Rankings Tech hardware & optics Kitron
Kitron
70
15070100
A view of the same findings, not a new score. How it works
A strong score: the model found few serious problems, but analysts see limited upside from here.
Biggest deductions
- Multiples vs own history−8
- Peers−4
- Moat−3
Strengths
- Order book+2
- Low debt and cash flow+1
How the score is built
From 100 to 70, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 91.45 NOK
- Median analyst target
- 99.42 NOK
- Upside to median
- +8.7%
- Analysts
- 6
- Target range
- 89.48 – 133.72 NOK
- 52-week change
- +21%
- P/E (trailing)
- 23.3
- Forward P/E
- 19.8
- PEG
- 1.15
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 3 findings−7 of −30
- −3MoatKitron is a contract manufacturer (EMS): customers own the design and can move production. The gross margin is 33% and the net margin 7.0% (TTM), and it is volume and delivery reliability – not its own technology – that carry the business.
- −2MarginAn EBIT margin of 9.6% in Q2 and 9.3% TTM is top of the EMS industry, but the target is only 9%, and the margin is lifted by the defence mix and high capacity utilisation that is unlikely to last in a normal cycle.
- −2Capital allocation and dilutionA directed issue of 17m new shares at NOK 57.25 (NOK 973m) in November 2025 to buy DeltaNordic; the share count has risen 5.0% in a year.
Price
Today's multiples against the company's own history and its peers. · 3 findings−14 of −35
- −8Multiples vs own historyForward P/E 21.5 vs 12.3–17.8 in 2021–24 and 22.0 in 2025; EV/EBITDA 17.1 vs 9.1–18.4; P/S 1.9 vs 0.76–1.25 before 2025; P/B 5.2 vs 2.9–3.8. The stock trades at the top of its history after +64% in a year.
- −4PeersForward P/E 21.5 and EV/EBITDA 17.1 vs Hanza (16.8 and 12.9) and Scanfil (15.5 and 12.7). The premium of about 30% is built on the defence exposure.
- −2Absolute price levelEarnings yield 3.6% and FCF yield 5.5% (TTM), but FCF is lifted by a one-off release of working capital (cash conversion cycle from 117 to 60 days).
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 3 findings−7 of −35
- −3Supply chainShortages of memory chips, processors and circuit boards; the allocation is expected to continue in H2. Management therefore did not raise guidance despite strong demand, and the stock fell 7.8% on the Q2 report.
- −3Defence dependence and macroDefence & Aerospace has tripled to EUR 154m and is now about 50% of revenue and EUR 473m of the 794m order book. A ceasefire or budget pressure in Europe would hit both growth and the multiple.
- −1Order book q/qThe order book fell 1.5% vs Q1 because large programmes were delivered, and book-to-bill year to date is only 1.15 – the 72% growth pace cannot be sustained without new large orders.
Plus
Only documented strengths. · 2 findings+3 of +15
- +2Order bookOrder book of EUR 794m (+56% y/y); organic growth of 62% in Q2, and guidance (EUR 900–1,050m revenue, EUR 84–108m EBIT) points to the top of the range.
- +1Low debt and cash flowNet debt/EBITDA 0.3 (from 1.4) and operating cash flow +144% to EUR 47m in Q2.
Caveats
What the score does not capture, or where the data is weak.
Accounts in EUR, price in NOK. stockanalysis has no analyst forecasts for Kitron (forecast returns 404), so upside and revision points may be missing, even though several Nordic brokers cover the stock. The 5.5% FCF yield is lifted by a one-off release of working capital (from 26.8% to 15.4% of revenue). The 72% revenue growth in Q2 includes the acquisition of Eltech/DeltaNordic (EUR 16.5m); organic growth was 62%. Customer concentration (largest customers) has NOT been examined because the annual report could not be read – the score is an upper bound. Electronics manufacturing (EMS) does not fit the industry list precisely; placed under Tech hardware & optics.
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