Nordic Semiconductor : Solid momentum in the short term, already well priced in, and probably overestimated in the long term

Nordic Semiconductor, leader in Bluetooth Low Energy (BLE), is entering a recovery cycle driven by the rebound in PC accessories and the launch of its nRF54 chip (2026e sales at +16%). But we think this momentum is already largely priced into what is a demanding valuation (relative-to-peer premium of ~40%). This exposes the group to the risk of de-rating in the event of disappointment. Moreover, we think long-term growth in BLE and operating leverage are probably overestimated (we are 18% below the css on 2028e EBITDA). We are initiating coverage with a Neutral rating and a target price of NOK...

Nordic Semiconductor : Solide dynamique CT, déjà bien valorisée, et probablement surestimée à LT

Leader du Bluetooth Low Energy (BLE), Nordic Semiconductor aborde un cycle de reprise tiré par le rebond des accessoires PC et le lancement de sa puce nRF54 (CA 26e à +16%). Cette dynamique nous semble néanmoins déjà bien reflétée dans une valorisation exigeante (prime de ~40% vs comparables). Cela expose le groupe à un risque de derating en cas de déception, alors que nous pensons que la croissance LT du BLE et le levier opérationnel sont probablement surestimés (nous sommes 18% < au css sur l’EBITDA 2028e). Nous initions à Neutre avec un OC de 140?NOK.

Banco Sabadell : Disappointing Q3 2025 but confirmation of FY 2025 guidance & (further) improvement in shareholder returns