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    NCC (OM:NCC B) Lands SEK 1b Grid Deal As Fair Value Debate Builds

    Simply Wall St·10/04/2026 21:20:16
    語音播報

    NCC (OM:NCC B) just secured a SEK 1b construction contract with Svenska kraftnät for the Horred Breared 400 kV power line, pushing this multi year infrastructure project into full scale production.

    Despite this contract win and several smaller care and social infrastructure projects announced in Finland over the past week, NCC’s recent share price performance has been weak, with the stock down about 19.5% year to date. By contrast, the three year total shareholder return of 77.1% points to much stronger longer term momentum that contrasts with the softer recent trend.

    Scan other infrastructure focused construction stocks that could be setting up for the next contract driven move with our hand picked 40 power grid technology and infrastructure stocks.

    NCC now trades meaningfully below analyst targets and an internal fair value estimate, even after landing fresh SEK multi billion work. Is that discount cautious pricing, or an opportunity the market is misreading?

    Most Popular Narrative: 12% Undervalued

    NCC last closed at SEK177.4, while the most followed narrative anchors fair value at SEK202.5, which frames today’s discount against longer term earnings projections.

    The analysts have a consensus price target of SEK202.5 for NCC based on their expectations of its future earnings growth, profit margins and other risk factors.

    However, there is a degree of disagreement amongst analysts, with the most bullish reporting a price target of SEK240.0, and the most bearish reporting a price target of just SEK180.0.

    See why 11 investors see NCC as 12% undervalued.

    Result: Fair Value of SEK202.5 (UNDERVALUED)

    Still, the muted property transaction market and pricing pressure from smaller Nordic competitors give you real reasons to stress test the NCC narrative.

    Find out about the key risks to this NCC narrative.

    Next Steps

    If this mix of contract wins and pricing worries leaves you on the fence, move quickly and weigh NCC’s upside against its red flags by checking 3 key rewards and 4 important warning signs.

    Looking for more investment ideas beyond NCC?

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    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.