Rankings Grid & electrical equipment NKT
NKT
86
15070100
A view of the same findings, not a new score. How it works
In the 70+ zone: a score above 70 with more than 20% upside to the median analyst target.
Biggest deductions
- Multiples vs own history−6
- FCF yield−4
- Quality of growth−3
Strengths
- Raised guidance+2
- Order book+2
- Net cash+2
How the score is built
From 100 to 86, 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
- 848.00 DKK
- Median analyst target
- 1,031 DKK
- Upside to median
- +21.6%
- Analysts
- 12
- Target range
- 496.78 – 1,281 DKK
- 52-week change
- +17%
- P/E (trailing)
- 22.9
- Forward P/E
- 24.3
- PEG
- 0.94
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
- −3Quality of growthOrganic revenue −9% in Q2 2026 (Transmission −20%), because the Champlain Hudson project in the US is completed; 2026 guidance of EUR 2.65–2.75bn is almost flat, and analysts expect EPS −19% in 2026 after −19% in 2025. Growth is project-heavy and uneven.
- −1MarginThe group's operational EBITDA margin is 15.7% and Transmission's 20.2%, but Distribution (about a third of revenue) is at 11% and squeezed by higher material and start-up costs; the net margin is 7.5%.
- −3Capital allocationAn investment programme of about EUR 2bn in 2025–2028 (plant in Karlskrona, Cologne, a new cable-laying vessel); FCF was −EUR 196m in 2025 and −55m TTM, and net cash has fallen from EUR 1.28bn (2024) to 0.59bn.
Price
Today's multiples against the company's own history and its peers. · 3 findings−13 of −35
- −6Multiples vs own historyP/B 2.83 is the highest in the period (1.57–2.61 in 2021–2025); EV/EBITDA 8.2 vs 4.1–7.5 in 2023–2025; forward P/E 25.7 vs 23–36. On NKT's own guidance (operational EBITDA of EUR 400–430m), EV/EBITDA is about 14. The share price is up 43% in a year.
- −3PeersForward P/E 25.7 vs Prysmian 22.6 and Nexans 16.5; EV/operational EBITDA about 14 vs Prysmian 14.4 and Nexans 8.6. No discount for the sector's most expensive name.
- −4FCF yieldFCF yield −0.9% (TTM), and analysts expect FCF of −EUR 422m in 2026; earnings yield 4.2%, no dividend.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 3 findings−7 of −35
- −3Customer concentrationThe order book is dominated by a few European grid operators; TenneT alone has awarded five projects worth over EUR 2.5bn under one framework agreement. Delays or funding problems at one TSO would hit a large part of the backlog.
- −2Execution and costsInvestment in the Karlskrona programme has been raised by about EUR 300m because of new risks and cost inflation; commercial operation is expected in Q2 2027.
- −2Working capital and project timingOperating cash flow −EUR 145m and FCF −EUR 249m in Q2 because of a EUR 225m working-capital outflow (milestone payments); net cash fell from EUR 842m to 591m in one quarter, and the Transmission backlog fell from EUR 13.5bn to 13.0bn.
Plus
Only documented strengths. · 3 findings+6 of +15
- +2Raised guidanceOperational EBITDA for 2026 raised to EUR 400–430m from 360–410m; Transmission delivered a record 20.2% margin, and NKT has beaten consensus in 7 of the last 8 quarters.
- +2Order bookTransmission order book of EUR 13.0bn (about 5 years of revenue) plus TenneT projects worth over EUR 2.5bn that are not yet in the backlog.
- +2Net cashNet cash of EUR 591m (about 9% of market value) and debt/EBITDA of 0.4 despite the investment programme.
Caveats
What the score does not capture, or where the data is weak.
Accounts in EUR, price in DKK. stockanalysis' operating profit (16% margin) and ROIC (37%) are distorted by metal prices and customer prepayments on cable projects – NKT's own figures are used (revenue at standard metal prices, operational EBITDA). Competition from Asian cable makers and capacity expansion at Prysmian/Nexans have not been examined. The 2023 share issue (+16% shares) has not been deducted.
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