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    NCAB   SE0017160773


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NCAB Interim report January–September 2021

11/12/2021 | 01:31am EST

> Net sales increased by 61% to SEK 863.6 million (536.7). In USD, net sales increased 66%. For comparable units, net sales increased by 45%, and in USD the increase was 50%.
> Order intake increased 83% to SEK 935.2 million (512.3). In USD, the increase was 86%. For comparable units, order intake increased by 65%, and in USD the increase was 68%. 
> EBITA increased 146% to SEK 123.2 million (50.1), representing an EBITA margin of 14.3% (9.3).
> EBITA was negatively impacted by transaction costs for the acquisition of RedBoard Circuits in an amount of SEK 0.8 million. EBITA, excluding the effect of transaction costs, was SEK 124.0 million, corresponding to a margin of 14.8% (10.3).
> Operating profit was SEK 118.6 million (47.2). Operating margin was 13.7% (8.8).
> Profit after tax was SEK 91.2 million (31.5).
> Earnings per share was SEK 4.86 (1.68), after dilution 4.85 kr (1.68).
> Net sales increased by 40% to SEK 2,242.9 million (1,600.3). In USD, net sales increased 55%. For comparable units, net sales increased by 21%, and in USD 34%.
> Order intake increased 90% to SEK 2,971.9 million (1,562.0). In USD, order intake increased 111%. For comparable units, the increase was 66% in SEK, and 84% in USD.
> EBITA increased 106% to SEK 285.1 million (138.5), representing an EBITA margin of 12.7% (8.7). SEK 4.3 million was charged to EBITA relating to transaction costs for acquisitions, but was positively impacted by the forgiven PPP loans *). Excluding transaction costs and the PPP loans, EBITA amounted to SEK 278.4 million, corresponding to an EBITA margin of 12.4% (9.6).
> Operating profit was SEK 273.5 million (132.2). Operating margin was 12.2% (8.3).
> Profit after tax was SEK 209.6 million (92.3).
> Earnings per share was SEK 11.20 (5.14), after dilution 11.19 (5.14).
 The Board of Directors of NCAB Group AB has decided to propose an extra dividend of SEK 10 per share and thereafter a split of the NCAB share 10:1 and will therefore call the shareholders to an Extraordinary General Meeting on 15 December 2021.
> On 1 September, 100 per cent of the shares were acquired in RedBoard Circuits in the USA.
> On 19 October, 100 per cent of the shares were acquired in Elmatica in Norway.
> NCAB has entered into a new credit facility of totally SEK 1,265 million, which raises additional funding for acquisitions of about SEK 750 million.
> NCAB will review its financial targets in 2022.
*) Loan value of SEK 11.0 million within the American Pay check Protection Program was forgiven during the second quarter. This is booked as other income and contributed positively to the gross margin and EBITA.

Key performance indicatorsJan-Mar   Jan-Mar   Full year 
20212020 20212020 LTM 2020
Order intake, SEK million935.2512.382.5 2 971.91 562.090.3 3 653.32 24.,4
Order intake, USD million107.357.885.8 350.1165.9111.0 427.9243.8
Net sales, SEK million863.6536.760.9 2 242.91 600.340.2 2 757.82 115.2
Net sales, USD million99.860.365.5 264.2170.355.1 323.7229.8
Gross margin, %30.829.3  29.930.8  30.830.3
EBITA, SEK million123.250.1145.9 285.1138.5105.8 337.3190.7
EBITA margin, %14.39.3  12.78.7  12.29.0
Operating profit, SEK million123.250.1145.9 285.1138.5105.8 337.3190.7
Operating margin, %14.39.3  12.78.7  12.29.0
Profit after tax, SEK million118.647.2151.4 273.5132.2106.8 323.6182.3
Earnings per share, SEK4.861.68188.6 11.205.14117.7 0.07.03
Earnings per share after dilution, SEK4.851.68188.2 11.195.14117.5 0.07.03
Cash flow from operating activities, SEK million0.267.9-99.7 28.5147.3-81.0 75.5194.3
Return on capital employed, %        28.223.7
Return on equity, %        31.024.3

USD/SEK - average8.658.87  8.499.40  8.529.20
EUR/SEK - average10.1910.36  10.1510.56  10.1810.49

NCAB continues to grow from a new level
Following a very successful first half of the year, the third quarter continued to develop in a positive direction for us. Net sales increased by a full 61 per cent year-on-year to SEK 864 million and order intake rose by a further 83 per cent to SEK 935 million. In addition to strong organic growth in the quarter, we also acquired RedBoard Circuits in the USA, which further strengthened our position in the American market. After the end of the quarter, we followed up this acquisition in October with the acquisition of Elmatica in Norway. Elmatica is one of the oldest and most respected companies in the industry and is a welcome addition to the NCAB family. Market growth in our focus segment of High-Mix-Low-Volume (HMLV) for demanding customers remained strong in all regions and most industries. Customer problems involving access to semiconductor components are creating individual challenges, but the situation is not significantly impacting sales as a whole. We can see a rapid increase in PCB deliveries to many new green tech projects, including products for electrification. There is also strong growth and rapid technology development among traditional customers, partly driven by the Internet of Things (IoT).
We can see even more clearly that our rapid growth is also due to an increase in our market shares. Many of our competitors, in particular smaller traders, are not present in Asia close to factories and are not prioritised in the same way. Despite general material shortages and challenges to the logistics chain, we have retained our high level of quality and delivery precision. We have compensated in full for higher purchasing prices and increased costs. Our working capital increased during the quarter as a consequence of the growth and longer lead times. We expect long lead times to continue for some time until the supply chain has normalised and working capital decreases again. However, in this context it is important that all orders are fixed and customer-specific. PCBs also have a ‘best before’ date before production begins, which eliminates the risk of extraordinary stock accumulation. The excellent growth in combination with healthy margin development has resulted in a highly positive earnings trend compared with the third quarter of 2020, which was in part negatively impacted by uncertainty during the initial period of the pandemic.
For our regional segments, Nordic is now gearing up with good growth in net sales following strong order intake in previous quarters. The acquisition of Elmatica in Norway will provide a major injection to the segment, with a revenue of SEK 370 million forecast in 2021. This is one of our larger acquisitions and will grow our market penetration in the Nordic region and the rest of Europe in complementary customer areas, such as aerospace. Elmatica is an ideal fit for the NCAB model, with a similar corporate culture, focus on quality and technology and a good reputation in the market. Moreover, NCAB can also help in a number of areas. Elmatica does not have its own Factory Management in Asia and NCAB can offer their customers access to an expanded product and factory portfolio, where we also anticipate better terms and conditions. 
We have continued our very strong growth in the Europe segment. Demand is healthy and we are steadily strengthening our market position. It is particularly positive that this concerns both established NCAB activities and our new acquisitions, Flatfield in the Netherlands and PreventPCB in Italy.
Growth also continued in North America and margins strengthened quarter-on-quarter. The acquisition of RedBoard Circuits in September provided a positive addition to the segment.
For East, the quarter was favourable in terms of revenue and earnings, though the growth rate in order intake has slowed slightly. However, we see further growth opportunities as we move forward.
All in all, we can look back on a very strong quarter that forms a basis for future growth. We have further strengthened our financing, which together with our strong operating cash flow supports our continued robust agenda for growth, both organically and through acquisitions. We will in 2022 review our financial targets as we continue to grow from a new level with higher margins.

Peter Kruk 
President and CEO, NCAB Group AB
“A very exciting and positive quarter. We are continuing
our growth journey from a new level”

This is a translation of the original Swedish interim report. In the event of difference between the English translation and the Swedish original, the Swedish interim report shall prevail.
NCAB Group AB (publ)
Tel: +46 (0) 8 4030 0000
Mariehällsvägen 37 A, SE-168 65 Bromma, Sweden
NCAB Group is publishing the interim report for the third quarter of 2021, January–September, on Friday 12 November at 7:30 a.m. A web-cast telephone conference will be held at 10:00 a.m. on the same date, when President and CEO Peter Kruk and CFO Anders Forsén will present the report. The presentation will be followed by a Q&A session. The presentation will be held in English. To participate in the conference call, call the following numbers: from Sweden: +46 850558351, the UK: +443333009266 and the USA: +1 6467224904. The presentation and conference can also be followed from the following link: https://tv.streamfabriken.com/ncab-group-q3-2021
Year-end report 17 February 2022
Interim report first quarter 28 April 2022
Annual General Meeting 3 May 2022
Interim report second quarter 21 July 2022
Interim report third quarter 8 November 2022
Year-end report 17 February 2023

© Modular Finance, source Nordic Press Releases

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Sales 2021 3 135 M 343 M 343 M
Net income 2021 291 M 31,9 M 31,9 M
Net Debt 2021 582 M 63,8 M 63,8 M
P/E ratio 2021 42,8x
Yield 2021 1,16%
Capitalization 12 452 M 1 365 M 1 364 M
EV / Sales 2021 4,16x
EV / Sales 2022 3,38x
Nbr of Employees 512
Free-Float -
Duration : Period :
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Technical analysis trends NCAB GROUP AB (PUBL)
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Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 2
Last Close Price 66,60 SEK
Average target price 101,50 SEK
Spread / Average Target 52,4%
EPS Revisions
Managers and Directors
Peter Kruk President & Chief Executive Officer
Anders ForsÚn Chief Financial Officer
Christian Salamon Chairman
Magnus Jakobsson Chief Information Officer & Manager-IT
Ann Juviken Chief Digital & Information Officer
Sector and Competitors