NCC AB
About the company
NCC AB (publ) operates as a construction company in Sweden, Norway, Denmark, and Finland. The company operates through five segments: NCC Infrastructure, NCC Building Sweden, NCC Building Nordic, NCC Industry, and NCC Property Development. It builds residential buildings and offices, as well as constructs schools, hospitals, stores, and warehouses. The company also designs, constructs, produces, and maintains infrastructure projects, such as tunnels, roads, and railways. In addition, it produces stone materials, asphalt, and paving products. Further, the company develops and sells commercial properties in metropolitan regions. The company was incorporated in 1935 and is headquartered in Solna, Sweden.
Price above modeled range
Why: Dividends are a large share of earnings, so the cash paid to shareholders is the best guide to value.
The range depends on model assumptions and data; it is not a prediction or investment advice.
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Market price above modeled range
Showing the EPS-based Gordon proxy you selected on the company card, using 2% growth, 2.7% terminal growth and 10% discount. The range varies these assumptions slightly; it is illustrative, not investment advice. Low confidence: the modelled value is far from the market price, which usually means the model does not capture this company well (for example expected growth well above its history).
Assumptions: growth 2%, discount rate 10%, terminal growth 2.70% (sector defaults). See a worked example.
Blended growth assumption: 2.0% (sector default 6.2%, analyst revenue consensus -4.6%).
5-year outlook: relative outlook of about 5.7% a year (Medium confidence), anchored to a 7% market return and adjusted for how this company ranks against others. A ranking aid, not a prediction. See the full forecast.
Analyst consensus expects revenue growth of -4.6% a year; the growth assumption used is 2.0%.
Adjust assumptions
Show the recommended model instead
Why this model: Dividends are a large share of earnings, so the cash paid to shareholders is the best guide to value.
Compare models- Recommended: Dividend discount model — SEK 140.25 (-24.9%)
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EPS-based Gordon proxy
— SEK 18.51 (-90.1%)
Not used: Treats all earnings as if paid out and ignores the cash kept for reinvestment, so it overstates value for companies that retain most profit.
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DCF (trailing free cash flow)
— SEK 126.55 (-32.3%)
Not used: Free cash flow is 7.5x net income, which usually means costs such as lease payments sit outside operating cash flow, so it may be overstated.
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FCFF (steady state)
— SEK 131.06 (-29.8%)
Not used: Free cash flow is 7.5x net income, which usually means costs such as lease payments sit outside operating cash flow, so it may be overstated.
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EV/EBITDA (12x)
— SEK 234.82 (+25.7%)
Not used: Used only when free cash flow is far below earnings even after averaging three years; a fixed 12x multiple also ignores sector differences.
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Fade DCF (10-year growth fade)
— SEK 126.73 (-32.2%)
Not used: Free cash flow is 7.5x net income, which usually means costs such as lease payments sit outside operating cash flow, so it may be overstated.
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EV/Sales (Rule of 40)
— SEK 633.90 (+239.3%)
Not used: Used only for technology and communication companies whose cash-flow value is far below the price.
| Bear SEK 14.66 | -1173.8% |
| Base SEK 18.51 | -909.1% |
| Bull SEK 23.67 | -689.2% |
Margin = (value − price) / value, so it is measured against the value and reads lower than the upside to value, which is measured against the price. Positive means the price is below that case.
Track record: see the methodology page for how this model has performed historically, including its limits. Treat it as a screen, not a forecast.
Price history and fair value
1 year price change: -4.43% · SEK 186.80 · Market data through 06 Nov 2026 ; dashed line is today’s model base value (SEK 18.51). The fair value is today’s estimate, not what the model said in the past.
Saved price history is current through 06 Nov 2026; last refreshed 06 Nov 2026 18:14 (2 hours, 18 minutes ago).
06 Nov 2025Range SEK 164.30 – 222.0906 Nov 2026
Latest news
Headlines provided by EODHD. Articles may mention multiple companies and are not investment recommendations.
More detail: quality, peers, price history, dividends and financials
Quality score: 46 / 100
Five equal checks on reported history: profitability, cash generation, revenue growth, balance sheet and margins. It describes business quality, not whether the price is attractive.
| Profitability | 5 of 5 years profitable | 20 / 20 |
| Cash generation | free cash flow positive in 3 of 5 years | 12 / 20 |
| Growth | revenue -0.1% a year | 4 / 20 |
| Balance sheet | net debt 2.7x EBITDA | 10 / 20 |
| Margins | EBITDA margin 3% | 0 / 20 |
Peers in Industrials
Same-sector companies with a valuation, most undervalued first. Compare the margin of safety, yield and quality score side by side.
| Company | Price | Margin of safety | P/E | P/B | Yield | Quality |
|---|---|---|---|---|---|---|
| NCC-B.ST (this company) | SEK 186.80 | -33.2% | 128.7 | – | 5.9% | 62 |
| EZJ.L easyJet plc | GBP 6.84 | 74.5% | 10.6 | 1.5 | 1.7% | 78 |
| WAWI.OL Wallenius Wilhelmsen ASA | NOK 160.10 | 65.0% | 7.0 | 2.2 | 0.3% | 100 |
| IAG.L International Consolidated Airlines Group S.A. | GBP 4.34 | 59.2% | 8.0 | 3.4 | 1.8% | 92 |
| TPK.L Travis Perkins plc | GBP 6.56 | 54.6% | – | 0.8 | 2.1% | 46 |
| DFDS.CO DFDS A/S | DKK 152.90 | 47.4% | – | 0.6 | – | 64 |
| SRP.L Serco Group plc | GBP 2.81 | 45.4% | 20.0 | 3.3 | 1.5% | 82 |
| DG.PA VINCI SA | EUR 111.60 | 42.2% | 12.9 | 2.1 | 4.2% | 90 |
| HAFNI.OL Hafnia Limited | NOK 87.45 | 41.9% | 7.1 | 1.8 | 1.3% | 100 |
| Peer median | 9.3 | 1.9 | ||||
Dividends
Paid in the last 12 months: SEK 11.00 per share · yield 5.89% at the current price.
| Year | Dividends per share |
|---|---|
| 2026 (so far) | 11.000 |
| 2025 | 11.000 |
| 2024 | 8.000 |
| 2023 | 6.000 |
| 2022 | 6.000 |
| 2021 | 5.000 |
Annual financial statement
Saved annual report · Fiscal year 2025 · Yahoo Finance annual statements · period ended 31 Dec 2025
| Revenue | SEK 55,717,000,000 |
|---|---|
| EBITDA | SEK 2,093,000,000 |
| EBIT | SEK 826,000,000 |
| Net income | SEK 142,000,000 |
| Free cash flow | SEK 1,064,000,000 |
| Capital expenditures | SEK -848,000,000 |
| Debt | SEK 3,876,000,000 |
| Cash | SEK 1,725,000,000 |
| Working capital | SEK 5,886,000,000 |
| Shares outstanding | 97,800,000 |
| Reported dividends per share | SEK 11.0000 |