NCAB Stock Analysis: NCAB | ST
Electronic Components | ST, Sweden | Market Cap: 16.023m SEK | 12M Return: 66.3% | SE0017160773 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 25.6M
EPS Trend: -79.0%
Qual. Beats: 0
Rev. Trend: -30.6%
Qual. Beats: 0
Warnings
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 Swedish supplier of printed circuit boards (PCBs), listed on the Stockholm Stock Exchange under the ticker NCAB. The company is classified within the GICS Information Technology sector under the Electronic Components sub-industry, positioning it as a key link in the global electronics supply chain.
Its product range spans multilayer, high-density interconnect (HDI), radio frequency, 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. Geographically, NCAB operates across Sweden, the Nordic region, the rest of Europe, North America, and Asia.
Founded in 1993 and headquartered in Sundbyberg, Sweden, NCAB supplies a foundational component of modern electronics, as PCBs provide the physical platform on which electronic components are mounted and interconnected. This role makes PCB suppliers integral to virtually every segment of downstream electronics manufacturing.
- PCB demand from EV and datacom end markets accelerates
- Copper price volatility pressures PCB gross margins
- Acquisition pipeline drives Nordic PCB market consolidation
| 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 October 09, 2026, the stock is trading at SEK 85.40 with a total of 317,822 shares traded. Over the past week, the price has changed by -1.04%, over one month by +2.15%, over three months by +18.94% and over the past year by +66.26%.
Current recommended Stop Loss: 81.00 (which is 5.2% or 1.3 ATR below the current price).
NCAB has no consensus analysts rating.
P/E Trailing = 57.9054
P/E Forward = 34.6021
P/S = 3.9155
P/B = 11.2088
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 = 17.1b SEK (16.0b + Debt 1.38b - CCE 344.2m)
Interest Coverage Ratio = 7.92 (Ebit TTM 402.3m / Interest Expense TTM 50.8m)
EV/FCF = 53.95x (Enterprise Value 17.1b / FCF TTM 316.2m)
FCF Yield = 1.85% (FCF TTM 316.2m / Enterprise Value 17.1b)
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 = 4.09 (Enterprise Value 17.1b / 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 = 10.19% (E(16.0b)/V(17.4b) * Re(10.83%) + D(1.38b)/V(17.4b) * Rd(3.68%) * (1-Tc(0.24)))
Discount Rate = 10.83% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -20.05 | Cagr: -0.01%
[DCF] Terminal Value 69.92% ; FCFF base≈310.9m ; Y1≈323.5m ; Y5≈367.9m
[DCF] Fair Price = 17.54 (EV 4.32b - Net Debt 1.04b = Equity 3.28b / Shares 187.0m; r=10.19% [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=0.60 | Chg30d=-1.93% | Revisions=-25% | Analysts=2
EPS current Year (2026-12-31): EPS=2.11 | Chg30d=+0.52% | Revisions=+25% | GrowthEPS=+91.4% | GrowthRev=+29.0%
EPS next Year (2027-12-31): EPS=2.97 | Chg30d=+2.77% | Revisions=+25% | GrowthEPS=+40.9% | GrowthRev=+20.9%
[Analyst] Revisions Ratio: +17% (up=2, down=1)