NCAB Group came into this Q3 2026 report with its share price under pressure over the past month, yet still carrying a rich P/E multiple that implied investors expected a lot. The fresh numbers delivered a clear headline: net sales reached SEK 1,463.7m and basic earnings per share landed at SEK 0.69 for the quarter, while EBITA climbed to SEK 211m with a 14.4% margin.
The stock closed at SEK 81.2 on the day of the release, leaving a clear gap between a cautious recent share performance and a quarter that put profitability firmly in focus.
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Q3 2026 Earnings Summary
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Revenue (Q3 2026 vs. Q3 2025):SEK 1,463.7m vs. SEK 949.3m (up about 54%)
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Net Income, Excl. Extra Items (Q3 2026 vs. Q3 2025):SEK 129.7m vs. SEK 60.9m (up about 113%)
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Basic EPS (Q3 2026 vs. Q3 2025):SEK 0.69 vs. SEK 0.33 (up about 113%)
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EBITA Margin (Q3 2026 vs. Q3 2025):14.4% vs. 11.6% (indicating higher profitability per krona of sales)
Forward orders now stretch well into 2027 for NCAB Group. Ask Charlie what is driving NCAB Group's forward orders surge .
NCAB Bull Case: High‑Value PCBs Meeting Tough Tests
The upbeat view hangs on NCAB Group moving deeper into complex PCB work and holding its line on pricing.
"Expansion into advanced, high-margin PCB applications and successful cost pass-through are supporting resilience and robust profitability amid market pressures."
Q3 points in that direction. EBITA of SEK 211m with a 14.4% margin lines up with the claim of resilient profitability. Order intake grew much faster than sales, helped by higher prices and forward orders tied to data center and high tech projects. Gross margin eased slightly but stayed close to 35%, which suggests cost pass through and product mix are largely doing the job.
NCAB Bear Case: Supply Chain Model And FX Under Scrutiny
The cautious view centers on whether NCAB's outsourced production and currency swings will eventually bite into earnings quality.
"The company relies solely on external manufacturing partners, lacking in-house production capacity, which exposes it to supply chain risks and limits operational control at a time when global onshoring and nearshoring trends threaten its Asia-centric sourcing model, increasing vulnerability to disruptions and margin compression."
Recent figures do not show that risk turning into damage. Order intake reached SEK 2,620m and EBITA margin stayed in the mid teens, which implies factories are delivering. FX volatility and tight capacity are present, yet net profit of SEK 129.7m and improved net debt metrics indicate the asset light model is still converting volume into cash this quarter.
That disagreement has a full argument behind it. → Uncover the higher Fair Value this Narrative argues for .
Hunt For Quiet Mispricings
NCAB Group shows how strong earnings can coincide with weaker share performance in the market. The real opportunity is finding stocks that appear undervalued before valuations reflect their underlying business changes.
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Company 1 - 37% below our estimate - uses long term aircraft programs and shared industrial platforms to secure major transport contracts.
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Company 2 - 31% below our estimate - shifts its fashion portfolio toward higher margin direct to consumer brands with expanded online distribution.
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Company 3 - 49% below our estimate - expands metal production scale by integrating a new mining group into an existing smelter network.
Three companies from the same screener. Open all 193 potentially undervalued companies →
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Companies discussed in this article include NCAB.ST .
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