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    NCC (OM:NCC B) Wins Port Contract As The Undervalued Case Stays In Focus

    Simply Wall St·07/23/2026 03:33:50
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    NCC (OM:NCC B) stock is drawing attention after the company secured a SEK 500 million contract to expand the Kjøllefjord fishing port in northern Norway for the Norwegian Coastal Administration.

    See our latest analysis for NCC.

    The SEK 500 million Kjøllefjord contract lands at a time when NCC's share price has fallen 11.66% over the past 30 days and 22.28% year to date. Its 3 year total shareholder return of 73.44% and 5 year total shareholder return of 46.34% point to a stronger longer term record, suggesting that recent weakness may reflect shifting sentiment rather than the longer history of shareholder outcomes.

    If this kind of project pipeline has your attention, it can be useful to see what other infrastructure linked stocks are doing and compare potential opportunities through 36 power grid technology and infrastructure stocks

    The recent pullback in NCC comes alongside the stock trading below both intrinsic value estimates and analyst targets. Is the market being sensibly cautious after softer earnings, or too pessimistic about where the value sits now?

    Most Popular Narrative: 15.4% Undervalued

    The most followed narrative on NCC currently points to a fair value of SEK 202.5 per share compared with the latest close at SEK 171.3, and it leans heavily on a multi year rebuild in earnings power supported by a healthier margin profile.

    The company's strong financial position and balance sheet readiness for selective mergers and acquisitions (M&A) can act as a catalyst for future revenue growth and margin expansion. Positive outlook for key contracting segments such as water treatment, energy generation, and infrastructure suggests potential for sustained revenue growth.

    Read the complete narrative.

    Want to see how this plays out in the numbers? The narrative leans on a step change in profitability, steady top line expansion, and a lower future earnings multiple than many peers. The combination creates a very specific earnings path that has to line up for the SEK 202.5 fair value to make sense.

    Result: Fair Value of SEK 202.5 (UNDERVALUED)

    Have a read of the narrative in full and understand what's behind the forecasts.

    However, the NCC story also carries some clear watchpoints, including a muted property transaction market and potential pricing pressure from smaller competitors on simpler projects.

    Find out about the key risks to this NCC narrative.

    Next Steps

    Does the mix of concerns and optimism around NCC reflect your own view, or something different? You can take a closer look at the full picture with 3 key rewards and 4 important warning signs.

    Looking for more ideas beyond NCC?

    If NCC has you thinking about where to put your money to work next, do not stop here. The right shortlist can save time and help you spot opportunities early.

    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.