NCAB GROUP AB (NCABF)
OvervaluedFundamental
58
Price
$82.50
Market Cap
$15.31B
Part 1 · What the company is worth
Overview
NCAB Group does not manufacture anything itself. It designs the specification, sources printed circuit boards (PCBs) from a network of partner factories mainly in China and other parts of Asia, and sells them to industrial customers worldwide, offering local design support, quality control and logistics on top of the board itself. It operates through local sales companies in 19 countries grouped into four regions: Nordics, Europe, North America and East (China and Malaysia).
How it makes money
Revenue is booked when a customer's ordered PCBs are delivered, priced to cover the factory cost plus NCAB's margin for sourcing, design support and quality assurance. Because NCAB owns no factories, its cost base moves with what partner manufacturers charge and with tariffs on goods made in China, which it has partly offset by shifting some production to Taiwan, South Korea, the U.S. and Southeast Asia.
Revenue by segment
Sales offices across Austria, Belgium, France, Germany, Italy, the Netherlands, Portugal, Spain, Switzerland and the U.K.
NCAB's home region and largest single market by history, spanning Sweden and neighboring Nordic countries.
U.S. offices serving defense, medtech, power and industrial customers, with a growing focus on regional and ITAR-approved supply.
Sales offices in China and Malaysia, serving both local and global customers close to the main manufacturing base.
Key risks
- Concentration of factories in China — The company states it faces geopolitical risk because a large share of the factories it sources from are located in China, and that tariffs and trade barriers are a potential risk it has only partly offset by shifting some sourcing to other countries.
- Dependence on partner manufacturers — Because NCAB owns no factories, the company states it is exposed to the production capacity, capacity constraints and order books of the manufacturers it sources from, as well as raw material availability and prices.
- Currency exposure — The company states it is exposed to currency risk, mainly between the USD, EUR and SEK, through translation of sales and purchases and of reported assets, liabilities and investments.
- Demand and customer relationship risk — The company cites commercial risk arising from changes in economic activity, demand and customer preferences, and from the state of its relationships with customers.
- Dependence on skilled staff — The company states it depends on the continued trust of its employees and on its ability to recruit skilled staff, since its role is largely one of technical sourcing and design support rather than owning production assets.
The case for
Buyers argue that an asset-light sourcing model lets NCAB grow without the capital intensity of owning factories, that its design-support and quality-control services create switching costs beyond just finding a cheaper board supplier, and that diversifying manufacturing beyond China reduces tariff exposure over time.
The case against
Sellers fear that without owned factories NCAB has limited control over its cost base and delivery reliability, that heavy reliance on Chinese manufacturing capacity leaves it exposed to tariffs and trade policy shifts it cannot control, and that the business is ultimately a distributor with thinner structural protection than a manufacturer.
Written by the editors, published on August 18, 2026
Direct competitors
Who this company fights with for the same customers
Generated on September 19, 2026 with claude-haiku-4-5 — shared with all users
French PCB supplier with the same asset-light model as NCAB — local sales offices in Europe and North America backed by an engineering and quality organisation in China — chasing the same high-mix low-volume electronics manufacturers.
Privately held European PCB supplier, named by NCAB itself as a direct competitor, selling Asian-produced boards plus quality assurance and logistics to the same industrial and telecom customers in Europe.
US-based private PCB supplier named by NCAB as a direct competitor, competing for the same North American customers with the same combination of local account teams and Chinese factory partners.
Private German PCB maker that supplies prototypes and small-to-medium series to the same European industrial, automotive and medical customers NCAB serves, but from its own European plants.
German PCB manufacturer competing for European automotive and industrial board orders, offering its own factory output where NCAB offers sourced and quality-controlled Asian production.
Balance Sheet & Liquidity
Revenue
$4.08B
Trailing 12 months to the last reported quarter — estimated from per-share metrics
Net Income
$272M
Trailing 12 months to the last reported quarter — estimated from per-share metrics
Free Cash Flow
$290M
Total Equity
$1.49B
Total Liabilities
$1.31B
Current Ratio
1.60
Interest Coverage
-
Debt/EBITDA
2.74
Earnings Per Share
Revenue & Net Income
Free Cash Flow
Income Breakdown
Historical statement
Margins over time
Debt over time
How heavy the debt is
Growth grid
Growth — Revenue
Fair Value Estimation
Fair Value
$53.27
Current Price
$82.50
Margin of Safety
-54.9%
Fair Value Range
$34.62 - $71.91
Spread across the valuation methods used, not a statistically calibrated confidence interval.
Estimation Methods
Valuation Metrics
P/E Ratio
56.69
ROE
18.9%
P/B Ratio
10.32
P/FCF
52.71
Gross Margin
35.1%
ROIC
12.1%
Profitability Radar
Value Creation (Economic Moat)
ROIC
12.1%
WACC
11.7%
ROIC − WACC
+0.5 pp
ROIC is roughly in line with the cost of capital — the company is barely covering its capital cost.
Fundamental Analysis Criteria
Passed (13)
- Price CAGR 33.67%
- ROIC 12.1%
- Gross Margin 35.1%
- Debt/Equity ratio
- Operating Margin 10.0%
- Positive Free Cash Flow
- CapEx intensity
- Current Ratio
- Debt/EBITDA
- ROE 18.3%
- Revenue Growth 5Y 12.1%
- Analyst Consensus 70% Buy
- Earnings Quality (OCF/NI) 1.56
Failed (8)
- P/FCF 52.71
- P/B Ratio 10.32
- Price below Graham Number
- DCF valuation (Overvalued)
- Earnings Surprise avg -3.2%
- PEG Ratio 6.55
- Net Margin Trend 5.5% vs 7.1%
- Piotroski F-Score 2/9
Unavailable (6)
- EPS data insufficient
- Dividend Payout NaN%
- Interest Coverage
- Return on Tangible Assets
- Low reliance on intangibles
- Share Dilution (missing shares data)
Piotroski F-Score
Serious financial concerns
Earnings Quality
High quality: earnings backed by cash
Share Dilution
Buying back shares. Shareholder friendly
Institutional Holdings
No institutional filings reported for this company.
Governance
Executive Team
| Name | Title | Age |
|---|---|---|
| Mr. Peter Kruk | President & CEO | 57 |
| Mr. Timothy Benjamin Jr. | Chief Financial Officer | 43 |
| Mr. Chris Nuttall | Chief Operating Officer | 52 |
| Mr. Bo Andersson | Technical Manager | - |
| Ms. Ann Juviken | Chief Digital & Information Officer | 55 |
| Ms. Gunilla Öhman Wikman | IR Manager | 66 |
| Ms. Sanna Magnusson | Group Marketing Director | 46 |
| Claire-Lise Sarnin | Vice President of People & Culture | 45 |
| Mr. Andy Liu | MD of China Sales & VP of Asia | 45 |
| Mr. Jack Kei | Managing Director of China | - |
Audit Risk
4
Board Risk
6
Compensation Risk
4
Shareholder Rights Risk
1
Part 2 · The price and when to enter
This part won't tell you whether the company is worth owning: it helps you choose when to buy it, once the fundamentals have convinced you. Inside: technical analysis, potential, historical drawdowns, gamma exposure.
Latest News
Recent headlines for NCABF, sourced from Markets Gazette.