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NKT A/S (NKT) Fair Value & Analysis

Industrials · DK · Market cap 50.1B DKK (≈ $7.8B) · ISIN DK0010287663

What is NKT A/S really worth?

NA NKT A/S NKT · CO
Pricekr 935.00
Fair Valuekr 807.70
Upside−13.6%
Quality41/100

Below-average quality, and trading another 16% above our fair value of kr 807.70.

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Risks

!Expensive Growth (revenue 5y +19.4 %/yr)
!Thin margins · 7.8% net margin
!Low debt · negative free cash flow
!Mixed vs. peers (7/14)
!Moderate moat 52/100
!Evidence only medium, so the estimate is less certain
!Weak on valuation: 15 out of 100
!Weak on future: 16 out of 100
Evidence: Medium Range kr 517.32 – kr 1,010

Fair value as of: Aug 13, 2026

From 16 valuation models · updated 22 days ago

Share price +1.6% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • A fairly wide model range (kr 517.32 to kr 1,010) leaves room in how you read the outcome.
  • The price sits in the upper half of our model range, so the margin of safety is thin.
  • Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.

Price vs Fair Value (5 years)

kr 1,112 kr 221.28 Fair Value kr 807.70 Jun 2021 Sep 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 221.28 – kr 1,112 · fair‑value band kr 517.32 – kr 1,010 · the kr 935.00 price screens above the kr 807.70 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

NKT A/S (NKT) currently trades at kr 935.00, while our model-based Fair Value estimate is kr 807.70, implying the stock looks roughly 15.8% overvalued today. The Quality Score stands at 41/100 (below-average quality), in the Industrials sector. Bull case: the Multiples group reads highest at a median of kr 108.04 per share, and 0 of the 16 models we run sit above the kr 935.00 price. Bear case: the Growth Earnings group reads lowest at kr 98.86, and 16 of the 16 models stay below the price. Evidence for this calculation is medium.

Over the trailing twelve months, NKT A/S generated revenue of 3.6B DKK at a net margin of 7.8%. Revenue grew 3.2% year over year. It earns a return on equity of 13.4%. The balance sheet holds a net cash position of 963M DKK. Fundamentals as of Aug 13, 2026

Our scenario range runs from kr 517.32 (bear case) to kr 1,010 (bull case); at kr 935.00, 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. Analysts expect earnings well below the last reported figure (earnings in transition, for example expiring patents or contracts); a fair value that looks fair on trailing earnings may then be too optimistic. The share trades about 18% below its 52-week high and 95% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at −44% fair-value upside, at −14%, NKT screens cheaper than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly kr 25.48 per share, which is 3.2 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced 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. Every input is real reported data, nothing guessed.

Note: the current price implies far more future growth than the conservative anchors of our models allow (base growth is deliberately capped, we do not regard such extreme rates as sustainable). Our models are not designed for expectations this high; that is why the individual models scatter extremely (kr 3.26 to kr 203.57). Read the values as a conservative anchor, not as a price target.
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
EPV best evidence kr 112.74 kr 128.14 kr 141.61 74
ROIC Compounder kr 118.07 kr 140.83 kr 165.29 72
Residual Income kr 38.44 kr 47.39 kr 117.17 69
All 16 models by family
Earnings-Based
Graham-Dodd kr 34.99 kr 119.23 kr 159.94 64
Lynch FV kr 27.37 kr 39.10 kr 50.83 61
PEG = 1.0 kr 27.37 kr 39.10 kr 50.83 57
EPV best evidence kr 112.74 kr 128.14 kr 141.61 74
Dividend Discount
Gordon GGM kr 1.89 kr 3.93 kr 6.23 66
DDM Multi-Stage kr 1.89 kr 3.26 kr 4.12 66
Multiples
P/E Multiple kr 81.03 kr 108.04 kr 135.05 63
P/S Multiple kr 65.60 kr 87.46 kr 109.33 58
P/B Multiple kr 65.60 kr 87.46 kr 109.33 55
EV/EBIT kr 157.77 kr 203.57 kr 249.37 66
EV/EBITDA kr 147.48 kr 189.85 kr 232.22 67
EV/Revenue kr 104.41 kr 140.43 kr 176.45 54
Asset-Based
NCAV (Graham) kr 20.51 kr 27.49 kr 41.03 54
Economic Profit
Residual Income kr 38.44 kr 47.39 kr 117.17 69
ROIC Compounder kr 118.07 kr 140.83 kr 165.29 72
Growth Earnings
Growth-Adj P/E kr 69.20 kr 98.86 kr 128.51 67

Widest divergence: Multiples (kr 108.04) versus Dividend Discount (kr 3.26). Highest evidence: EPV (74).

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Key figures & financial health

P/E ratio 25.0
P/S ratio 1.93 P/E × margin
EPS (TTM) kr 37.41 price ÷ EPS = P/E 25.0
Dividend yield 0.0% payout 0.5%
Net margin 7.7% FY2025
Return on equity 13.4% TTM
More key figures
Profitability
Return on assets (EBIT) 6.5% avg 5y
Operating margin 7.3% TTM
Growth
Revenue (TTM) 3.6B DKK TTM
Revenue growth (YoY) +3.2% 3y avg +19.7%
EPS growth (YoY) +8.0%
Balance sheet & cash flow
Free cash flow −244M DKK FY2025
Net cash 963M DKK FY2025

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

Quality Score breakdown

Overall quality 41/100

Of which business quality 46 · Market factors (momentum, volatility) 72

Profitability 43
Margins and returns on capital today
Quality Growth 46
Are margins and returns improving?
Cashflow 36
Earnings quality: real cash, not paper profit
Fin. Strength 85
Balance sheet, leverage, solvency risk
Investment 0
Disciplined investing over empire-building
Low Volatility 73
Calm price path (market factor)
Momentum 66
Price trend over the last 3–12 months (market factor)
52W Momentum 80
Distance to the 52-week high (market factor)
Net Issuance 42
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.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

NKT A/S designs, manufactures, and installs low, medium, and high voltage power cable solutions in Denmark. It operates through Solutions, Applications and Service & Accessories segments.

Full company description

NKT A/S designs, manufactures, and installs low, medium, and high voltage power cable solutions in Denmark. It operates through Solutions, Applications and Service & Accessories segments. The company offers high voltage cable solutions, including high voltage onshore and offshore cables; medium voltage, dynamic, and universal cables; and low voltage building wires, flexible cables and conduits, control cables, 1 kV cables, and telecom energy and fire performance cables. The company also provides medium voltage cable accessories, such as joints, terminations, separable connector, paper-insulated lead sheath and pre-assembled connection cables, cable branch cabinets, and pre-assembled connection cables; and high voltage cable accessories comprising GIS/transformer terminations, low pressure oil-filled cable systems, outdoor terminations, wind power applications, and transition joints. In addition, it offers lifecycle cable services; and installation, operation and maintenance, repair, decommissioning, and cable monitoring solutions. Further, the company provides oil and gas cable competence center services, and technology consulting services; and offshore and onshore wind, and solar solutions. It operates in Germany, Sweden, the United Kingdom, Poland, the United States, Norway, the Czech Republic, France, the Netherlands, Portugal, and internationally. The company was formerly known as NKT Holding A/S and changed its name to NKT A/S in May 2017. NKT A/S was founded in 1891 and is based in Copenhagen, Denmark.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

NKT A/S reported revenue of €3.6B in FY2025 versus €1.9B in FY2021, a compound +16.9%/yr. Reported net income was €275M in FY2025, compounding +186.2%/yr from FY2021. FY2021 was a trough year, so the rate overstates the trend.

Growth Quality 57/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
3.6B DKK
Latest YoY
+9.6%
Avg. revenue 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.
+19.7%
Avg. revenue 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.
+19.4%
Avg. revenue growth/yr (25Y) 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.
−2.4%
Value creation/yr (3Y) Earnings growth per share (CAGR 3 years) plus dividend yield: value created per share and year.
+52.4% (52.4 + 0.0)
Revenue +16.9%/yr
FY21 €1.9B
FY22 €2.1B
FY23 €2.6B
FY24 €3.3B
FY25 €3.6B
Net income +186.2%/yr
FY21 €4.1M
FY22 €62.4M
FY23 €124M
FY24 €337M
FY25 €275M
Character of growth · EPS growth decomposed (2014-2025) +21.9 % p.a.
Revenue per share −3.1 %

of which total revenue +3.9 % · buybacks/dilution −6.7 %

EBIT margin +17.4 %
Tax rate +7.1 %
Residual (interest, one-offs) +0.1 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

NKT screens 16% overvalued. Compare with Contemporary Amperex Technology Co →

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Cite: Fair Value Calculator (2026). "NKT A/S Fair Value". https://www.fairvalue-calculator.com/stock/NKT

Peer Group

Electrical Equipment & Parts · 542 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 41 · Bottom 25%
Fair Value upside −14% · Above median
Return on equity (TTM) 13% · Above median
Return on assets 7% · Top 25%
Net margin (TTM) 8% · Above median
Operating margin (TTM) 7% · Above median
Revenue growth 3% · Below median
Dividend yield (TTM) 0.0% · Bottom 25%
Debt / equity 0.06× · Higher than median

Valuation Multiples vs Electrical Equipment & Parts median · lower = cheaper

P/E (TTM) 25.0× · Cheaper than median
P/B 3.55× · Pricier than median
P/S (TTM) 2.17× · Pricier than median
EV/EBITDA 9.6× · Cheaper than median
PEG 7.20× · Pricier than 75% of peers

Strength profile in five axes (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.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE15 · sector 0
FUTURE16 · sector 56
PAST53 · sector 26
HEALTH97 · sector 97
DIVIDEND0 · sector 23

Insider activity: 40/100

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

Similar stocks

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

Stock Price Fair Value vs Fair Value
Contemporary Amperex Technology Co 3750 HK$652.50 HK$394.19 −40%
ABB Ltd ABBN CHF 80.10 CHF 28.70 −64%
Delta Electronics (Thailand) Public Company TDED 10.40 SGD 1.47 SGD −86%
Vertiv Holdings VRT $257.08 $63.13 −75%
LG Energy Solution, Ltd 373220 365,500 KRW 201,455 KRW −45%
Prysmian S.p.A PRY €117.10 €84.15 −28%
Legrand SA LR €139.65 €78.82 −44%
Sungrow Power Supply Co 300274 ¥86.40 ¥123.83 +43%
Hubbell Incorporated HUBB $443.31 $285.77 −36%
Shenzhen Inovance Technology Co 300124 ¥61.07 ¥33.04 −46%

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Frequently asked questions

Is NKT A/S (NKT) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of kr 807.70 versus a price of kr 935.00, about −14% upside (overvalued).
What is the fair value of NKT?
Our model-based fair value for NKT A/S is kr 807.70 (as of Aug 13, 2026), built from audited fundamentals. The current price: kr 935.00.
What is the quality score of NKT?
NKT A/S has a Quality Score of 41/100. 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 NKT A/S (NKT)?
NKT A/S reported trailing-twelve-month revenue of about 3.6B DKK (latest available figure, as of Aug 13, 2026).
What is the net profit margin of NKT?
The net profit margin of NKT A/S is about 7.8%, meaning it keeps roughly 7.8% of revenue as net income. Based on the latest reported figures.
Does NKT A/S pay a dividend?
NKT A/S currently shows a dividend yield of about 0.02% relative to its recent price (as of Aug 13, 2026).
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