NCAB (NCAB Group AB (publ)) vs OMX Stockholm 30 Comparison

NCAB

OMX Stockholm 30

Compare the stock's returns with its benchmark index and competitors. Gain insights into its relative performance over time.

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NCAB

OMX Stockholm 30

Difference

1Y 3Y 5Y 10Y 15Y 20Y

NCAB

OMX Stockholm 30

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Compare the stock's returns with its benchmark index and competitors. Gain insights into its relative performance over time.

Select Stock to Compare

OMX Stockholm 30

NCAB

0LHO

APH

002475

GLW

Add Stock

1Y 3Y 5Y 10Y 15Y 20Y

Compare the stock's returns with its benchmark index and competitors. Gain insights into its relative performance over time.

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NCAB Group AB (publ)
Glance View

Market Cap

9.2B SEK

Industry

Electrical Equipment

NCAB Group AB (publ), a notable player in the global printed circuit board (PCB) industry, has crafted an intriguing narrative of growth and specialization. Founded in 1993 and headquartered in Sweden, NCAB positions itself as a central hub, connecting the intricate demands of its diverse clientele with a network of carefully chosen suppliers, primarily in Asia. The company's business model is built on a supply chain mastery and a rigorous quality assurance process that sets it apart in the market. By focusing on technical expertise and flexibility, NCAB ensures that each PCB not only meets but exceeds the specific requirements of its customers, spanning industries like automotive, telecommunications, and industrial electronics. This nuanced orchestration allows for efficient communication between the design ideations of the client and the manufacturing capabilities of production partners, often leading to faster lead times and reduced costs. Financially, NCAB Group's revenue streams are driven by its ability to scale these operations globally while maintaining local support through dedicated sales offices in over 15 countries. By cutting back on ownership of physical manufacturing units, the company avoids the hefty fixed costs associated with direct production, instead leveraging expertise to ensure compliance and quality from its partnered factories. This asset-light approach serves to maximize profitability while minimizing risk, with NCAB pocketing margins on the volume of PCBs sold. It is not just about trading units but rather comprehensively managing a value chain that is both intricate and expansive. Through this adept maneuvering, NCAB has effectively solidified its standing as a leading PCB supplier with a client-first strategy, emphasizing not only delivery but educated guidance through the rapidly evolving electronics landscape.

View NCAB Analysis

NCAB Intrinsic Value

What is Intrinsic Value?

Economic Moat is a concept popularized by Warren Buffett to describe a company's durable competitive advantage. It represents the 'moat' that protects a company from competitors and helps it sustain profitability over the long term. Our analysis of the past 10 years showed that companies with a wide economic moat significantly outperformed the market, delivering +645% returns compared to +189% for the S&P 500.

Our research into Economic Moat performance spans the past 10 years and focuses on companies with a wide economic moat. For this analysis, we calculated the average stock price returns of these companies, comparing them to the performance of the S&P 500 index over the same period.

The results were compelling: wide moat stocks achieved a remarkable +645% average return, compared to +188% for the broader market. This difference highlights the long-term benefits of investing in businesses that can maintain their market position and pricing power over time.

Note: This research does not account for survivorship bias. Past performance is not indicative of future results.

Determining whether a company has an economic moat requires both a deep dive into financial metrics and a qualitative assessment of its competitive position. Our analysts conduct a rigorous evaluation that focuses on identifying structural advantages that enable a company to sustain profitability and defend its market share over the long term.

The process begins with an analysis of a company’s historical financial performance. We assess how consistently the company has generated returns above its cost of capital and whether those returns have been stable or improving. However, financial performance alone doesn’t reveal the full picture. To understand the sources of these advantages, we evaluate five key drivers of economic moats:

Network Effect: We analyze whether the value of a company’s product or service grows as its user base expands. Platforms like payment systems or marketplaces benefit from this self-reinforcing.

Switching Costs: We assess whether customers face significant costs or disruptions when switching to a competitor’s product or service. High switching costs create customer stickiness and provide pricing power.

Intangible Assets: Strong brands, patents, and regulatory licenses can protect a company’s market position by creating barriers for competitors or enabling premium pricing. For example, a well-recognized consumer brand may command higher customer loyalty and margins.

Efficient scale: Occurs when a market is optimally served by one or a few players, making it unprofitable for new entrants to compete. This typically happens in industries with high fixed costs or geographic constraints, such as utilities or pipelines.

Cost Advantage: Companies with structural cost advantages can produce goods or services at a lower cost than their competitors, enabling them to offer competitive pricing or maintain higher margins. These advantages often arise from economies of scale, superior supply chain management, or proprietary technology. Firms like Walmart leverage their massive scale to negotiate better terms with suppliers, allowing them to undercut competitors on price.

By examining these factors in combination with a company’s financial performance and market positioning, we classify each company into one of three categories:

This rigorous evaluation ensures that our moat ratings are both comprehensive and reliable, giving investors the tools they need to make well-informed, long-term decisions.

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US	I	II-VI Inc LSE:0LHO	Select
US		Amphenol Corp NYSE:APH	Select
CN		Luxshare Precision Industry Co Ltd SZSE:002475	Select
US		Corning Inc NYSE:GLW	Select
JP		Murata Manufacturing Co Ltd TSE:6981	Select
TW		Delta Electronics Inc TWSE:2308	Select
TH		Delta Electronics Thailand PCL SET:DELTA	Select
CN		BOE Technology Group Co Ltd SZSE:000725	Select
JP		TDK Corp TSE:6762	Select
CN	L	Lens Technology Co Ltd SZSE:300433	Select

US	I	II-VI Inc LSE:0LHO	Add
US		Amphenol Corp NYSE:APH	Add
CN		Luxshare Precision Industry Co Ltd SZSE:002475	Add
US		Corning Inc NYSE:GLW	Add
JP		Murata Manufacturing Co Ltd TSE:6981	Add
TW		Delta Electronics Inc TWSE:2308	Add
TH		Delta Electronics Thailand PCL SET:DELTA	Add
CN		BOE Technology Group Co Ltd SZSE:000725	Add
JP		TDK Corp TSE:6762	Add
CN	L	Lens Technology Co Ltd SZSE:300433	Add

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SA	T	Tadawul All Share INDX:TASI	Add
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ID	J	Jakarta Composite Index INDX:JKSE	Add
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MX	M	Mexico S&P/BMV IPC INDX:MXX	Add
CZ	P	PX Prague Stock Index INDX:PX	Add
RU	M	MOEX Russia INDX:IMOEX	Add

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NCAB

vs

OMX Stockholm 30

Stocks Performance
NCAB vs OMX Stockholm 30

Performance Gap
NCAB vs OMX Stockholm 30

Performance By Year
NCAB vs OMX Stockholm 30

Competitors Performance
NCAB Group AB (publ) vs Peers

NCAB Group AB (publ)
Glance View

Company

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NCAB vs OMX Stockholm 30

Stocks Performance NCAB vs OMX Stockholm 30

Performance Gap NCAB vs OMX Stockholm 30

Performance By Year NCAB vs OMX Stockholm 30

Competitors Performance NCAB Group AB (publ) vs Peers

NCAB Group AB (publ) Glance View

Company

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Tools

Stocks

NCAB

vs

OMX Stockholm 30

Stocks Performance
NCAB vs OMX Stockholm 30

Performance Gap
NCAB vs OMX Stockholm 30

Performance By Year
NCAB vs OMX Stockholm 30

Competitors Performance
NCAB Group AB (publ) vs Peers

NCAB Group AB (publ)
Glance View