Article by Yippee-Ki-Yay

NCAB Forecasts 2025-2027: Swedish shares could double

Buy signal | Free publication | 7 Sep 2025

Introduction: Who the heck is NCAB Group AB?

NCAB Group AB is THE Swedish success story that nobody talks about enough! Listed on NASDAQ Stockholm since 2018, this company has established itself as a global giant in the PCB (Printed Circuit Board) industry. Just imagine: they deliver printed circuit boards to 45 markets around the world! It's like being the official dealer of electronic brains for the entire planet.

Their model? Pure genius! They don't manufacture anything themselves but orchestrate everything from Sweden. Design in Europe, production in Asia (mainly China), Swedish quality guaranteed. An asset-light business model that every investor dreams of!

Financial Analysis: Overall Rating 4.2/5 ⭐⭐⭐⭐

1. Revenue: 3.5/5 📊

NCAB's revenues have been somewhat of a roller coaster ride in recent years:

  • 2024: SEK 3,614 million (down -11.6% vs. 2023)
  • 2023: SEK 4,088 million
  • 2022: SEK 4,458 million (all-time high)

Verdict: Yes, 2024 was difficult with this decline, but look at the forecasts! 2025-2027 herald a strong comeback with growth expected to reach SEK 6,572 million in 2029. The company is riding the wave of global digitalization, and believe me, this wave is not about to stop!

2. Net result: 4/5 💪

Here, NCAB shows us its resilience:

  • 2024: SEK 254.9 million (net income)
  • 2023: SEK 403.7 million
  • Net margin 2024: 7.05% (solid despite the decline in revenue)

Analysis: Even with a difficult year, they are maintaining respectable profitability. Forecasts show a strong recovery: SEK 362 million in 2026, then SEK 409 million in 2027. This ability to remain profitable in difficult times is impressive!

3. Debt: 4.5/5 ✨

Here, NCAB shines like a diamond:

  • Net debt 2024: SEK 767.3 million
  • Debt ratio: Very reasonable
  • Cash and cash equivalents: SEK 310.57 million in cash

My opinion: A healthy financial structure! They have enough cash to navigate rough waters and invest in growth. Forecasts even show an improvement in net debt (552 million in 2025).

4. ROE (return on equity): 4.5/5 🔥

NCAB's ROE is pure magic:

  • 2024: 18.32% (exceptional!)
  • Prévisions 2025 : 16,4%
  • 2026 : 20,4% (wouah !)

Translation: For every euro you invest in NCAB, you get back more than 18 cents in annual profit. In a world where savings accounts yield 3%, that's caviar!

5. Market performance: 4/5 📈

With a current share price of SEK 51.7, NCAB is trading at reasonable multiples:

  • P/E ratio 2024: approximately 38x (based on EPS of SEK 1.36)
  • Book value per share: SEK 7.746

Forecasts and Value Estimates 🔮

My Target Price Estimates:

End of 2025: SEK 68–75
Based on a return to growth (projected turnover: SEK 3,823 million)
Target P/E ratio of 25-28x based on normalised earnings

2026: 85–95 SEK
Accelerated growth (revenue: SEK 4,231 million)
Exceptional ROE of 20.4%

2027: 105–120 SEK
Maturity of the growth cycle
Consolidated market leadership

Conclusion: A gem to be seized! 💎

NCAB Group AB is the solid company that everyone should have in their portfolio. It may not have the glamour of Tesla, but it has the consistency of a professional marathon runner. They proved their resilience in 2024, and the forecasts for 2025–2027 are enticing.

Risks to watch: Dependence on Asia, economic cycles, US-China semiconductor war.

My final advice: At SEK 51.7, this is an excellent entry point for a long-term position. This company has everything it takes to become a 10-bagger in the next 5-10 years!

  • Signal : Buy
  • Budget/Investment : Medium-high
  • Reinforcement required : No
  • Exposure : Medium
  • Horizon : 1 to 3 years
  • Potential profitability : +100% to +130%
  • Ref. ISIN code : SE0017160773
  • Article updated on 27/08/2026: Sale of NCAB Group shares, purchased in August 2025. A return of 54% over one year. 😎