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NIBE Industrier AB (NIBE-B) Fair Value & Analysis

Industrials · SE · Market cap 71.7B SEK

NI NIBE Industrier AB NIBE-B · ST
Pricekr 38.28
Fair Valuekr 40.43
Upside+5.6%
Quality58/100
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Healthy Growth
Thin margins · 5.9% net margin
Moderate debt · generates free cash flow
0.99% dividend yield
Mixed vs. peers (7/15)
Narrow moat 42/100
Evidence: High Range kr 26.52 – kr 53.42 Share as image

Fair value as of: Aug 13, 2026

From 25 valuation models · updated yesterday

Fair value updated Aug 13, 2026, revised from kr 25.37 to kr 40.43 (+59.4%) since Jul 15, 2026. Share price +5.1% over the past month.

A solid business, currently priced close to our fair value.

What matters now

  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • A fairly wide model range (kr 26.52 to kr 53.42) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

kr 131.79 kr 31.50 Fair Value kr 40.43 May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range kr 31.50 – kr 131.79 · fair‑value band kr 26.52 – kr 53.42 · the kr 38.28 price screens below the kr 40.43 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

NIBE Industrier AB (NIBE-B) currently trades at kr 38.28, while our model-based Fair Value estimate is kr 40.43, implying the stock looks roughly 5.6% fairly valued today. The Quality Score stands at 58/100 (solid quality), in the Industrials sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, NIBE Industrier AB generated revenue of 40.8B SEK at a net margin of 5.9%. Revenue declined 0.2% year over year. It earns a return on equity of 7.8%. Net debt stands at 17.0B SEK. Fundamentals as of Aug 13, 2026

Our scenario range runs from kr 26.52 (bear case) to kr 53.42 (bull case); at kr 38.28, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 19% below its 52-week high and 24% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at -71% fair-value upside, at 6%, NIBE-B screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Growth DCF kr 29.15 kr 56.63 kr 103.69 80
Residual Income kr 13.94 kr 14.81 kr 16.32 76
Rev-Margin DCF kr 17.69 kr 33.47 kr 54.13 74
All 25 models by family
DCF Models
FCF DCF kr 29.52 kr 59.75 kr 113.14 38
5Y Revenue Exit kr 17.69 kr 33.65 kr 55.01 39
5Y EBITDA Exit kr 25.09 kr 49.06 kr 79.19 41
5Y P/E Exit kr 17.75 kr 33.76 kr 51.92 38
10Y Revenue Exit kr 20.71 kr 37.31 kr 62.32 36
10Y EBITDA Exit kr 26.28 kr 48.68 kr 82.77 37
10Y P/E Exit kr 21.39 kr 37.40 kr 59.69 35
Earnings-Based
Graham-Dodd kr 8.68 kr 41.83 kr 57.60 54
Lynch FV kr 11.17 kr 15.96 kr 20.75 50
PEG = 1.0 kr 11.17 kr 15.96 kr 20.75 46
EPV kr 8.53 kr 11.01 kr 13.18 59
Dividend Discount
Gordon GGM kr 3.12 kr 6.49 kr 10.29 70
DDM Multi-Stage kr 3.12 kr 5.47 kr 6.81 61
Multiples
P/E Multiple kr 20.11 kr 26.82 kr 33.52 63
P/S Multiple kr 16.28 kr 21.71 kr 27.14 58
P/B Multiple kr 16.28 kr 21.71 kr 27.14 55
EV/EBIT kr 19.83 kr 28.56 kr 37.29 53
EV/EBITDA kr 25.36 kr 35.93 kr 46.51 54
EV/Revenue kr 12.33 kr 20.34 kr 28.36 43
Asset-Based
NCAV (Graham) kr 8.48 kr 11.37 kr 16.97 50
Growth DCF
Growth DCF kr 29.15 kr 56.63 kr 103.69 80
Rev-Margin DCF kr 17.69 kr 33.47 kr 54.13 74
Economic Profit
Residual Income kr 13.94 kr 14.81 kr 16.32 76
ROIC Compounder kr 8.53 kr 11.01 kr 13.18 72
Growth Earnings
Growth-Adj P/E kr 17.43 kr 24.90 kr 32.37 68

Widest divergence: DCF Models (kr 37.40) versus Dividend Discount (kr 5.47). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 40.8B SEK
Revenue growth (YoY) -0.2%
Net margin 5.9%
Return on equity 7.8%
Free cash flow 4.9B SEK FY2025
P/E ratio 29.9 as of Jul 15, 2026
More key figures
Operating margin 9.0%
EPS (TTM) kr 1.19
Dividend yield 1.0%
EPS growth (YoY) +28.8%
Net debt 17.0B SEK FY2025

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 58/100

Of which business quality 56 · Market factors (momentum, volatility) 40

Profitability 36
Margins and returns on capital today
Quality Growth 65
Are margins and returns improving?
Cashflow 51
Earnings quality: real cash, not paper profit
Fin. Strength 53
Balance sheet, leverage, solvency risk
Investment 66
Disciplined investing over empire-building
Low Volatility 55
Calm price path (market factor)
Momentum 33
Price trend over the last 3–12 months (market factor)
52W Momentum 34
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

NIBE Industrier AB (publ), together with its subsidiaries, develops, manufactures, markets, and sells energy-efficient solutions for indoor climate comfort, and components and solutions for intelligent heating and control. It operates through NIBE Climate Solutions, NIBE Element, and NIBE Stoves business areas.

Full company description

NIBE Industrier AB (publ), together with its subsidiaries, develops, manufactures, markets, and sells energy-efficient solutions for indoor climate comfort, and components and solutions for intelligent heating and control. It operates through NIBE Climate Solutions, NIBE Element, and NIBE Stoves business areas. The NIBE Climate Solutions business area offers indoor climate comfort products, such as heat pumps, water heaters, refrigeration systems, accumulator tanks, ventilation systems, climate control systems, and district heating products for homes, apartment blocks, and commercial properties. The NIBE Element business area provides various components and solutions for heating and control, which include tubular, aluminum, foil, thick film, PTC, high-power, and ceramic elements, as well as opena spirals and tapes, heating cables and jackets, vacuum brazing, heat pump technology, resistors, heat exchangers, temperature sensors, heating cables, flexible hoses, and control equipment to domestic and household appliances; professional kitchens and the refrigeration industry; energy; transport; and advanced technology, as well as aviation sectors. The NIBE Stoves business area offers free-standing, wood-burning, gas, and electric stoves; heat-retaining products; and chimney systems, as well as inserts, fireplace cassettes, outdoor stoves, and accessories. It operates in Nordic countries, rest of Europe, North America, and internationally. The company was founded in 1949 and is headquartered in Markaryd, Sweden.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

NIBE Industrier AB reported revenue of kr 40.8B in FY2025 versus kr 30.8B in FY2021, a compound +7.3%/yr. Reported net income was kr 2.3B in FY2025, compounding −9.0%/yr from FY2021.

Growth Quality 77/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
40.8B SEK
Latest YoY
+0.8%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+0.6%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+8.5%
Avg. growth/yr (23Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+14.2%
Revenue +7.3%/yr
FY21 kr 30.8B
FY22 kr 40.1B
FY23 kr 46.6B
FY24 kr 40.5B
FY25 kr 40.8B
Net income −9.0%/yr
FY21 kr 3.3B
FY22 kr 4.4B
FY23 kr 4.8B
FY24 kr 1.2B
FY25 kr 2.3B
Character of growth · EPS growth decomposed (2014-2025) +8.7 % p.a.
Revenue per share +12.9 pp

of which total revenue +13.9 pp · buybacks/dilution −1.0 pp

EBIT margin −2.3 pp
Tax rate −0.1 pp
Residual (interest, one-offs) −1.9 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "NIBE Industrier AB Fair Value". https://www.fairvalue-calculator.com/stock/NIBE-B

Peer Group

Building Products & Equipment · 247 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 58 · Above median
Fair Value upside +6% · Above median
Return on equity (TTM) 8% · Above median
Return on assets 4% · Above median
Net margin (TTM) 6% · Above median
Operating margin (TTM) 9% · Above median
Revenue growth -0% · Below median
Dividend yield (TTM) 1.0% · Below median
Debt / equity 0.53× · Higher than 75% of peers

Valuation Multiples vs Building Products & Equipment median · lower = cheaper

P/E (TTM) 29.9× · Pricier than median
P/B 2.37× · Pricier than median
P/S (TTM) 1.76× · Pricier than median
P/FCF 1.5× · Cheaper than median
EV/EBITDA 15.7× · Pricier than median
PEG 1.79× · Pricier than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 41 · sector 0
FUTURE 0 · sector 10
PAST 31 · sector 23
HEALTH 73 · sector 94
DIVIDEND 20 · sector 30

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Building Products & Equipment stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
Trane Technologies plc TT $483.96 $208.50 -57%
Johnson Controls International plc JCI $152.79 $44.75 -71%
Carrier Global Corporation CARR $63.08 $16.85 -73%
Compagnie de Saint-Gobain S.A SGO €84.24 €97.97 +16%
PT Impack Pratama Industri Tbk, IMPC 1,405 IDR 179.76 IDR -87%
Beijing New Building Materials Public Limited 000786 ¥18.73 ¥31.73 +69%
Moon Environment Technology Co 000811 ¥42.22 ¥11.94 -72%
The Supreme Industries Limited SUPREMEIND ₹3,460 ₹1,376 -60%
Aditya Infotech Limited CPPLUS ₹3,899 ₹763.08 -80%
Astral Limited ASTRAL ₹1,459 ₹419.45 -71%

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Frequently asked questions

Is NIBE Industrier AB (NIBE-B) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of kr 40.43 versus a price of kr 38.28, about +6% (fairly valued).
What is the fair value of NIBE-B?
Our model-based fair value for NIBE Industrier AB is kr 40.43 (as of Aug 13, 2026), built from audited fundamentals. The current price is kr 38.28.
What is the quality score of NIBE-B?
NIBE Industrier AB has a Quality Score of 58/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of NIBE Industrier AB (NIBE-B)?
NIBE Industrier AB reported trailing-twelve-month revenue of about 40.8B SEK (latest available figure, as of Aug 13, 2026).
What is the net profit margin of NIBE-B?
The net profit margin of NIBE Industrier AB is about 5.9%, meaning it keeps roughly 5.9% of revenue as net income. Based on the latest reported figures.
Does NIBE Industrier AB pay a dividend?
NIBE Industrier AB currently shows a dividend yield of about 0.95% relative to its recent price (as of Aug 13, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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