabilities 2.68b) |
| Altman-Z'' = 3.19 = A |
| DSRI: 1.10 (Receivables 1.17b/940.5m, Revenue 4.09b/3.62b) |
| GMI: 1.52 (GM 35.33% / 23.21%) |
| AQI: 0.97 (AQ_t 0.52 / AQ_t-1 0.54) |
| SGI: 1.13 (Revenue 4.09b / 3.62b) |
| TATA: -0.01 (NI 272.4m - CFO 322.1m) / TA 4.17b) |
| Beneish M = -2.40 (Cap -4..+1) = BBB |
As of September 27, 2026, the stock is trading at SEK 82.50 with a total of 153,281 shares traded. Over the past week, the price has changed by +1.48%, over one month by +10.15%, over three months by +0.00% and over the past year by +60.77%.
Current recommended Stop Loss: 73.60 (which is 10.8% or 2.4 ATR below the current price).
NCAB has no consensus analysts rating.
P/E Trailing = 57.1918
P/E Forward = 33.0033
P/S = 3.8149
P/B = 10.1705
P/EG = 2.0022
Revenue TTM = 4.09b SEK
EBIT TTM = 402.3m SEK
EBITDA TTM = 521.7m SEK
Long Term Debt = 1.24b SEK (from longTermDebt, last quarter)
Short Term Debt = 104.3m SEK (from shortTermDebt, last quarter)
Debt = 1.38b SEK (from shortLongTermDebtTotal, last quarter) + Leases 69.3m
Net Debt = 1.04b SEK (calculated: Debt 1.38b - CCE 344.2m)
Enterprise Value = 16.6b SEK (15.6b + Debt 1.38b - CCE 344.2m)
Interest Coverage Ratio = 7.92 (Ebit TTM 402.3m / Interest Expense TTM 50.8m)
EV/FCF = 52.65x (Enterprise Value 16.6b / FCF TTM 316.2m)
FCF Yield = 1.90% (FCF TTM 316.2m / Enterprise Value 16.6b)
FCF Margin = 7.73% (FCF TTM 316.2m / Revenue TTM 4.09b)
Net Margin = 6.66% (Net Income TTM 272.4m / Revenue TTM 4.09b)
Gross Margin = 23.21% ((Revenue TTM 4.09b - Cost of Revenue TTM 3.14b) / Revenue TTM)
Gross Margin QoQ = 34.95% (prev 34.91%)
Tobins Q-Ratio = 3.99 (Enterprise Value 16.6b / Total Assets 4.17b)
Interest Expense / Debt = 3.68% (Interest Expense 50.8m / Debt 1.38b)
Taxrate = 24.24% (87.3m / 360.1m)
NOPAT = 304.8m (EBIT 402.3m * (1 - 24.24%))
Current Ratio = 1.60 (Total Current Assets 1.91b / Total Current Liabilities 1.20b)
Debt / Equity = 0.92 (Debt 1.38b / totalStockholderEquity, last quarter 1.49b)
Debt / EBITDA = 1.99 (Net Debt 1.04b / EBITDA 521.7m)
Debt / FCF = 3.28 (Net Debt 1.04b / FCF TTM 316.2m)
Total Stockholder Equity = 1.49b (last 4 quarters mean from totalStockholderEquity)
RoA = 7.17% (Net Income 272.4m / Total Assets 4.17b)
RoE = 18.33% (Net Income TTM 272.4m / Total Stockholder Equity 1.49b)
RoCE = 14.74% (EBIT 402.3m / Capital Employed (Equity 1.49b + L.T.Debt 1.24b))
RoIC = 10.61% (NOPAT 304.8m / Invested Capital 2.87b)
WACC = 9.96% (E(15.6b)/V(17.0b) * Re(10.59%) + D(1.38b)/V(17.0b) * Rd(3.68%) * (1-Tc(0.24)))
Discount Rate = 10.59% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -20.05 | Cagr: -0.01%
[DCF] Terminal Value 70.66% ; FCFF base≈310.9m ; Y1≈323.5m ; Y5≈367.9m
[DCF] Fair Price = 18.28 (EV 4.45b - Net Debt 1.04b = Equity 3.42b / Shares 187.0m; r=9.96% [WACC]; 5y FCF grow 4.36% → 2.50% )
EPS Correlation: -78.99 | EPS CAGR: -21.93% | SUE: 0.27 | # QB: 0
Revenue Correlation: -30.62 | Revenue CAGR: -1.85% | SUE: 0.69 | # QB: 0
EPS current Quarter (2026-09-30): EPS=0.61 | Chg30d=+4.59% | Revisions=+40% | Analysts=2
EPS current Year (2026-12-31): EPS=2.10 | Chg30d=+6.33% | Revisions=+57% | GrowthEPS=+90.5% | GrowthRev=+27.8%
EPS next Year (2027-12-31): EPS=2.89 | Chg30d=+16.60% | Revisions=+57% | GrowthEPS=+37.9% | GrowthRev=+20.0%
[Analyst] Revisions Ratio: +77% (up=10, down=0)