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1. Company Snapshot

1.a. Company Description

NCAB Group AB (publ) manufactures and sells printed circuit boards (PCBs) worldwide.The company offers multilayer, high-density interconnect, radio frequency, insulated metal base, flexible, rigid-flex, semi-flex, and double sided PCBs. The company serves aerospace and defense, automotive, datacom, industrial, medical, power and energy, railway, safety-critical, and telecom industries.NCAB Group AB (publ) was founded in 1993 and is headquartered in Bromma, Sweden.

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1.b. Last Insights on NCAB

NCAB Group AB's recent performance was negatively impacted by the company's inability to capitalize on the European market's resilience, as seen in the pan-European STOXX Europe 600 Index's recovery. Despite the European Central Bank's interest rate cuts and a delay in U.S. tariff hikes, NCAB Group's growth potential and adaptability to market shifts have been hindered by its own internal challenges. The company's recent performance has been overshadowed by its struggles to maintain momentum in a rapidly evolving economic landscape.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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NCAB Group AB (FRA:XB1) Q3 2025 Earnings Call Highlights: Strong Order Intake and Strategic ...

Oct -24

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How Recent Developments Are Rewriting the Story for NCAB Group

Oct -24

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European Stocks With Estimated Discounts Up To 47.3% That May Offer Value

Oct -23

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NCAB Group And 2 Other European Stocks That May Be Priced Below Intrinsic Value Estimates

Sep -12

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NCAB Group AB (FRA:XB1) Q2 2025 Earnings Call Highlights: Navigating Currency Challenges and ...

Jul -23

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Exploring Three High Growth Tech Stocks in Europe

Jul -07

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3 European Stocks That May Be Undervalued Based On Current Market Estimates

Jul -04

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3 Undervalued Small Caps In Global With Insider Buying

May -28

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (15.00%)

6. Segments

Printed Circuit Boards

Expected Growth: 15%

NCAB Group AB's 15% growth in Printed Circuit Boards is driven by increasing demand for electrification in the automotive industry, rising adoption of 5G technology, and growing need for high-reliability interconnect solutions in the aerospace and defense sectors. Additionally, the company's strategic acquisitions and expansion into emerging markets have contributed to its growth momentum.

7. Detailed Products

PCBs (Printed Circuit Boards)

NCAB Group AB (publ) designs and manufactures high-quality printed circuit boards for various industries, including industrial, automotive, and medical devices.

PCBA (Printed Circuit Board Assembly)

NCAB Group AB (publ) offers PCBA services, which include the assembly of components onto printed circuit boards, providing a complete electronic solution.

Box Build and System Integration

NCAB Group AB (publ) provides box build and system integration services, which involve the assembly of complete electronic systems, including PCBAs, cables, and mechanical components.

Electromechanical Assembly

NCAB Group AB (publ) offers electromechanical assembly services, which involve the assembly of mechanical components, such as cables, connectors, and enclosures, with electronic components.

Design and Engineering Services

NCAB Group AB (publ) provides design and engineering services, which include PCB design, layout, and simulation, as well as mechanical design and engineering.

Supply Chain Management

NCAB Group AB (publ) offers supply chain management services, which include procurement, inventory management, and logistics.

8. NCAB Group AB (publ)'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for NCAB Group AB (publ) is medium due to the availability of alternative products and services in the market.

Bargaining Power Of Customers

The bargaining power of customers for NCAB Group AB (publ) is low due to the company's strong brand reputation and customer loyalty.

Bargaining Power Of Suppliers

The bargaining power of suppliers for NCAB Group AB (publ) is medium due to the company's dependence on a few key suppliers.

Threat Of New Entrants

The threat of new entrants for NCAB Group AB (publ) is high due to the low barriers to entry in the industry.

Intensity Of Rivalry

The intensity of rivalry for NCAB Group AB (publ) is high due to the presence of several established competitors in the market.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 43.50%
Debt Cost 7.44%
Equity Weight 56.50%
Equity Cost 9.14%
WACC 8.40%
Leverage 76.98%

11. Quality Control: NCAB Group AB (publ) passed 7 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Barco

A-Score: 5.8/10

Value: 6.7

Growth: 4.7

Quality: 6.4

Yield: 5.6

Momentum: 7.0

Volatility: 4.3

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Vaisala

A-Score: 4.9/10

Value: 4.4

Growth: 6.1

Quality: 6.8

Yield: 3.8

Momentum: 3.0

Volatility: 5.3

1-Year Total Return ->

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Incap

A-Score: 4.7/10

Value: 6.8

Growth: 8.6

Quality: 7.0

Yield: 0.0

Momentum: 4.0

Volatility: 2.0

1-Year Total Return ->

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Eltek

A-Score: 4.5/10

Value: 5.4

Growth: 4.2

Quality: 6.1

Yield: 3.1

Momentum: 5.0

Volatility: 3.0

1-Year Total Return ->

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NCAB

A-Score: 3.7/10

Value: 1.1

Growth: 7.2

Quality: 5.6

Yield: 5.0

Momentum: 2.0

Volatility: 1.0

1-Year Total Return ->

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Strix

A-Score: 3.2/10

Value: 8.6

Growth: 2.7

Quality: 3.0

Yield: 3.1

Momentum: 0.0

Volatility: 1.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

53.65$

Current Price

53.65$

Potential

-0.00%

Expected Cash-Flows