NCAB Group AB (publ)

XB1.F · Technology · Electronic Components · Valued as of 2026-11-03 · Statements 2025-12-31

How Each Value Is Built

The screener's three formulas on the reported figures. Each card reads the same way: the value as a sum of numbered terms, each term's calculation opened under it, from the reported figures to the value. The list ranks companies by their plain average over the market cap.

What it is worth

EPV + Growth

267.15M USD

what the normal year's earnings are worth for ever, plus growth that pays

Profit

266.72M USD

15 years of cash the shareholders can take out, and the equity left at year 15

FCFF

126.29M USD

15 years of cash for shareholders and lenders, less what is owed

Average Intrinsic Value

220.05M USD

The plain average of EPV, Profit and FCFF

Against the price

Market Cap

1.51B USD

the price on the date above times the shares

Intrinsic Value ÷ Market Cap

0.15×

the ratio the screener ranks by

Margin of Safety

-588.0%

1 − Market Cap / Average Intrinsic Value

Projections, not exact values. Intrinsic Values are projected from each company's past reports. They show which stocks look cheap compared with the others, not exactly what a stock is worth.

Earnings power value plus growth: 267.15M USD
What the normal year's operating profit after tax is worth if it lasts for ever, plus what the new investment adds beyond its cost, less the net debt that comes before the shareholders (or plus the net cash).
①EPV (earnings power value)361.80M USD
−②Net Debt Today99.72M USD
+③Growth Value5.07M USD
=Value267.15M USD

EPV of the Operations (NOPAT over WACC)

361.80M USD

Net debt today

-99.72M USD

Growth Value

+5.07M USD

Value

267.15M USD

①EPV (earnings power value)

361.80M USD

②Net Debt Today

99.72M USD

③Growth Value

5.07M USD

Market value

Market Cap1.51B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-466.7%

1 minus the market cap as a share of the value.

Profit value: today's value of the shareholders' equity, from the cash it can pay them (FCFE): 266.72M USD
Fifteen years of free cash flow to equity (FCFE), each brought to today at the cost of equity, plus the equity at year 15 brought to today.
①Present Value of the 15 Years of FCFE188.25M USD
+②Equity at Year 15, Today78.47M USD
=Value266.72M USD
FCFE: the net income left for the shareholders once the business keeps what next year's growth needsEquity reinvestment: the part of the year's net income kept in the business to grow the next year; below zero, capital the business releases to the shareholdersPresent value of the FCFEColoured bars show the FCFE, grey bars the equity reinvestment. With a positive equity reinvestment the two stacked are the year's normalized income; with a negative one the grey is below zero, capital the business releases, and the normalized income is the FCFE plus that negative amount. Shaded, years 6 to 10: the growth falling to its long-run rate and the ROE on new investment falling to the cost of equity. Axes linear.

①Present Value of the 15 Years of FCFE

188.25M USD

②Equity at Year 15, Today

78.47M USD

Market value

Market Cap1.51B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-467.6%

1 minus the market cap as a share of the value.

FCFF value: today's value of the shareholders' equity, from the cash the firm can pay its shareholders and lenders (FCFF): 126.29M USD
Fifteen years of free cash flow to the firm (FCFF), each brought to today at the WACC, plus the invested capital at year 15 brought to today, less the net debt today (or plus the net cash).
①Present Value of the 15 Years of FCFF175.43M USD
+②Invested Capital at Year 15, Today50.58M USD
−③Net Debt Today99.72M USD
=Value126.29M USD
FCFF: the NOPAT left for the shareholders and the lenders once the business reinvests what next year's growth needsReinvestment: the part of the year's NOPAT put back into the business to grow the next year; below zero, capital the business releasesPresent value of the FCFFColoured bars show the FCFF, grey bars the reinvestment. With a positive reinvestment the two stacked are the year's NOPAT; with a negative one the grey is below zero, capital the business releases, and the NOPAT is the FCFF plus that negative amount. Shaded, years 6 to 10: the growth rising to its long-run rate and the ROIC on new investment falling to the WACC. Axes linear.

①Present Value of the 15 Years of FCFF

175.43M USD

②Invested Capital at Year 15, Today

50.58M USD

③Net Debt Today

99.72M USD

Market value

Market Cap1.51B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-1098.9%

1 minus the market cap as a share of the value.

The Rates and the Capital the Values Read

The WACC and the cost of equity each value is discounted at, the book value and the net debt each starts from, and the seven quality metrics, from the same run.

WACC: 9.87%
Cost of Equity =Risk-Free Rate 4.50%+Beta 1.00×Market Risk Premium 6.00%= 10.51%

The yearly return the shareholders require for the risk they carry; it is the rate that brings their future cash to today.

Tax Rate for WACC =Tax Provision 7.38M USDPretax Income 29.82M USD= 24.74%

The tax the interest saves.

Interest Expense =EBIT 34.82M USD−Pretax Income 29.82M USD= 5.00M USD

The interest the company paid: EBIT is the profit before tax plus the interest.

Cost of Debt =Interest Expense 5.00M USDTotal Debt 135.21M USD×(1 − Tax Rate for WACC 24.74%)= 2.78%

What the lenders are paid a year after the tax the interest saves.

Debt Weight =Total Debt 135.21M USDMarket Cap + Total Debt 1.51B USD + 135.21M USD= 8.20%

The part of the capital the lenders put in, at market value.

WACC =Equity Weight 91.80%×Cost of Equity 10.51%+Debt Weight 8.20%×Cost of Debt 2.78%= 9.87%

Weighted average cost of capital: the yearly return the shareholders and the lenders together require, weighted by what each puts in; the rate that brings the firm's future cash to today.

Book value and net debt today
Both from the balance sheet of the newest quarter, 2026-06-30.

Total Assets 430.04M USD − Total Liabilities 275.93M USD = Book Value Today 154.11M USD

Total Debt 135.21M USD − Cash and Short-Term Investments 35.49M USD = Net Debt Today 99.72M USD

The book value is what Profit starts from and what stands when a projection is not made; the book value plus the net debt is what FCFF starts from; the net debt comes off Greenwald's and FCFF's values before the shareholders.

Quality metrics
Read beside the value, never a condition for it: every company is valued, and a filter in the list is the reader's choice.
MetricFrom
Share dilutionShares Today ÷ Shares Two Years Back − 10.0%at most 5%passes186,971,240 / 186,966,790
Accrual quality(Operating Cash Flow − Net Income) ÷ Total Assets2.0%at least -10.0%passes(31.23M USD − 22.43M USD) ÷ 430.04M USD
Price to bookMarket Cap ÷ Book Value Today9.82×at most 3×does not pass1.51B USD ÷ 154.11M USD
Operating marginOperating Income ÷ Revenue8.9%above 10.0%does not pass36.21M USD ÷ 407.54M USD
Revenue growthRevenue ÷ Revenue a Year Before − 124.2%above 10.0%passes407.54M USD / 328.17M USD
Net cash(Cash − Total Debt) ÷ Market Cap-6.6%above -30%passes(35.49M USD − 135.21M USD) ÷ 1.51B USD
Operating efficiencyOperating Income ÷ Gross Profit25.4%above 25.0%passes36.21M USD ÷ 142.57M USD

Market Data

The provider's ratios and the analysts' consensus beside the argument; none of them enters a value.

Share price

7.23 EUR

Enterprise value

—

the provider's own figure

EV / EBITDA

—

Price / book

0.94×

the provider's book

Price / earnings

55.54×

Return on equity

18.9%

the provider's figure, not this page's

Profit margin

6.7%

Revenue growth

25.0%

Analyst target, mean

—

Analysts

—

opinions in the consensus

Financial Statements

The annual lines the screener holds, year by year, in USD at each period's rate; the figures this valuation read are in its calculation above.

USD2022202320242025
Income statement

Revenue

426.91M410.38M328.17M407.54M

Gross profit

135.46M146.65M121.05M142.57M

Operating income

55.44M57.34M34.92M36.21M

EBITDA

operating income before depreciation and amortisation

62.42M69.52M46.98M47.86M

Pretax income

52.69M53.56M30.88M29.82M

Net income

39.93M40.53M23.12M22.43M

Normalized income

net income without one-off items, as the data provider prints it; Profit's line when printed

42.95M39.50M23.38M22.11M

R&D

————
Balance sheet, year end

Total assets

291.24M323.39M308.00M383.31M

Total liabilities

176.72M189.34M176.50M226.60M

Shareholders' equity

the equity the parent's shareholders own, as printed, without minority interest; the book value the values read is total assets less total liabilities, in Book Value and Net Debt above

114.50M134.03M131.48M156.69M

Total debt

88.44M107.47M97.87M126.03M

Cash and equivalents

34.27M48.05M28.20M36.34M

Net PP&E

fixed assets after depreciation

9.93M9.06M8.74M8.53M

Working capital

current assets less current liabilities

76.49M66.97M54.92M73.68M
Cash flow

Operating cash flow

54.41M70.32M32.16M31.23M

Capital expenditure

paid out, so below zero

-4.09M-5.29M-455.02K-694.24K

Depreciation and amortisation

7.35M9.90M10.32M13.03M

Free cash flow

operating cash flow plus capital expenditure

50.31M65.03M31.70M30.53M