NCC NCC B
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The news check keeps the assessment current.
General analysis — not personal advice.
Maintain the position; consider adding only if Q2 shows clear margin improvement and better cash flow. If further negative surprises emerge in Industry/Construction, risk reduction may become relevant.
Strong order intake and new public contracts balance ongoing uncertainty around dispute costs and operational risks.
Sentiment remains neutral with focus on order intake as a counterweight to disputes and fines.
HOLD is the call. Neutral is the market mood. High risk means a lot can go wrong.
Latest change
- 19 Jun 2026 — ▲ Sentiment rises from 4 to 6 and the trend shifts from declining to improving, supported by stronger order intake (incl. an LKAB order) while the market still awaits Q2 proof on margins and cash flow.
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Show all changes (3) — follow the company freeAbout the company
NCC is a Nordic construction and infrastructure group operating in contracting, infrastructure projects, asphalt/aggregates (Industry), and commercial property development. It is a mature, cyclical business with typically low margins but a dividend-focused profile. Recent results were hit by large commercial property write-downs, while core Infrastructure/Industry performance remains comparatively strong.
Bull case
Strong order intake and record margins in the Industry segment support profitability in the longer term.
Bear case
Continued dispute costs and operational risks from accidents may continue to weigh on results.
Why this signal
Strong order intake and new public contracts balance ongoing uncertainty around dispute costs and operational risks.
Recent news
NCC has received new orders worth approximately 660 MSEK in September 2026, including 440 MSEK for Finnish Customs facilities in Vanda and 220 MSEK for renovation in Aalborg. Collaboration agreement signed for a new artillery regiment in Kristinehamn with potential value up to 6.5 bn SEK.