NCAB (Buy, TP: SEK70.00) - Disappointing Q4, but future positive
Q4 sales fell by 10% YOY for comparable units in SEK (Infront consensus +3%) and by 11% in USD, while order intake fell by 3% for comparable units in USD (versus consensus of +4%). EBITA was SEK72m (37% below), and EPS was SEK0.22 (31% below), hurt by low sales and SEK15m of investment costs for NCAB’s new IT platform, which is included in depreciation. We have cut our 2025–2026e EBITA by 6–4% and lowered our target price to SEK70 (75), but reiterate our BUY.
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.
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