Report
Marcus Develius
EUR 88.68 For Business Accounts Only

NCAB (Buy, TP: SEK62.00) - Reflecting on challenges and opportunities

Q1 sales rose by 1% YOY (consensus -1%), but for comparable units declined by 5% in SEK and by 8% in USD, while order intake fell by 2% for comparable units in SEK. EBITA was SEK100m (11% below consensus), and EPS was SEK0.28 (20% below), hurt partly by increased freight costs and FX. We have cut our 2025–2026e EBITA by 3%, and lowered our target price to SEK62 (66), but reiterate our BUY.
Underlying
Provider
DnB Markets
DnB Markets

DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.

 

Analysts
Marcus Develius

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